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Borrower Options:
If you are behind on your payments, you may have more options that you think.
Your options will vary depending on if you want to stay in your home or move.
If you want to stay in your home, you can ask your lender for a loan modification to
your existing loan. Generally, to qualify for a loan modification, you need to be
experiencing a financial hardship. These include the following situations:
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Divorce
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Marital Separation
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Military Duty
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Medical Bills
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Damage to Property
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Illness
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Loss of Job
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Reduced Income
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Failed Business
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Job Relocation
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Death
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Incarceration
We currently work with a law firm that specializes in loan modifications
and is very successful in negotiating loan modifications for their clients.
If you would like more information on this program, please call:
Free 24 hour recorded message 800-958-1952.
Listen to this recorded message, available 24 hours a day, explaining the
process and decide if MBA Commercial has the loan modification solution for you!
If you want to move, you can sell your home.
If the fair market value of the home is less than your loan balance, there is a process
called a Short Sale in which you can still sell your home. A short sale is a situation
where the lender is willing to accept a smaller payoff of the balance of the loan in order
to sell the home at fair market value. Hence, the term “short” in short sale.
We can assist you with the Short Sale and the most advantageous part for you the sellers is
that the lender generally pays our commissions, listing fees and the closing costs.
Selling your home via a Short Sale vs. a Foreclosure has several advantages.
Here are the new Fannie Mae lending guidelines:
Short Sale:
Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.
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2-year time period from completion date of short sale
to qualify for a Fannie Mae backed loan.
Foreclosure:
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5-year time period from completion date of the Foreclosure.
Additional requirements that apply after 5 years up to 7 years following completion date:
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The purchase of a principal residence is permitted with a minimum 10 percent down payment and minimum representative credit score of 680.
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Purchase of a second home or investment property is not permitted.
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Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.
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Cash-out refinances are not permitted for any occupancy type.
Clearly, you are better off avoiding foreclosure.
As with a loan modification, you will need to be experiencing a financial hardship in order for our
lender to approve a short sale. Please refer to the list mentioned above for generally accepted hardships.
Please complete our
listing application or call our affiliate HouseRebate.com today at 888-836-5675 and
talk to one of their agents to find out how they can assist you.
Free 24 hour recorded message 800-958-1952.
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