Many homeowners today are trying to figure out how to make ends meet and sometimes you reach a point where you just cannot make it work any longer. Since the mortgage payment is usually the largest debt people have, that is often the first expense you consider cutting but don’t necessarily know what to do first.
We would suggest that you contact your lender immediately and let them know you are having trouble making the mortgage payment or that you are about to not be able to make the payment. (Please, this is only if this is truly the case). The bank will probably offer you several options but no matter which option you choose, they are going to want to see financial documentation to support your hardship claim.
One of the options the bank may offer is a loan modification. Not all banks are part of the federal programs so you will have to ask if the are part of the H.A.M.P. (Home Affordable Mortgage Program) or H.A.F.A. (Home Affordable Foreclosure Alternative) programs. If they are, meet the criteria they should offer you a modification first and if either they can’t do it or you don’t like the terms, you may then qualify for the alternate programs under H.A.F.A.
Under the H.A.F.A. program they may offer either a Deed in Lieu of Foreclosure (where you essentially turn over the keys and title), the Short Sale Option or they may tell you that you are too far behind and they are starting foreclosure proceedings. If you decide to short sale your property, one requirement will be to list it with a real estate agent so be sure to choose someone who understands the “ins and outs” of a short sale. Part of the problem with getting short sales through is incomplete paper work so an agent with knowledge of the process is essential for you to have your best chances at a successful short sale.
As always, we are here to help however we can so please feel free to Talk To Carol -678-414-0760
If you would like a free, confidential consultation please click here
Click this link for more detailed information
Carol
Carol Moson, REALTOR®
Sales/Instructor/Trainer
RE/MAX Greater Atlanta
ABR (Accredited Buyers Broker)
CRS (Certified Residential Specialist)
SRS (Seller Resource Certified)
GREEN
SFR (Short Sale and Foreclosure Resource)
EAH (Employer Assisted Housing)
Tags: bank, buy a house, debt, foreclosure, home, house, mortgage, pay, sell a house, short sales
