Facing Foreclosure?

Generally borrowers need to prove a household income of two times the amount of their monthly mortgage payment to qualify. This option could work for self-employed persons with tax returns and P & L (profit and loss) statements. Limited to 2 applications per year. Each individual mortgage holder will have their unique set of qualifications, so we will negotiate on your behalf. 

Filing bankruptcy will temporarily extend your foreclosure. Some homeowners file bankruptcy as a means of buying time to navigate their foreclosure and don't ultimately follow through. It's important to note that the various chapter filings will have different ramifications. Consult with a bankruptcy attorney familiar with the laws in the county where your property is located to find out if this is your best option.

To refinance with a commercial bank the homeowner must be in good standing. If not, and you have ample equity in the property, you may qualify to refinance with a private lender if the new loan terms would greatly reduce your monthly mortgage payment which is affordable given your household income. The property must also be in good, habitable condition.

To qualify, the homeowner must demonstrate an ability to repay the loan and there must be ample equity in the property. These loans are usually offered at higher interest rates ranging from 13-25%, have sizable loan fees and have a shorter balloon period of 6-36 months. 

If the property is in habitable & financeable condition then listing your home on the MLS with a local Realtor™ is often the best way to get top dollar, however, doing so usually requires some investment in getting the property into tip-top shape. Any repairs to get the property "show-ready" will cost anywhere from $100 upwards of a few thousand dollars and will take some time, which may not be on your side. The time it will take to then market and show your home is another time consideration. Typical owner occupied buyers need anywhere from a 30-45 day escrow for financing. 

Short sales are oftentimes the best solution for those who are "upside-down" on their homes, or the sum of the balance of their mortgage loan(s), closing costs and real estate commission will be greater than the current fair-market value of their house. Short sales require your mortgage holder to agree to settling for a lesser amount than they're owed. The seller will avoid foreclosure, salvage their credit rating and years of unfavorable lending terms but will walk away with no money from the sale.

"Cash buyers" can be truly paying all cash or can be obtaining a hard money loan which affords them a fast closing (usually 7-21 days) and the condition of the property is not an issue being that a remodel is usually in the plans. They buy as-is and will deal with any haul-away of personal belongings if left behind. Cash buyers will not require a property inspection report, appraisal or ask for any repairs. These buyers are typically real estate investors who purchase low in order to remodel the home and then re-sale for a profit. Homeowners are given the most speed and convenience when selling to a cash buyer.

Creative Financing is a blanket term that encompasses several different options that are not your traditional route to property ownership. These options, like the name implies, involve finding ways to creatively sell a house when the traditional route of selling did not or cannot work. Two of the most commonly used creative finance avenues are Subject-To and Seller Finance. Subject-To allows a buyer to purchase the property while leaving any existing mortgage in place. Seller Finance is when no mortgage is owed so essentially the seller transfers ownership to the buyer and becomes the bank, taking monthly installments and being completely hands-off when it comes to property upkeep.