Real Estate Agent |
RAINER 6,821 |
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Rachel Jones | ||
Cert. Short sale Specialist, Long Island Realtor L | ||
location_on Islandia, NY — Charles Rutenberg | ||
insert_link http://www.LongIslandHomesNY.com/ | ||
web Rachel Jones's (realtorrjones) Blog |
You need someone to represent you that has years of experience successfully buying and selling homes in the local market. You will want someone who knows the neighborhoods, schools, market conditions, zoning regulations and local economy, NYS CERTIFIED in Shorsale properties and modifications. When obtaining a Realtor you will want someone who is willing to do the leg work, keeping you up-to-date with new listings and conditions as they impact the market. When obtaining a real estate agent, you will want someone who does this full-time - anything less and is asking yourself to be short changed. When obtaining an agent, you will want to know that they have connections throughout the mortgage industry to get you the best deals possible. Make sure that when you obtain a Realtor be sure that you are the only client in the real estate transaction. You'll want someone to guide you through the complexities of buying and/or selling a house, eliminating hassles and stress. As a standard business practice, your Realtor should preview homes as they become available, keeping you apprised of market conditions as they evolve. At AllState Realty, we won't waste your time - when an offer is made, we'll require acceptance or a counter offer within 24 to 48 hours. You deserve, and should demand that you have the advantage of personal, one-on-one attention, as well as dynamic web and e-mail resources.
Avoid foreclosure using a foreclosure prevention program during a grace period (pre-foreclosure):
Two main solutions are possible with many variations:
* a loan refinance or new loan is obtained to pay off late payments and bring the loan current.
* the Collections department works out new payments with the owner to avoid foreclosure.
Contact Rachel Jones for your foreclosure prevention
A foreclosure expert can help to quickly navigate the options that may be available to you and select the best option for your situation.
* Special Forbearance
Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses.
* Mortgage Modification
You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. Most lenders can work with home owners even if they have poor credit and have a foreclosure date. Chances to obtain a loan to regain a current status on your mortgage become diminished once you have received a notice of default (NOD). Notice of Default is usually sent after 90 days of the mortgage payment being late.
* Partial Claim
Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current. You may qualify if:
* your loan is at least 4 months delinquent but no more than 12 months delinquent;
* are able to begin making full mortgage payments.
When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.
* Pre-foreclosure sale.
This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
You may qualify if:
o the loan is at least 2 months delinquent;
o you are able to sell your house within 3 to 5 months; and
o a new appraisal (that your lender will obtain) shows that the value of your home meets HUD program guidelines.
* Deed-in-lieu of foreclosure
As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure. You may qualify if:
* you are in default and don't qualify for any of the other options;
* your attempts at selling the house before foreclosure were unsuccessful; and
* you don't have another FHA mortgage in default.
Proud Realtor of Long Island New York, making you the most informed Buyer or Seller. Serving: Amityville, Bay Shore, Brentwood, Central Islip, Deer Park Islandia N.Babylon, W.Babylon, and Queens.