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When will the Collection Calls Stop? I just want to sleep through the night. What will this do to my Credit? My Bank keeps giving me the Run Around. Where will we be three months from now? When will things be Normal Again?

A journey of a thousand miles begins with a single step. Loa Tzu   :

A journey of a thousand miles begins with a single step. Loa Tzu

PowerPoint Presentation:

Your First Step Is to visit us a t HelpForIdaho.org

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If you have missed a mortgage payment or are about to miss one, the biggest mistake you can make is to do nothing. Your next step is to educate yourself about all the options available so you can make the best decision for you and your family .

What is a Loan Modification?:

What is a Loan Modification? A Loan Modification is a permanent change in one or more of the terms of a borrower's loan, allows the loan to be reinstated , and results in a payment the borrower can afford . Your lender typically prefers that you attempt a loan modification as a first step . Loan modifications can take many months and your bank may require that you , the borrower, are in default on the loan before they will consider you for a loan modification. Defaulting on your loan will affect your credit score.

What is a Loan Modification?:

What is a Loan Modification? If you have already applied for a loan modification with your bank, you should continue to follow up with them periodically for a decision. Oftentimes, banks are working with hundreds of thousands of homeowners in default on their loans. Be prepared for long hold times . If you have been denied for a loan modification once or even several times , you may want to consider a short sale at this point in time.

What is a Short Sale?:

What is a Short Sale? A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. All lien holders must agree to release their liens on the real estate and accept less than the amounts owed on the debt in order for the short sale to close. If all lien holders agree to release their liens, they may or may not relieve you , the borrower, of the deficiencies or the amounts that are still owed on the loans.

What is a Short Sale?:

What is a Short Sale? Short Sales, in general, may take many months to complete but typically the homeowner stays in the home during the short sale process. Typically banks will require a homeowner to be in default on their loan in order for a short sale to be imitated or approved. Defaulting on your loan will affect your credit score. Your bank will typically require that you seek the services of a Licensed Realtor ® in your area who is a short sale expert and has negotiated and closed many short sales .

What is a Short Sale?:

What is a Short Sale? In addition, it is a good idea to consult with a CPA or an Attorney in regards to tax and legal consequences as a result of a short sale. Upon the successful close of your short sale, your lender typically issues you a 1099 form the following January for the amount of your loan deficiency . You should consult your CPA in regards to minimizing or eliminating the tax liability . If you currently occupy your home, you may qualify for a HAFA Short S ale which eliminates your lenders ability to pursue you for the deficient amount and allows you $3000 in relocation assistance at closing.

What is a Foreclosure?:

What is a Foreclosure? In Idaho, the foreclosure process starts when the trustee, who represents the bank, records a Notice of Default at the courthouse in the county that the property resides. In Idaho, lenders may foreclose on deeds of trusts in default using the non-judicial foreclosure process on properties that are 20 acres or less. In Idaho, the foreclosure timeline is 120 days to auction and 115 days to cure the loan .

What is a Foreclosure?:

What is a Foreclosure? If your home is foreclosed at auction and purchased by a third party or conveyed back to the bank, you typically have 10 days to vacate . Only in extenuating circumstances is it ever beneficial to let your home go to foreclosure. A foreclosure on your credit report may preclude you from obtaining another home loan for 7 – 10 years and will come to light in future background checks for employment. It hardly ever makes sense just to “let it go” .

What is right for you and your family?:

What is right for you and your family? You want to stop the harassing collection calls. You want to know where you are headed. You want to restore normalcy to your life. You want to sleep at night. You want to make the right choice. Which choice is right for you?

Your Next Steps:

Your Next Steps Feel free to explore the detailed information on our website. If you need help you can enter your contact information below and Click Submi t. One of our experts will contact you shortly . If you need immediate help , call us at 208 939 9033 or email us at Help@HelpForIdaho.org to discuss your situation. It’s Time to Take the Next Step

Copyrighted HelpForIdaho.org 2011:

Copyrighted HelpForIdaho.org 2011

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