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Foreclosure Alternatives
Behind on mortgage payments, Bob Hummer can help 703-878-HUMM or 888-453-1836

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Foreclosure Alternatives
Options for distressed home owners.

I have been specially trained by the National Association of REALTORS to assist home owners in preventing foreclosure and keeping their home! Please call me at 703-878-4866 or email me to arrange for a free private consultation.

Anytime home owners are behind in their mortgage payments, they are considered in a "pre-foreclosure" status by the Lender. Depending on state law, the Lender must follow certain specified steps which, eventually can lead to foreclosure unless the situation is corrected.

These alternatives are:

 

 

 

 

 

 

 

 

 

 

 

Refinance
  • Home Affordable Refinance Program
  • Current On Mortgage Payments
  • Owner Occupied
  • Fannie Mae Or Freddie Mac Loan
  • Ltv Ratio Between 80% - 105%
  • Sufficient Income To Support New Payments
  • www.makinghomeaffordable.gov
Sell
  • Bring Cash To Closing
  • Withdraw From 401k, TSP Etc.
  • Avoid Impact On Credit File
  • Must Consult With Tax Professional Before Using Liquid Assets
Lender Workout
  • Forbearance – Partial Or Skip Payments
  • Reinstatement – Pay All Missed Payments
  • Repayment Plan – Pay Additional Amount Monthly
  • Loan Modification:
    • Add all missed payments to loan & increase payment
    • Extend number of years to lower the payment
    • Lower interest rate – thus lower payment
    • Switch from ARM to fixed rate
Home Affordable Modification
  • Owner Occupied
  • Unpaid Balance $729,750 Or Less
  • Loan Originated Before 1/1/2009
  • Payment Exceeds 31% Owners Gross Monthly Income
  • Owner Has Change In Income Or Other Financial Hardship
  • Owner At Risk Of Or In Default
  • www.makinghomeaffordable.gov
FHA Preforeclosure Sales Program
  • Owner Occupied
  • Must Be 31 Days Delinquent At Time Of Closing
  • Must Substantiate:
    • Reduction in income
    • Increase in living expenses
    • Inability to pay mortgage
  • Home Must Be Listed With A Real Estate Agent
Short Sale
  • Owner Owes More Than Home Value
  • Owner Unable Or Unwilling To Bring Money To Closing
  • Owner Has Hardship That Makes It Impossible To Keep The Home
  • Home Must Be Listed With A Real Estate Agent
  • Lender Willing To Consider Short Sale – Receive Less Than Owed – Rather Than Foreclose
  • Must Have Ratified Contract
  • Buyer Willing To Wait 90-120 Days
Deed in Lieu of Foreclosure
  • Owner Trades Property To Lender For Note Cancellation
  • Will Not Work If There Is A Second Mortgage
  • Lenders Less Likely To Consider In A Declining Market
Foreclosure
  • Owner Should Contact Lender And Discuss Other Options Instead Of Foreclosure
  • Discuss Options With An Attorney And Tax Advisor
  • Two Week Notice Before Auction – Should Locate Alternative Housing
  • Credit Score Drops By 250-300 Points
  • Ineligible For Mortgage For 5 Years
  • Security Clearance May Be Revoked
  

4500 Pond Way, Suite 220
Woodbridge, VA 22192 
Real Estate Buyers Agent Council Certified Distressed Property Expert Fair Housing REALTOR Short Sales & Foreclosure Resource View BOB HUMMER's profile on LinkedIn


Bob Hummer, ABR, CDRS, CDPE, CRS, MBA, SFR, SRES - Associate Broker
703-878-HUMM (4866) or 888-453-1836
E-Mail Bob: bob@military-realestate.com
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