The story is very familiar to us; a homeowner has received a Notice of Default and wants to know what they should do next.  The homeowner does not want to lose their home, however, at this stage their options are very limited.  Once a Notice of Default is sent by your lender, the time has passed to be able to do a loan modification, or otherwise perform some sort of workout plan.  Your options at this point are usually the...

We see it all of the time:  homeowners want to believe that their loan modification is going to be approved and they will get to keep their home.  Unfortunately, the reality is that around 20% of loan modification applied for end up going permanent.  If you do apply for a loan modification, the numbers clearly are not in your favor.  This can be due to numerous factors due to not being employed, being under-employed, illness and so...

A lot of people have gone through the frustration of attempting to get a loan modification only to have their home get foreclosed upon while they were in the loan modification process.  Others have decided to do a short sale only to have the process go on for months at a time.  Dependent upon the bank, the short sale may not be approved, or since the process takes a long time, the buyer may decide to move on to a different property. ...

Recently, due to problems with the way at least one and possibly more banks have been performing the final sign off of foreclosures, some banks have announced a moratorium on foreclosures. News reports have also indicated that the government is investigating alleged lack of due diligence prior to approving a foreclosure. The bottom line is that foreclosures are less likely to occur in the current climate which will potentially...

The HAFA program, or Home Affordable Foreclosure Alternatives program is a relatively new government program.  Under this program homeowners who do not qualify for a HAMP loan modification, or do not wish to get a loan modification may short sale their property given specific qualifications are met.  Note that the same criteria for qualifying for a traditional short sale must exist, namely, a financial hardship must exist that prevents...

The HAMP program, or Home Affordable Modification Program is a new government backed program that allows a homeowner to modify their mortgage much easier than in the past.  Once all documentation is provided to your bank, you will be given a response from your bank within two weeks.  In the past, as many of us are aware, it has taken months to get a response only to find out that we were not approved for a loan modification.  The...

There is nothing more critical to a successful short sale than finding the right agent.  Finding this agent can be a daunting task because there are no education or experience requirements on the part of the agent to actually attempt a short sale.  The agent only needs to be licensed by the state in which they practice.  Here are our suggestions to ensure you find the right agent: Select an agent that has invested in their short sale...