Mortgage Payments? It's Never Too Late
A recent report from Lender Processing
Services found that 6.38 million Americans had missed
a mortgage payment in April 2011. Most economists project
at least 2 million households will be foreclosed on
by the end of the year. Unfortunately, too few realize
that there are trained real estate professionals like
Certified Distressed Property Experts (CDPEs) that can
help homeowners avoid foreclosure. If you or someone
you know is having difficulties paying a mortgage, the
most important thing to do is get help today!
Ive created this report to help
homeowners know what to expect, what foreclosure options
are available, and the first steps that should be taken
to get back on the path to financial stability.
What every homeowner should know
What should a homeowner expect when
payments are missed? How long until the bank physically
forecloses and takes the house back?
On average, it takes at least 120 days
for a bank to fully foreclose on a property, depending
on state laws and local backlogs. This doesnt
mean a homeowner should put off the inevitable. The
more time a homeowner has to develop a strategy to avoid
foreclosure the better. No matter what stage of default
homeowners are in the following list, they should get
30 Days Late: The lender will
attempt phone contact or send a notice in the mail.
60 Days Late: The lender will
attempt to make contact by phone and follow up with
another letter in the mail.
90 Days Late: The lender will
send a letter demanding all past due amounts within
30 days and start the foreclosure process.
120 Days or More Late: The lenders
attorneys will take over and the homeowner will be responsible
for their fees in addition to missed mortgage payments
and the loan amount due.
Stop the Stress:
Take These Important First Steps
Step #1: Contact the lender Whether
the homeowner has never missed a payment or is one or
more months behind, it is important to contact the lender
as soon as possible. It may be hard to believe, but
the lender is interested in avoiding foreclosure, too.
It doesnt want to own the home because the expense
of maintaining and selling it increases losses. The
lender would rather the homeowner either stay in the
property or sell the home in a possible short sale situation
(more on short sales in a bit).
Communicating with the lender will show
it that the homeowner is trying to work towards a solution
that will benefit all parties.
Step #2: Put together financial
information One of the first things a lender will want
to review when a homeowner contacts them are financials.
The homeowner should gather at least three months
bank statements for all bank accounts or assets, including
stocks or other investments. The lender wants to verify
that the homeowner is truly suffering a hardship in
order to help resolve the unaffordable mortgage.
Step #3: Contact a trained professional
At this point, the homeowner will want to contact a
trained professional like me, who has extensive training
and experience in helping homeowners navigate through
foreclosure avoidance options. I can show the homeowner
alternatives that will help in making an educated decision.
I can also help put together complete financial information
for submission to the lender to help prove a hardship.
Step #4: Learn your options Together,
a homeowner and I can review options and decide upon
a strategy that makes the most sense. Here are some
of the alternatives available to homeowners
Step #5: Take action Once the required
information is gathered and its established which
foreclosure alternative option is best, its time
to take action. Because time is of the essence in a potential
foreclosure situation, its important that the homeowner
and I work diligently to resolve the challenge quickly
Reading This Youre Already Off to a Great Start
It is understandably difficult to start
the process of getting help. Along with the reality of
foreclosure comes the emotional struggle of being in a
situation that most never thought theyd ever be
Its important to know that this
challenge can be overcome when a homeowner has the right
person on his or her side. In my experience, this helps
homeowners alleviate the stress of not knowing what to
do in a seemingly hopeless situation. There is financial
stability on the horizon, and I can help put a homeowner
on the path to get there.
Call today, and lets get started
on the journey of overcoming this challenge and getting
you or someone you care about some peace of mind and hope
for the future.
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