What is a mortgage default?
A mortgage is considered to be in default when one or more monthly payments have been missed.
What solutions are available if I am in default on my mortgage payments?
You may qualify for a broad range of help. Some solutions are:
Short Sale/Payoff
Forbearance Agreement
Loan Modification
Deed in Lieu of Foreclosure
What is a Short Sale/Payoff?
Short Sales occur when borrowers sell their properties for amounts that are less than the amounts owed to the lender.
How do I qualify for assistance?
Borrowers need to prove that they are experiencing a substantial financial hardship.
What is a "Hardship"?
A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:
Separation or Divorce
Medical Bills
Inability to work due to health reasons
Death of Spouse
Job Relocation
Reduced Income or Unemployment
Business Failure
How do I apply for help?
Contact us and let us consult with you about the best option available.
How do I qualify for a Short Sale?
A borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt.
What is required from the property owner?
The property owner must:
Sign a listing agreement with a Realtor
List the property for sale
Cooperate with access, showings, offers and with the Realtor
Vacate the home following close of title
Agree not to finance or otherwise encumber the property
Be responsible to maintain the home in "show" condition
Be responsible for minor repairs to the home
Be a responsible homeowner until close of title and vacancy of home.
Can any Real Estate Agent assist me in selling my home in a short sale situation?
Possibly, but usually you have only one shot to succeed in a short sale transaction, it is therefore highly recommended you work with a company experienced in short sale negotiations that can properly represent you and is specialized in this field. We would love the opportunity to help you with this.
How do I find a proper broker/agent?
Look no further. As a dedicated real estate agent with experience in short sales, I can assist you with gettting your home positioned well to receive an offer quickly.
How can you help me?
Attached is a partial list of our services:
Can help you avoid foreclosure and eviction
Help you minimize credit damages
Counsel you through the process
Act as the liaison between you and the lender to ensure all parties work together toward a successful solution
A mortgage is considered to be in default when one or more monthly payments have been missed.
What solutions are available if I am in default on my mortgage payments?
You may qualify for a broad range of help. Some solutions are:
Short Sale/Payoff
Forbearance Agreement
Loan Modification
Deed in Lieu of Foreclosure
What is a Short Sale/Payoff?
Short Sales occur when borrowers sell their properties for amounts that are less than the amounts owed to the lender.
How do I qualify for assistance?
Borrowers need to prove that they are experiencing a substantial financial hardship.
What is a "Hardship"?
A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:
Separation or Divorce
Medical Bills
Inability to work due to health reasons
Death of Spouse
Job Relocation
Reduced Income or Unemployment
Business Failure
How do I apply for help?
Contact us and let us consult with you about the best option available.
How do I qualify for a Short Sale?
A borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt.
What is required from the property owner?
The property owner must:
Sign a listing agreement with a Realtor
List the property for sale
Cooperate with access, showings, offers and with the Realtor
Vacate the home following close of title
Agree not to finance or otherwise encumber the property
Be responsible to maintain the home in "show" condition
Be responsible for minor repairs to the home
Be a responsible homeowner until close of title and vacancy of home.
Can any Real Estate Agent assist me in selling my home in a short sale situation?
Possibly, but usually you have only one shot to succeed in a short sale transaction, it is therefore highly recommended you work with a company experienced in short sale negotiations that can properly represent you and is specialized in this field. We would love the opportunity to help you with this.
How do I find a proper broker/agent?
Look no further. As a dedicated real estate agent with experience in short sales, I can assist you with gettting your home positioned well to receive an offer quickly.
How can you help me?
Attached is a partial list of our services:
Can help you avoid foreclosure and eviction
Help you minimize credit damages
Counsel you through the process
Act as the liaison between you and the lender to ensure all parties work together toward a successful solution
Do You Know a Homeowner Facing Foreclosure? Here's a Way Out.
Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.
Millions of American home owners are wondering what to do.
Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is “just let it happen." Why fight back, this line of thinking goes. It’s too emotionally draining, and the government’s loan modifications aren’t helping many people. Well, that’s only partly true.
While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.
Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:
• Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
• Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.
• Improve eligibility for a government insured loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
• Avoid a deficiency judgment – Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.
• Protect employment prospects – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy.
These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.
One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. I am a top short sale agents in your market. I know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.
Millions of American home owners are wondering what to do.
Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is “just let it happen." Why fight back, this line of thinking goes. It’s too emotionally draining, and the government’s loan modifications aren’t helping many people. Well, that’s only partly true.
While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.
Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:
• Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
• Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.
• Improve eligibility for a government insured loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
• Avoid a deficiency judgment – Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.
• Protect employment prospects – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy.
These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.
One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. I am a top short sale agents in your market. I know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.
Are you a homeowner looking into a short sale for your home? Contact us today to see your options.
c: 912-441-4416 | o: 912-232-8580
don@doncallahan.com
don@doncallahan.com
48 Abercorn Street, Savannah, GA 31401
