Avoid Foreclosure

CDPE Steven Betolatti

Foreclosure Avoidance Options

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:
Reinstatement:A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender’s approval and will ‘reinstate’ a mortgage up to the day before the final foreclosure sale.

Forbearance or Repayment Plan:A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Mortgage Modification:A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

Rent the Property:A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.

Deed-in-Lieu of Foreclosure:Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.
Bankruptcy:Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.
Refinance:If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.
Servicemembers Civil Relief Act (military personnel only):If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.
Sell the Property:Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.
Short Sale:If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
This represents only a summary of some of the solutions available to homeowners facing foreclosure. Call TEAM BETOLATTI today at 678-5101 for an evaluation of your individual situation, property value, and possible options.
Understanding your options now could mean all the difference in the world.

(Material written by CDPE institute).
We can help!  Call us today! 678-666-5101

Short Sale Links

Short sales in AtlantaAre you facing foreclosure?  You do have other options!
REMEMBER- YOU MAY BE ABLE TO SAVE YOUR HOME FROM FORECLOSURE- CALL US TODAY FOR A COMPLETELY CONFIDENTIAL CONSULTATION
678-666-5101

Useful Links

Fannie Mae Area Median Income for HUDs Emergency Home Loan Program: www.efanniemae.com/sf/refmaterials/hudmedinc/

Robo-Signing Settlement Resources

Official Site for the Settlement www.nationalmortgagesettlement.com

To Find the Attorney General in Your State www.NAAG.org

To Determine if A Loan is Ineligible Due to Insurance by Freddie or Fannie: www.fanniemae.com/loanlookup

www.freddiemac.com/mymortgage

Official Bank Contact Info for the Settlement

Ally/GMAC: 800-766-4622

Bank of America: 877-488-7814 (Available M-F 7am-9pm CT and Saturdays 8am-5pm CT).

Citibank: 866-272-4749

JPMorgan Chase: 866-372-6901Wells Fargo: 800-288-3212 (Available M-F 7am to 7pm. CT)

Mortgage Modification Resources

The Home Affordable Refinance Program www.MakingHomeAffordable.gov
HOPE NOW www.HopeNow.com
Fannie Mae Loan Lookup http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac Loan Lookup https://ww3.freddiemac.com/corporate

HUD Approved Counselors

Catholic Charities USA© www.catholiccharitiesusa.org
Citizens’ Housing and Planning Association, Inc. www.chapa.org
Consumer Credit Counseling Service of Atlanta™ www.cccsatl.org
HomeFree-USA© www.homefreeusa.org
Homeownership Preservation Foundation© www.995hope.org
The Housing Partnership Network© www.housingpartnership.net
Mission of Peace Housing Counseling Agency© www.missionofpeace.com
Mississippi Homebuyer Education Center© www.mhbec.com
The Mon Valley Initiative www.monvalleyinitiative.com
Money Management International, Inc.© www.moneymanagement.org
National Council of La Raza www.nclr.org
National Federation of Community Development Credit unions www.cdcu.coop
National Foundation for Credit Counseling© www.nfcc.org
The National Urban League© www.nul.org
NeighborWorks® America www.nw.org
Neighborhood Assistance Corporation of America© (NACA) www.naca.com
Rural Community Assistance Corp. www.rcac.org
Structured Employment Economic Development Co. www.seedco.org

Other Useful Links

Housing Market News Housing News

Courtesy of  your Atlanta Real Estate CDPE, Steven Betolatti of TEAM BETOLATTI, LLC of Keller Williams Realty Atlanta Partners  CALL TODAY for all your Real Estate Needs 678-666-5101

Staging Your Home To Sell

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Understanding The Buyer

Atlanta Real estateUnderstanding the buyer

As the seller, you can control three factors that will affect the sale of your home:

* The home’s condition

* Asking price

* Marketing strategy

However, it’s important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers’ market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location

Unfortunately, the most influential factor in determining your home’s appeal to buyers is something you can’t control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size

While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” or couples whose children have grown up and moved out.

Amenities

Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the “hot ticket” items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That’s not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

Ready to sell? Contact  us now!

10 Questions to Ask Your Realtor

Sold house10 Questions to Ask Your Realtor about Selling a House

  1. Are you a full-time professional real estate agent? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.
  2. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?
  3. Do you have a Website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What’s your email address?Many buyers prefer to search online for homes because it’s available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent’s Website or on their company’s site. By searching your agent’s Website you will get a clear picture of how much information is available online.
  4. How will you keep in contact with me during the selling process, and how often?Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent’s systems.
  5. What do you do that other agents don’t that ensures I’m getting top dollar for my home? What is your average market time versus other agents’ average market time?Marketing skills are learned, and sometimes a real estate professional’s unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.
  6. Will you give me names of past clients?Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.
  7. Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our listing agreement?In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. Keller Williams® Realty understands the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.
  8. How will you get paid? How are your fees structured? May I have that in writing?In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.
  9. How would you develop pricing strategies for our home?Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all. Access to current property information is essential, and sometimes a pre-appraisal will help. Ask your agent how they created the market analysis, and whether your agent included For Sale by Owner homes, foreclosed homes and bank-owned sales in that list.
  10. What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?Ask your real estate agent to present to you a clear plan of how marketing and advertising dollars will be spent. If there are other forms of marketing available but not specified in the plan ask who pays for those. Request samples or case studies of the types of marketing strategies that your agent proposes (such as Internet Websites, print magazines, open houses, and local publications)

Ready to sell? Contact  us now!

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