Welcome to ExtremeShortSale.com and the Gregory Real Estate Group! Matt Gregory leads our group and is highly experienced and trained as a Certified Distressed Property Expert. We’ve helped many friends and clients during this extremely difficult period known as pre foreclosure, and we can help you as well! We’re well aware of the stress associated with financial issues and we are absolutely sure we can be of help! Take a look at the video and read below to learn more about your options and solutions.
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ExtremeShortSale.com was developed with the intent to offer education and assistance to anyone experiencing mortgage struggles and the pre foreclosure process. Many are misinformed or unaware of the different options and solutions available. Often, what we hear from the main stream media, our lenders and our government is not the right solution and can actually make our situation worse. Before we go further please know this: You are not alone, and there’s absolutely no need for embarrassment! Many find themselves in difficult financial situations due to a variety of reasons from a reduction in work hours to loss of job, health issues and so on. Presently, almost 50% of the homes for sale in Santa Clarita are pre foreclosures. That’s why we say, you are not alone, so don’t be embarrassed! You’ve landed in the right place and we’re here to help! We want to help and we have the expertise to help!
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Is a loan modification the solution? Probably not! Regardless, expert real estate agent and short sale specialist Matt Gregory always attempts to help his clients save their home first! That is, if it makes good financial sense and it that is what is desired by the homeowner.
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Many have tried to obtain a loan modification but the only result that occurred was FRUSTRATION! This process is often frustrating and time consuming. The time it takes to just get your lender to respond is sometimes quite lengthy and just unreasonable. Homeowners wait and wait only to find out their loan modification has been denied or that the terms and conditions are not acceptable and only drive you deeper in debt. What many don’t know about loan modifications is this: Loan modifications are only right for very few homeowners. A loan modification might be a good solution for someone that experienced a temporary loss of income but now they’re back on track. They just need to get current with their lender and move on. Generally, folks are unaware, at last count 67% of all those obtaining a loan modification actually defaulted within the first year! This is a huge number and the reason is simple! The financial difficulties of those receiving the loan modification were not solved, before they obtained the loan modification! In fact, the only ones that benefited from the loan modification was the lender. They were able to squeeze a little bit more money out of the homeowner before the inevitable foreclosure. Don’t believe for one minute that lenders are unaware of this fact!
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HAFA provides options to remain in your home, however you must qualify! There is a list of mortgage servicers who participate in the Making Home Affordable Program who are required to evaluate homeowners for a Home Affordable Modification before evaluating them for other options.
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A request can be made for a HAMP (MHA) modification from your mortgage servicer and if you are found to be eligible, a review process will proceed, then a trial period plan and receive a permanent modification. This program has basically turned out to be a failure because most don’t qualify. Click here to find out more! It doesn’t mean you can’t try!
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If you are not eligible for a Home Affordable Modification, your mortgage servicer may do an evaluation for other alternatives they offer that might keep you in your home, such as their own modification programs or a forbearance.
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What is HAFA and can it help me Avoid Foreclosure? Before proceeding further, be aware there are constant changes with HAFA and different lending institutions may respond accordingly. Here’s a link that might be helpful when considering this option. HAFA LINK
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HAFA offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
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These options are available for homeowners who:
- Do not qualify for a trial modification under the Making Home Affordable Program.
- Do not successfully complete the trial period for their modification.
- Miss at least two consecutive payments during their modification period.
- Request a short sale or deed-in-lieu of foreclosure.
The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner may qualify to receive $3,000 from a HAFA short sale to help with relocation costs.
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Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program into their business plans. For more information about your options please contact us to schedule a consultation. For now, just know this: In certain situations you may qualify for money to find another home if your lender agrees to a pre foreclosure sale and you qualify. Since the various lenders implement
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Please see the various options below for those currently in pre foreclosure. Remember the facts about loan modifications we previously discussed. To be completely honest, in most cases a pre foreclosure sale (short sale) is usually the best solution. Not always, but most of the time it turns out to be true.
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Do Nothing and Wait – If a homeowner does nothing, they will lose their home. This is really the worst possible option as far as your future credit is concerned. Sometimes struggling homeowners just don’t want to accept or face their financial truths. They know this will be the final outcome but just don’t know what else to do. We can help and if you contact us soon enough there’s a very good chance we can help you avoid foreclosure and complete a pre foreclosure sale. We may even be able to get you some money back for other housing.
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Payoff/Refinance - Completely paying off the entire loan plus any default amount and fees. If you could accomplish this you most likely would have already done so.
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Reinstatement- Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
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Loan Modification - Work with your lender to refinance the debt which usually involves extending the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you usually have to prove to the lender you have fixed the problem that caused the late payment. Keep in mind, 67% of those receiving loan modifications will end up defaulting.
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Forbearance - This is a repayment plan based on the homeowner’s specific situation. The lender may temporarily reduce or suspend payments. The homeowner must show they are able to meet the new payment plan requirement. Again, this can be very costly to the homeowner in the end.
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Rent the Property – This would be a good option if you’re not behind in payments and you have a little equity. We doubt you would be reading this post if you were in a position to choose this option.
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Deed in Lieu of Foreclosure - Give the property back to the lender instead of foreclosing. Lenders usually require the home be in good condition and payment and taxes must be current. We honestly feel this is almost as bad as a foreclosure.
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Bankruptcy - Speak to your attorney about this option. We can refer you to a qualified bankruptcy attorney.
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Standard or Short Sale - If the property has equity this is a great solution. The homeowner may sell the home without lender approval through a conventional equity home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Realtor if you owe more than the property’s value. Remember, a short sale usually costs the homeowner nothing. As mentioned above, we can sometimes even negotiate a little relocation money in the process.
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We offer a FREE personal and confidential consultation to help you explore your options and find a solution. We’ve found, when someone from the outside helps look at a difficult situation, the solution isn’t so hard to see. We all become emotionally attached to our homes and our first instinct is to protect our castle. In most cases this can be very costly and only drive the homeowner deeper in debt. We know we can help you protect your future wealth and find a solution that will work for you and your family.
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Please contact us today, and we’ll help you, help yourself! We promise you’ll walk out of our office with a little lighter load because you’ll have some hope. This situation will not last forever and it’s best to get it behind you and move forward with your lives. You may contact Matt at 661-713-4799
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