logging in or signing up Know Your Options to Avoid Foreclosure dirtknob Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 48 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: April 15, 2010 This Presentation is Public Favorites: 0 Presentation Description Learn your options to avoid foreclosure either to stay in your home or to move on and out of your home. Comments Posting comment... Premium member Presentation Transcript FACING FORECLOSURE?KNOW YOUR OPTIONS : FACING FORECLOSURE?KNOW YOUR OPTIONS www.STOPMYSOCALFORECLOSURENOW.com Slide 2: Disclaimer: We are not lawyers or tax professionals. We strongly recommend the you consult with an attorney and a tax professional before moving forward with any pre-foreclosure or foreclosure process. Two Categories : Two Categories “I want to stay in my home” “I want to move on” OPTIONS Refinance Repayment plan Forbearance Loan Modification Bankruptcy OPTIONS Deed in lieu of Foreclosure Walk away and do nothing resulting in foreclosure Short Sale To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) Loan Modification – this allows the borrower modify the original terms of the promissory note which may include an adjustment to an interest rate %, an extension of the loan term, or adding missed payments to principal. To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) Loan Modification – this allows the borrower modify the original terms of the promissory note which may include an adjustment to an interest rate %, an extension of the loan term, or adding missed payments to principal. Bankruptcy: A borrower’s loan may be changed from the original terms based on a Loan Mod as part of a court-approved reorganization plan. Chapter 13 or Chapter 7 . (bankruptcy only temporarily freezes foreclosure, see an attorney) Note: : Note: Government programs are offered and borrowers should be aware of them: HAMP – Home Affordable Modification Plan HAFA – Home Affordable Foreclosure Alternatives. For more information go to: www.makinghomeaffordable.gov www.hud.gov (There are many requirements to qualify for these programs) Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Although the borrow avoids the public notoriety of a Foreclosure proceeding and a Deed –in-Lieu puts a similar negative strike on the borrower’s credit as a Foreclosure. Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Although the borrow avoids the public notoriety of a Foreclosure proceeding and a Deed –in-Lieu puts a similar negative strike on the borrower’s credit as a Foreclosure. (This must be done early on and not within 60 days of the foreclosure sale). Options for moving on… : Options for moving on… Walk away and do nothing Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Neighborhood Foreclosure stigma. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Neighborhood Foreclosure stigma. (Not recommended, when the next option is available). Options for moving on… : Options for moving on… SHORT SALE Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. GET new home financing in two years! Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. GET new home financing in two years! AVOID the Neighborhood Foreclosure stigma. Options for moving on… : Options for moving on… SHORT SALE For more information on short selling your home go to: www.STOPMYSOCALFORECLOSURENOW.com You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
Know Your Options to Avoid Foreclosure dirtknob Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 48 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: April 15, 2010 This Presentation is Public Favorites: 0 Presentation Description Learn your options to avoid foreclosure either to stay in your home or to move on and out of your home. Comments Posting comment... Premium member Presentation Transcript FACING FORECLOSURE?KNOW YOUR OPTIONS : FACING FORECLOSURE?KNOW YOUR OPTIONS www.STOPMYSOCALFORECLOSURENOW.com Slide 2: Disclaimer: We are not lawyers or tax professionals. We strongly recommend the you consult with an attorney and a tax professional before moving forward with any pre-foreclosure or foreclosure process. Two Categories : Two Categories “I want to stay in my home” “I want to move on” OPTIONS Refinance Repayment plan Forbearance Loan Modification Bankruptcy OPTIONS Deed in lieu of Foreclosure Walk away and do nothing resulting in foreclosure Short Sale To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) Loan Modification – this allows the borrower modify the original terms of the promissory note which may include an adjustment to an interest rate %, an extension of the loan term, or adding missed payments to principal. To stay in your home you can… : To stay in your home you can… Refinance – the borrower pays off the current mortgage with a new loan. (must be done before missing payments and you must have some equity) Repayment Plan – borrower is allowed to catch up on missing payments by making more than the monthly payment until the amount is brought current.(this is very difficult if the financial problem is not temporary) Forbearance Plan – borrower is allowed to skip monthly payments temporarily, or make partial payments for a specified time. Missed payments may be added to principal or become part of the repayment plan or loan modification. Payments be greater than before. (very very difficult if the financial problem is not temporary) Loan Modification – this allows the borrower modify the original terms of the promissory note which may include an adjustment to an interest rate %, an extension of the loan term, or adding missed payments to principal. Bankruptcy: A borrower’s loan may be changed from the original terms based on a Loan Mod as part of a court-approved reorganization plan. Chapter 13 or Chapter 7 . (bankruptcy only temporarily freezes foreclosure, see an attorney) Note: : Note: Government programs are offered and borrowers should be aware of them: HAMP – Home Affordable Modification Plan HAFA – Home Affordable Foreclosure Alternatives. For more information go to: www.makinghomeaffordable.gov www.hud.gov (There are many requirements to qualify for these programs) Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Although the borrow avoids the public notoriety of a Foreclosure proceeding and a Deed –in-Lieu puts a similar negative strike on the borrower’s credit as a Foreclosure. Options for moving on… : Options for moving on… Deed in Lieu of Foreclosure The borrow transfers the property to the lender or mortgage company and the debt is forgiven. Although the borrow avoids the public notoriety of a Foreclosure proceeding and a Deed –in-Lieu puts a similar negative strike on the borrower’s credit as a Foreclosure. (This must be done early on and not within 60 days of the foreclosure sale). Options for moving on… : Options for moving on… Walk away and do nothing Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Neighborhood Foreclosure stigma. Options for moving on… : Options for moving on… Walk away and do nothing The Trustee will Foreclose. A devastating hit to credit score. Obtaining another home loan may be impossible for at least 7 years. Neighborhood Foreclosure stigma. (Not recommended, when the next option is available). Options for moving on… : Options for moving on… SHORT SALE Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. GET new home financing in two years! Options for moving on… : Options for moving on… SHORT SALE Lenders allow borrowers to sell their homes for less than they owe. AVOID the devastating hit to credit score. Although credit scores will be affected negatively, typically much LESS than a foreclosure. GET new home financing in two years! AVOID the Neighborhood Foreclosure stigma. Options for moving on… : Options for moving on… SHORT SALE For more information on short selling your home go to: www.STOPMYSOCALFORECLOSURENOW.com