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LT
REALTY Brokerage Firm would like to assist you with
“Where Do I Start?”
We can
provide you with a Competitive Market Analysis to help you determine if your
home can be sold at a price that will pay your mortgage off in full. If our
research shows you owe more on your home than it would be expected to sell for,
we strongly advise you to seek the advice of an attorney, a tax and credit
professional.
Any choice that you make that does not pay your mortgage in full,
will or can have credit, legal, financial and tax consequences.
So,
Where Do I Start?
Print out this brochure and fill
out the following information...
NAME:
___________________________________________________________________
NAME 2:
_________________________________________________________________
PROPERTY ADDRESS:
__________________________________________________________________________
Street
Address
Unit #
___________________________________________________________________________
City
State Zip
PRIMARY
RESIDENCE: Y / N
OWNER
HAS BEEN IN TOUCH WITH LENDER: Y / N
DOCUMENTED? Y / N
LENDER 1:
_________________________________________________________________
ACCOUNT
NUMBER:_________________________ PHONE: _________________
LENDER
2:
_________________________________________________________________
ACCOUNT
NUMBER:_________________________ PHONE: _________________
HOA
OR CONDO? Y / N CURRENT? Y /
N AMOUNT DUE: $_____________
OTHER
LIENS:
________________________________AMOUNT DUE: $_____________
________________________________AMOUNT DUE: $_____________
HARDSHIP:
________________________________________________________________
____________________________________________________________________________
DOCUMENTATION OF HARDSHIP:
____________________________________________
____________________________________________________________________________
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If you have been speaking with your
lender and have a rapport built with someone, we would suggest your continue
speaking with them and ask them who at their institution is in a position to
assist you. The person you are speaking with may simply be a clerk in the
lender’s collection department. You need to speak with someone in authority.
-
Contact a housing
counselor. Be sure the person is certified or licensed by the federal
or local government. There are many FREE counselors provided through local
and federal agencies that can assist you.
-
Consult an attorney.
Many will give you a free initial consultation or at a very reasonable cost,
and it is truly worth it to you.
-
Based on your
discussion and decisions you make after speaking with your counselor, tax
and credit professional as well as your counselor, we would be happy to
assist you in selling your property if that is the decision you reach.
Suggestions:
HOPE NOW:
http://hopenow.com/ 888-995-HOPE – Federal, free counseling in your area
MAKING HOMES AFFORDABLe:
http://makinghomeaffordable.gov/ - Federal - Loan modification and
refinancing assistance
A
Homeowners Guide to Preventing Foreclosure,
Maryland Department of Housing and Community Development - Please watch
this short power point presentation, lots of excellent information including
some of the possible consequences of foreclosure, short sales and even deed in
lieu of foreclosure!
http://www.mdhope.org/Documents/Foreclosure_FromMjach_MASTERv3.ppt
o
First form filled out here (Step #1)-
Seller and House Current Information
o
Personal Hardship Letter – include
copies of any documentation – layoff notice, death notice, etc.
o
Last two pay stubs for all
borrowers
o
Last three months bank statements
– all borrowers
o
Last two years tax returns – all
borrowers
o
Borrowers financial statement(s)
o
Original Survey – if available
o
Recent Mortgage Statements – all
mortgages
o
Approximate Mortgage Payoff
Information
o
Property Tax Bill
o
Copies of any other liens –
Association or condo, child support, etc
o
3rd party authorization
letter – if someone is negotiating on your behalf
o
A complete list of your expenses
and income.
o
Any and all income
o
Any bank accounts or other assets
o
Any other property owned and
balance owed if any
o
Medical cost – prescriptions,
maintenance doctor visits
o
Car payments and insurance
o
IRA and or 401K accounts
o
Credit card and any other debt
You get the picture. You
are going to need to prove to the lender that basically you are not able to sell
your home, and take money out of the bank to pay at the settlement table to pay
your mortgage off. Realistically, why would they consider taking less if you
have the ability to pay.
Same thing applies for
your “Hardship”. Did you just over extend yourself, or did something happen
AFTER you purchased your home that changed your financial situation and ability
to pay?
Now that you have done all
of the work and put the wheels in motion,
stay on top of things.
If you have a counselor or
attorney that is negotiating on your behalf, be patient, but be sure you are
communicating! Set a schedule as to how often you will be speaking. If you
receive a request from them for additional documentation, or answers to a
question, be sure you respond immediately.
Keep in mind the lender is
under no obligation to negotiate with you at all, more or less act quickly! Some
times these things can be resolved in a matter of a few weeks, but it can also
be months.
“Plan
B”
If you are in danger of
being foreclosed on, be sure to have a “Plan B”! Try and make arrangements in
advance in case the negotiations are not successful and you have to vacate the
property. Sometimes negotiations continue all the way up to the date of the
foreclosure sale, but normally are resolved before that. You don’t want to find
yourself in a situation where you only have days to vacate the property and have
no where to go.
You Are NOT Alone!
With the economy the way
it is, so many people have lost their jobs or had to take a reduction in pay
that there are many Americans in the same situation. Don’t be afraid or ashamed!
Ask for help from your family and friends. These are the people who would want
to help you the most. That said; leave the negotiating to the experts. Depend on
your friends and family for morale support and possibly temporary living
arrangements should things not work out until you can make more permanent
arrangements.
Can We Help YOU?
Back in step one; we
completed a Competitive Market Analysis for you to help you determine the market
value of your home. If your decision is to attempt to sell your home, or if the
bank has agreed to accept less if you sell it quickly, please contact us
immediately! We will be more than happy to help you! We can appreciate your
situation and promise to work diligently to meet your goals! Email:
leah@ltrealty.com or by phone 410-529-2500 Ext. 55
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DON’T pay anyone up front who
promises to negotiate with your lender.
-
Check the current
license status, credentials,
reputation and experience of any person or company that you may use,
including people who claim to be real estate salespersons, financial
counselors, mortgage lenders and brokers, title companies, and attorney.
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Be
careful of resources
that utilize the word HOPE
in their name or advertising.
Look for only these trusted sources:
www.mdhope.org (877-462-7555),
www.hopenow.com and
www.preservehomeownership.org (888-995-HOPE); Housing Options and
Planning Enterprises, Inc. (www.hopeinconline.com)
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Do
not sign any documents under
pressure or duress. Take the time to read and understand the contents of any
paper that you are asked to sign!
-
DON'T
sign any documents without consulting with
an attorney or counseling agency.
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Do
not make a verbal
agreement. Get all promises in writing and get full copies.
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DON'T
make a deal with someone who solicits you
uninvited by mail, internet, telephone, flyers or in person.
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If
an offer sounds too good
to be true - it probably is! Ask
questions!
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Never
give your social
security number or discuss personal financial information with
strangers.
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DON'T
sign over your deed to a
third-party or agree to any deal that supposedly allows you to rent the
property and buy it back later.
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Do NOT
pay your mortgage to someone
other than your lender without the lender's prior written approval.
Go to Leah's Homepage!
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back to Leah's Blog - LeahsHouse!
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