Prevent Foreclosure - You Do Have Options!
I know it feels like there is not much you can do but you do have options. Fill out your contact information below and we will email you "Solutions: A Guide to Help you Prevent Foreclosure". It will help to explain your rights as a homeowner and the options you have. Foreclosure is not the only answer. It will also explain what is required for a lender to do to file for foreclosure and what you can do to prevent it. If you still feel lost. Give me a call directly and my team will help you through the process. We are here to help you, the homeowner, protect their home, their family and their future!
Pamela Edwards, REALTOR®, Certified Default Resolution Specialist
Office: (972) 380-0300 Ext 152
Email: [email protected]
Pamela Edwards, REALTOR®, Certified Default Resolution Specialist
Office: (972) 380-0300 Ext 152
Email: [email protected]
PRIVACY POLICY - We absolutely will not share, sell, trade or in anyway pass your contact information to any one. Period! EVER! PERIOD!!!!
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Preventing ForeclosureI want to let you know about how we can work together to protect our community during these interesting economic times. I am a Certified Default Resolution Specialist, specializing in assisting homeowners who may be behind on their mortgage payments and in a pre-foreclosure situation.
With foreclosures on the rise, it is imperative that homeowners who may have fallen behind on their payments know where to turn to find out more about what options might be available for them to consider. As a Certified Default Resolution Specialist (CDRS), I have become a member of a powerful national network of licensed real estate professionals equipped with the knowledge and skills necessary to better educate homeowners about their options and be a resource in helping them avoid the devastation of foreclosure. If you are thinking about selling your home, now may or may not be an opportune time, depending on where you’re located. If you are experiencing an unfortunate hardship and are at risk of falling behind on your payments, or you know of someone who is experiencing the same dilemma, I am confident that I have the knowledge and the training to assist in this type of situation. Either way, whether you’re interested in exploring the prospect of placing your home on the market, or if you or someone you know needs to sell quickly due to an unfortunate situation, I can help in offering a solution. Whatever the situation, I am here to help. Feel free to call me today to discuss your needs and explore ways I can be of service to you. A call to my cell phone number gets an immediate response most times, but should I not answer right away I typically return calls within a matter of minutes. Pamela Edwards, REALTOR®, CDRS (972) 715-0152 [email protected] |
Hidden Challenges with Foreclosure
If you see that you are heading into foreclosure, be aware of some of the hidden challenges that you may face. Just being aware of them now will help you plan and prepare for your transition. If I can be of any help in this difficult time, please feel free to contact me.
Finding a new home. Don't believe that it will be better to let the foreclosure happen, because after you lose your home, you will still need to find a new place to live. All too often, the price you will need to pay in rent will be almost as high if not higher than your current mortgage payment. Remember: The owner of the property needs to make his mortgage payment, too, so he's going to charge a rental payment that's higher than his mortgage costs.
Deficiency judgment. It's not uncommon that the sale of the home is insufficient to cover the remainder of the mortgage. When the property has been damaged, or market values have dropped, you may end up with a bill in the tens of thousands for the difference. In order to avoid this, you must talk to your lender about short-sale options.
Despite what many people think, most lending institutions are not anxious to foreclose. It's a last-ditch effort to recover their money and minimize their losses, and it's an incredible hassle. Most lenders would rather avoid it, if possible. There are multiple sources for help that you should be aware of, and most lenders will be happy to hear that their clients are going to try to keep their home rather than just await a foreclosure.
Housing Counseling Agency. The US Department of Housing and Urban Development maintains a list of HUD-approved counseling agencies. Many of these are offered at low or no cost. Call (800) 569-4287 to find the agency nearest them.
FHA-Insurance fund. FHA borrowers may qualify to have HUD make a one-time payment to bring your mortgage current. See www.hud.gov/foreclosure for more information on the requirements to qualify.
Different mortgage program. Talk to a loan officer about the possibility of refinancing their mortgage to a more affordable program. Talk to your lender about a restructuring program that will put your payments on hold or restructure your current payments.
Special Forbearance. Many borrowers can qualify for a new payment structure if they've had an increase in their cost-of-living, such as unexpected medical expenses, or a decrease in wages. This payment structure will allow the owner to repay the lender in a given time frame.
If you have questions about the foreclosure process or the options you may have in order to prevent foreclosure, feel free to contact me. I am here to help.
Finding a new home. Don't believe that it will be better to let the foreclosure happen, because after you lose your home, you will still need to find a new place to live. All too often, the price you will need to pay in rent will be almost as high if not higher than your current mortgage payment. Remember: The owner of the property needs to make his mortgage payment, too, so he's going to charge a rental payment that's higher than his mortgage costs.
Deficiency judgment. It's not uncommon that the sale of the home is insufficient to cover the remainder of the mortgage. When the property has been damaged, or market values have dropped, you may end up with a bill in the tens of thousands for the difference. In order to avoid this, you must talk to your lender about short-sale options.
Despite what many people think, most lending institutions are not anxious to foreclose. It's a last-ditch effort to recover their money and minimize their losses, and it's an incredible hassle. Most lenders would rather avoid it, if possible. There are multiple sources for help that you should be aware of, and most lenders will be happy to hear that their clients are going to try to keep their home rather than just await a foreclosure.
Housing Counseling Agency. The US Department of Housing and Urban Development maintains a list of HUD-approved counseling agencies. Many of these are offered at low or no cost. Call (800) 569-4287 to find the agency nearest them.
FHA-Insurance fund. FHA borrowers may qualify to have HUD make a one-time payment to bring your mortgage current. See www.hud.gov/foreclosure for more information on the requirements to qualify.
Different mortgage program. Talk to a loan officer about the possibility of refinancing their mortgage to a more affordable program. Talk to your lender about a restructuring program that will put your payments on hold or restructure your current payments.
Special Forbearance. Many borrowers can qualify for a new payment structure if they've had an increase in their cost-of-living, such as unexpected medical expenses, or a decrease in wages. This payment structure will allow the owner to repay the lender in a given time frame.
If you have questions about the foreclosure process or the options you may have in order to prevent foreclosure, feel free to contact me. I am here to help.
Pamela Edwards, Realtor
[email protected]
Ebby Halliday Realtors
(972)715-0152 - office -- (469)877-5631 - direct -- (972)458-9535 – fax
[email protected]
Ebby Halliday Realtors
(972)715-0152 - office -- (469)877-5631 - direct -- (972)458-9535 – fax