Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate








Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

 

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Escape Your Unmanageable Mortgage
Getting free doesn't have to mean running away.

Perhaps you have heard about it.

On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good, perhaps the best, option.

It’s called Strategic Default. For distressed homeowners who believe they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has terrible repercussions on your credit report.

THERE ARE BETTER OPTIONS AVAILABLE!

Short Sale
Generally considered one of the most viable alternatives to foreclosure, short sales allow homeowners to minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, short sales allow borrowers to qualify for a new mortgage in as little as two years, as opposed to five years or more after a foreclosure.

Demystifying Short Sales
There are many myths about how short sales work, including the rumors that they have the same affect on your credit as foreclosure and are impossible to complete. I can show you how that’s just not true, and how securing a loan for a home in the future is much quicker after a short sale rather than a foreclosure. New bank and government short sale programs have also made the short sale process more streamlined and efficient process for all parties involved.

Real estate professionals who have earned the Certified Distressed Property Expert (CDPE) designation are on a mission to help you. They can help you escape the prison of an unmanageable mortgage and start fresh.

 

 

Benefits of Short Sales

• Avoid foreclosure at no cost to you
• Less long-term impact on credit scores
• Security clearance protection
• No challenges to future employment
• Retain some control over the sale of your property
• The ability to negotiate away a deficiency judgment
• Shorter waiting periods to get another mortgage

 

Remember: Doing nothing does not solve anything!
Strategically defaulting guarantees that the maximum credit score consequence will result. There is no ability to negotiate, no opportunity to create a better situation for your future, and no chance of buying a new house for at least seven years.

When you contact a CDPE, he or she will go over your options to avoid foreclosure. Here are some of them:

Reinstatement

Was the reason you missed your payments temporary but has since been resolved? If you can make a one-time payment that includes all missed payments, legal fees and late fees, you are eligible to be reinstated back into your loan agreement.

Rent the property

Renting your home might be an option which enables you to pay your mortgage. You are still responsible for all costs associated with the house including maintenance and taxes.

Mortgage Modification

In some cases, you may be eligible to modify your loan in a way that reduces principle or lowers payments. Some of these programs vary from bank to bank but there are also government-sponsored programs which are available to help homeowners in distress.

Bankruptcy

In some cases, bankruptcy is an option. It may stop foreclosure and allow you to reorganize your debt. However, the stoppage is only temporary and if you are still unable to make payments, then foreclosure will go through anyway. It also makes a property much more difficult to sell.


Government Programs for Homeowners – More Options Than Ever!
Strategic Default has never been a good option, but in today’s market it is most likely the worst. Recognizing the severe distress millions of American homeowners are under, the government has put a number of relief plans in place:

HAFA—The Home Affordable Foreclosure Alternatives program was designed to help homeowners avoid the negative effects of foreclosure by establishing incentives for completing a short sale or a deed-in-lieu of foreclosure. In a short sale, the loan servicer accepts a loan payoff amount from an underwater borrower that is less that the amount actually owed on the first mortgage. With a deed-in-lieu of foreclosure, the borrower transfers ownership of the property to the loan servicer. HAFA provides $3,000 in relocation assistance after a successful short sale or deed-in-lieu.

HAMP—The Home Affordable Modification Program was designed to help homeowners who are no longer able to make mortgage payments on time due to decreased income or an increase in the monthly payment amount. HAMP reduces a homeowner’s monthly mortgage payment to 31 percent of gross income following a series of steps on the part of the mortgage servicer. These may include a rate reduction, a term extension of up to 40 years, deferred principal payments, and (possibly) a lowering of principle.

HARP—The Home Affordable Refinance Program enables homeowners whose mortgages are backed by Fannie Mae or Freddie Mac and who owe more than their home is worth to refinance and take advantage of today’s historically low interest rates. Originally, HARP was only available to homeowners whose first mortgage did not exceed 125 percent of the current market value of their home.

HARP 2.0—Starting Dec. 1, 2011, the 125 percent loan-tovalue ratio will be eliminated, enabling eligible borrowers to refinance under HARP regardless of how far underwater they are on their mortgage.

Mortgage Debt Relief Act – Starting in 2007, the government attempted to address the issue of the large tax burden that many homeowners who had their loans cancelled or forgiven would have to shoulder. From the IRS perspective, this forgiven debt was considered income. This could result in tens of thousands of dollars in additional tax responsibility. The Mortgage Debt Relief Act temporarily excuses this tax burden. The act expires at the end of 2012.

 

 

Avoid Mortgage Scams! Know the signs:

• You are told you will get a federal incentive to walk away from your mortgage

• You are asked to pay upfront for counseling

• You are pressured to sign papers immediately

• You are asked to sign your house over to a company or person who is not working with your mortgage company

• You are asked to make a mortgage payment to someone other than your mortgage company without their approval

• You are guaranteed a successful short sale or mortgage modification

• They claim to be a representative of the federal government

• Shorter waiting periods to get another mortgage

 

 

If you believe that you are a victim of a scam, you should contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1- 877-382-4357) or visit their Complaint Assistant https://www. ftccomplaintassistant.gov.

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Contact me today and let’s get started!
Jerry Lee Hatley
Re/Max Mountain Realty
P.O. Box 1351, Maggie Valley, NC 28751
cell: (828) 230-1082
email: jerryhatley@bellsouth.net

CDPE website: http://www.hosted.cdpe.com/167450/


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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Short Sale Specialist: Jerry Lee Hatley
Foreclosure is NOT
your only option!

Short Sale Incentives:
Why Banks will Give You Money to Sell the Home You Can't Afford

The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. read more.......

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
   
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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