IF YOU'RE STRESSED, THE WHOLE FAMILY IS STRESSED!

 

FREE PROGRAM INFORMATION FOR DISTRESSED HOMEOWNERS

 

(click here for Current Changes to programs)

(click here for Short Sale Timeline - estimate)

(click here for CO Foreclosure Procedure)

(click here for Questions & Answers on Mortgage Debt Relief Act)

 

 

REDUCE YOUR STRESS, CONTACT ROBIN - YOU HAVE OPTIONS!

 

 

I am so sorry that you are facing financial difficulties right now.  You are not alone.  I know it can be complicated, embarassing, frustrating, and very scarry. 

 

I can give you that extra hand and that extra strength you need to get through this.  Below are some options available to you.  Give me a call if you want that extra shoulder to lean on.

 

FREE Information on Programs for Distressed Homeowners:

 

1.  Loan Modification:  Homeowner makes contact with their loan representative to change the interest rate and term of the loan to decrease payment. 

 

To qualify, your payment must be more than 31% of your gross monthly income and there must be a hardship as to why you can't make the normal payment.  This process can decrease your payments but add years and interest dollars to your loan.  Before you can use the short sale option, you must try loan modification with your lender first.

 

2.  Short Sale:  A short sale is a homeowner's last resort before foreclosure if a loan modification is out of reach. Short sales are less damaging to homeowners' credit and are less costly both for borrowers and lenders -- one study found that loan losses average 19 percent with short sales, compared with 40 percent with foreclosures. But more than three-quarters of short sale deals fall apart, mostly because lenders drag their feet after receiving offers.  Having a Realtor involved is recommended.

 

This program can take quite a while but you get to stay in your home while pursuing the short sale.  This program requires someone to create a relationship with your lender.  Usually the easiest route for you is to have me list your house, be the contact person between you and your lender.

 

3.  Deed in Lieu of Foreclosure:  If a short sale doesn't go through, the next step for an eligible borrower is to hand over the keys to the bank in a process known as deed-in-lieu.  To avoid foreclosure, a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure. 

 

4.  Foreclosure:  The last thing you want or need.  Unfortunately, foreclosure means the bank takes over your home and you must move out immediately.  Foreclosure is harder on your credit score, last longer on your credit app and can cost you a deficiency judgment and IRS tax payment on the difference of what you owe and what your bank sells the property for.  Try Short Sale with Robin Rice first.

 

There are complications to every program.  A common pitfall can be the left over debt that the short sale or the foreclosure sale hasn't paid off to your lender known as deficiency judgment.  You are still responsible.  During negotiations with your lender, I will ask that it be waived.  If waived, IRS then sees it as income and may tax you.  However, income tax is less than paying the difference to the lender.  CO laws and IRS rules are always changing.  Legal counsel and tax counsel are always recommended.

 

Like I said, it's complicated, it's frustrating, it's scarry.  You choose which program best fits your situation.  Don't be alone - Contact me - I'm here to help you. 

 

Confidentially, Contact Robin @ 970-739-0455 or email RobinRice@Realtor.com