You Have Questions?
We Have Answers!
Chances are, you or someone you know in Yelm is facing the possibility of foreclosure. But you need to understand that you are not alone. Today, nearly 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
Through my experience handling distressed properties at RE/MAX Country, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. You may also have noticed that I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.
As an agent with the CDPE Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you. If you would like to know more about your options, please call me at (800) 738-2755.
I am here to help in any way I can.
What is a Short Sale?
Short Sale is when a lender agrees to accept less than the amount owed on a mortgage in order for a property to be sold. The seller must have a verifiable hardship that is accepted by the lender, a monthly shortfall on income and be financially insolvent. For more information click on the Short Sales Explained tab above.
Will I Qualify for a Short Sale?
As your Certified Distress Property Expert, I will help you determine if you are a good candidate for a Short Sale. Please watch this video for a brief overview of the requirements.
What is HAFA?
HAFA stands for Home Affordable Foreclosure Alternatives program. It is a standardized program which most large lenders and some smaller ones have agreed to honor. It sets out specific guidelines and timelines to qualify homeowners and respond to offers and terms. As of August 1, 2010, both Fannie and Freddie have implemented their own versions of the HAFA Short Sale program, so now most homeowners should be able to take advantage of one of the HAFA Short Sale programs. HAFA Short Sale programs are due to expire on December 31, 2012.
Which HAFA Program Applies to My Loan?
You may search online to see which program your loan may fall under
If your loan is not found on either of these websites, then you may qualify under the original HAFA program. Not all lenders participate in the HAFA program.
Should I Try a Loan Modification Before a Short Sale?
I will review with you during our meeting on whether or not you should attempt a Loan Modification. It has been widely reported that the Loan Modification program administered by the government, called HAMP, has been less than successful, but it may be an option for you. Watch and learn more about Loan Modifications versus Short Sales.
Will the Bank Agree to a Short Sale?
Many homeowners are hesitant to attempt a Short Sale because they think their lender would not cooperate. This is a myth and in fact the opposite is true. Banks prefer a Short Sale to a Foreclosure. They lose money on a Foreclosure due to repairs and maintenance, taxes, liens and the commission they still pay to a Realtor to sell it later.
What is Foreclosure?
The Foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage. Foreclosure proceedings typically start with a formal demand for payment which is usually a letter issued from the lender once the homeowner is late on their mortgage payments 30 days or more. This letter is referred to as a Notice of Default. Eventually another letter is sent from the lender called a Notice of Sale. The Notice of Sale gives the homeowner a set period of time to vacate the premises before eviction and sale of the home. Please consult with an attorney if you have specific questions about the Foreclosure process.
Please contact me anytime - I can help answer any questions and/or concerns you may have regarding the Short Sale process. Together we can succeed!
Cynthia Schmier, CDPE, CRS, CNE, 5-STAR
Broker/Owner
1-800-738-2755 Toll Free