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Avoid Foreclosure

Avoid foreclosure is at the top of the list for many struggling homeowners. Between the economic recession, unemployment, and plummeting housing prices, many homeowners are unable to afford their mortgage payments and owe more than their house is worth.

Few options exist to avoid foreclosure. One involves obtaining a loan modification from your mortgage lender. Loan modifications involve changing the terms of the mortgage note to make payments affordable for borrowers. Oftentimes, borrowers must pay rearages or a down payment in order to obtain a loan modification.

Borrowers can apply for loan modifications even if they are unemployed. Lenders might be able to temporarily decrease the monthly payment and roll arrearages to the end of the loan. Loan modifications are usually handled through the lender's loss mitigation department.

Loss mitigators are employees of the bank whose responsibility is to work with borrowers delinquent on their accounts. With the constant influx of foreclosures, most loss mitigators are overwhelmed with work. You can increase your chances of obtaining a loan modification if you prepare ahead of time.

Organize household expenses. Calculate your annual household income. Create a list of income and expenses to determine how much you can afford to pay toward your mortgage note. Write a letter explaining the circumstances that caused you to fall behind. Loss mitigators don't have a lot of time to waste on idle chit-chat. Be prepared, tell them what you can afford and see what they have to offer.

If you do not qualify for a loan modification, ask the loss mitigator if they engage in short sales. Lenders don't want your house. They want their money. With a short sale, lenders agree to accept less than is owed on the loan.

Two types of short sale agreements exist - Deficiency Judgment and Payment in Full without Pursuit of Deficiency Judgment. The first should be avoided at all costs. With deficiency judgments, lenders persue borrowers for the difference between the sale price and loan balance.

If you owe $180,000 on your loan and short sell the property for $150,000, the lender will issue a deficiency judgment for $30,000. This judgment will remain on your credit report for up to seven years; even if it is paid in full.

Foreclosure stays on your credit report for ten years. However, if you lease a home and pay your rent on time, you can apply for a mortgage loan within two years. If you have a deficiency judgment, you cannot obtain a mortgage loan until the judgment is paid in full.

If your lender accepts payment in full, entering into a short sale arrangement is a smart choice. Although you won't be able to keep your home, you can salvage your credit and walk away from the house without owing any money.

Short sales are rather complicated. In order to achieve a successful outcome, you must work with a real estate professional who possesses experience with short sales. Experts claim loss mitigators receive around 100 short sale requests per week. On average, one of every ten requests is approved.

Our team of short sale specialists has completed nearly 400 successful short sale transactions throughout California, Washington and Florida. With an 80-percent success rate, real estate agents and homeowners want to exclusively work with us.

Simon Volkov is a recognized short sale expert with a waiting list of realtors wanting him to manage all of their short sale properties. Instead, Simon prefers to work with homeowners who need immediate help to stop foreclosure.

Simon is only able to work with a limited number of people. He is willing to review your property and advise available options at no charge. If you meet his stringent guidelines, Simon will buy your property and personally guide you through the short sale process.

Time is of the essence. You must take action now or face being evicted from your home and having your credit damaged for a decade. In less than five minutes, you can be on your way to achieving short sale success. Start right now by submitting information via the "we buy houses" form. Upon receipt of information, Simon will personally contact you within 72 hours.