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Understanding Foreclosures

Is your home ready to go into foreclosure? If so keep reading to learn how to avoid the foreclosure process. At the first sign of mortgage trouble contact your lender. Most lenders are willing to work with homeowners who fall behind on monthly payments, offering homeowners opportunities to repay the outstanding amount in a variety of ways. You must contact the lender and explain your situation, the lender may request you to complete/provide financial information. Possible solutions lenders may offer are:

 Refinance: Lenders may agree to refinance your loan with a longer repayment schedule and lower the interest rate, adding the delinquent amount to the new loan amount.

 Repayment Plan:  Lenders may add a portion of the missed payment to the next two or three payments or, the lender may suspend payments for two or three months, then put you on a payment plan.(See your lender for more details.

 Loan Modification: Borrowers who can't afford a repayment plan due to serious problems ie, income reduction and excessive debt, the lender may adjust the terms of the loan to make the monthly payments affordable by lowering the interest rate and/or the lenght of the loan.

 Short Sale: If you and the lender have determined that you can no longer afford  to keep the home, the lender may consider accepting a short sale during the pre-foreclosure stage. If the lender agrees on a short sale, they will pay the commission to sell the property and will accept less than what is owed. If there is a deficiency (balance between what the property is sold for and the mortgage amount) the lender may pursue the following course of action: 1) write off the deficiency or, 2) request the seller to agree to a promissory note for the deficiency on a second mortgage.

Beware of scams: Beware of offers involving signing over your deed to anyone who promises to sell your home or offers to buy your property to avoid foreclosure. Also beware of counseling agencies that offer foreclosure mitigation service for a fee. To avoid the risk of possible fraud you should check with your local and state officials to ensure these companies and people are legitimate. 

 If you or someone you know have determined you can no longer keep your property, don't wait, call Genesis Home Coach Realty Inc., for assistance in selling your home on a "short sale". There is no cost to you to sell your home on a short sale, and you can reduce the risk completly. Call 704-598-2631 

 
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Genesis Home Coach Realty Inc. 9700 Research Dr. Charlotte, NC 28262
Phone: 704-598-2631 Fax: 704-598-2632
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