Foreclosure Avoidance
SAVE YOUR CREDIT - AVOID FORECLOSURE
Don't Run From It, Don't Ignore The Letters, Don't Just Let It Be!
DO SOMETHING!!!
Call Vangie NOW to Save Your Credit!!!!!You HAVE options!
Vangie will work with you to save your home or GET OUT BEFORE FORECLOSURE.
Don’t abandon your house, don’t give up your dream but most importantly, DO SOMETHING ABOUT THE SITUATION TODAY. Don’t run out of time and options. Taking no action benefits no one but the bank and the lender. But Vangie can help!!
If you have received a Notice of Default or Pre-foreclosure notice, you must take action immediately or your home can and will be sold right out from under you.
Option #1 – Negotiation through loss mitigation – Many lenders offer programs that allow you to pay in installments to get caught up. Lenders want to avoid foreclosure just as you do. And will negotiate the debt! This option is a great way to keep you in your home if there is a significant reason for falling behind on your payments such as an injury, accident death or loss of employment. Call Vangie to discuss this immediately (301) 440-5058.
Option #2 – Short Sale in lieu of Foreclosure – Again lenders want to avoid foreclosure just as you do, if negotiations and refinancing are not options, a SHORT SALE is possible. This Option allows you to walk away and start over fresh without ruining your credit. Call Vangie to discuss this immediately (301) 440-5058.
Vangie understands how difficult this situation is and can be, but she has helped many others through it. You owe it to your family and to yourself to seek a solution.
Benefits of a Short Sale to you the Homeowner
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Avoid the stigma and financial consequences of a foreclosure.
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Save your credit and be in a better position to buy again in the future.
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Stop those frequent and annoying calls from your bank.
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There are no out of pocket expenses and no up front cost to you.
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Save your money for moving expenses, other bills, etc.
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Trust the Experts
For starters, be educated.
Short Sales are not easy to negotiate and can be disastrous if placed in the wrong hands.
With a 94% Success Rate, I have the expert experience to get you the results that you need.
Foreclosure Glossary
2. Below are the links for Virginia and Maryland Foreclosure Laws.
Virginia Foreclosure Law
Maryland Foreclosure Law
3. Start by calling Vangie, (301) 440-5058 for the appropriate forms and completely fill them out. Also collect the following items. The bank will require them before making a decision to help you. Then fax the forms to Vangie's confidential fax at (888) 855-5285.
- The above Financial Information Sheet Filled Out
- Copy of last mortgage statement.
- Copy of your last paystub
- Copy of your last w-2's (only required occasionally)
4. DO NOT PAY ANY ONE TO DO WHAT THE BANK WILL PAY A REALTOR TO DO-IF IT SOUNDS TO GOOD TO BE TRUE- IT PROBABLY IS!!!!. Scam artist are preying on people in your situation with promises of cash out of your home (illegal) or rent back with option to repurchase (usually a equitty stripping scam). Call me before you sign or pay anything.
Learn What a "Short Sale" is and How “Short Sales” work?
Important facts to remember:
As a member of The Short Sale Specialty Team with Signature Executive Realtors, Inc. I will work directly with you and your bank. I will get your home "Short Sale Approved" and "Sold" both quickly and effectively, at no out of pocket expense to you.
I am ready to personally assist you. Don't let a foreclosure ruin your credit. Contact me today to begin the short sale process. Your financial future depends on it!
Are you facing a possible foreclosure? Do you owe more on your loan than your home is currently worth? Are you concerned about the lasting efforts of a foreclosure on your credit? YOU ARE NOT ALONE.
To get started print out the
to discuss your situation and for further instructions!
(Complete List of Required Items)
SignatureAuthorizationForm.doc
(Authorization for 1st Lien Holder)
SignatureAuthorizationForm2.doc
(Authorization for 2nd Lien Holder)
(Signature Disclosure Statement)
SignatureFinancialStatement.doc
(Financial Disclosure Statement)
Examples
(Examples of two Completed Hardship Letters)
1 in 10 American Families are currently behind on their mortgage payments and 1 in 6 Americans
owe more for their homes than they're worth.
short sale/loan modification documents listed below
and Call me today at 301-440-5058
REMEMBER THIS SERVICE IS AT
NO COST TO YOU!!!
Top 10 Frequently Asked Short Sale Questions
1. What is a real estate short sale?
A real estate short sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.
2. How late in the pre-foreclosure process can you start a short sale?
Depending on individual state law and regulations, a foreclosure can proceed as quickly as 35 days from the date the notice to the borrower is filed. For that reason, time is of the essence and you should allow a window of no more than 60 days to effectuate a lender approved short sale.
3. Will a lender allow a real estate short sale when the seller has some a good amount of equity?
If the home has some considerable amount of equity, the lender may choose to continue with a traditional foreclosure proceeding to regain title to the property and dispose of it at a market price. Given the current state of affairs with the real estate market, the home will most likely be over encumbered, hence the reason for the short sale in the first place. A glut of homes for sale in the market area of the home may make the lender think twice about taking title to the property.
4. What documents are necessary to proceed with a short sale?
The individual documents necessary to proceed with the short sale will depend on the lender. Typically the lender will require hardship letter detailing the circumstances behind the short sale. A signed, valid purchase and sales contract, preliminary HUD-1 settlement statement and a preliminary estimate of proceeds to the lender. There may be additional requests for more detailed information on the financial condition of the seller, ie; pay check stubs, bank statements, a personal financial statement and monthly budget assessment, amongst other things.
5. Will the seller’s credit rating be affected if they allow a short sale on their property to occur?
While it is up to the individual lender to decide what to report, what often happens is the loan will report as "paid" on their credit report. While that good news the bad news is that there will likely be a reference that says "settled for less than originally owed" or something similar. It is certainly more advantageous to have the short sale referenced than to have a foreclosure on their credit report.
6. Will a lender allow the seller to make a profit on a short sale?
By the nature of the transaction, the seller is not going to make a profit on the short sale. They may have extracted equity from a previous refinance of the home, but their current loan balance will be higher than the selling price of the home.
7. If a seller is in bankruptcy, will that affect the short sale of the property?
Absolutely, as most lender would not consider a short sale if the homeowner is in the middle of a bankruptcy proceeding. Negotiating a short sale between the parties is considered a collection activity and such a negotiation is prohibited in bankruptcy.
8. Will the bank or lender require an appraisal on the home in a short sale?
Most lenders will require that a full appraisal be submitted in the short sale package. Some may only require a BPO or brokers price opinion. The lender will need some formal assessment of the value of the home in order to make a decision as to accept or reject the short sale offer.
9. Are there tax implications in the short of real estate?
Much like the issue of credit reporting, the circumstances are individual to the lender. As a short sale represents a loss for the lender, they can report the amount lost a debt forgiveness to the seller. If a formal tax form 1099 is filed, the seller may be responsible for paying taxes on the amount of debt forgiveness.
10.Why would a lender allow a short sale to occur?
Quite simply, it may benefit all the parties involved in the transaction. The seller is relieved of the home they cannot afford. A costly foreclosure proceeding by the lender is avoided and the buyer purchases the home at an attractive price.
