Foreclosure Recovery Group we specialize in supplying services to people
who fall behind on their mortgage payments. This can happen to anyone
and the odds are that you even know other people this has happened to
before. There are many things you cannot control such as, health issues,
loss of job and divorce, just to name a few which put good people in
this situation. Some of the different options which are available to you
WHAT IS A LOAN MODIFICATION?
The loan modification basically is
modifying your loan.
Value of the home
$185,000 What is owed
10 Payments behind
What is owed to bank in back payments
So now to bring this loan current you can
try a loan modification. You call the bank and tell them you have 6 or 7
payments and you want to do a loan modification. This means the bank
will put the other 3 or 4 payments on the end of the loan.
Let's say the
payments you owe are payments # 22, 23, 24, 25, 26, 27, 28, 29, 30, 31.
Remember, a 30 year loan has 360 payments..(read
WHAT IS A FORBEARANCE AGREEMENT?
If the Loan Modification
doesn't work because you don't have the $13,000 in funds they are asking
for, then The Forbearance Agreement may be better for you. The
Forbearance is a workout agreement with the bank.
$1,500 per Payment
$2,500 Attorney Fees
$17,500 Total Due to Bank
without late Payment Fees or Insurance fees, if any.
Here is How a Forbearance
bank will always...(read
Giving your house up Subject-To
could be one of your best options. Let's discuss this option you, the
homeowners, will convey the property to me by Warranty Deed or Quitclaim
Deed. In exchange, I agree to pay the arrearages to bring the mortgage
current and make the monthly mortgage payments until the property is
sold or refinanced, whichever comes first. We will file the deed at the
courthouse to protect our interest. We will pay you an agreed upon
amount of consideration when the property is deeded to us and then we
will discuss a date for you to vacate the premises. The objective of
this method is for us to take over the existing loan, bring the payments
current, keep them current for the length of our agreement, and
therefore relieving you of the monthly debt...(read
A Short Sale
a nutshell, a "short sale" is negotiating with a mortgage holder (bank)
to accept less than what is owed as payment in full.
A short sale is a strategy when we have a distressed homeowner who owes
the bank close to or more than what the property is worth.
Here's how it looks: The
homeowners owe $200,000 to their first mortgage holder and the payments
are in arrears. Their property is worth $200,000 in retail condition.
With the proper negotiating strategies, you get the bank to accept
$100,000 as payment in full. Purchasing a $200,000 retail property for
50% of its value is where we both get paid..
proper negotiations we can take your deal that most investors would pass
on and turn it into an amazing deal. Some of our happiest homeowners
have been from deals that had no equity...(read
Chapter 13 Bankruptcy
First, you need to contact a bankruptcy attorney. We are not attorneys
and can not give you legal advice.
chapter 13 bankruptcy is a reorganization of the debt. The chapter 13 is
the one that's going to buy us the most time. It's going to buy us the
time we need to get the property...(read
Deed-In-Lieu of Foreclosure
deed-in-Lieu of foreclosure is when you give up and deed your home back
to the Bank. The Bank will always accept this; however; it's not a good
option. The reason it's not a good option is because the Bank could come
after you, the homeowner, for a deficiency judgment.
Let's explain what a deficiency judgment is it's when the Bank takes
back a house that has a mortgage balance of $200,000. The house is worth
$200,000, and the Bank ultimately sells the house for $150,000. This
$50,000 that the Bank does not receive from what was owed to what they
sold it for is the deficiency...(read