 |
| |
|
No doubt about it, foreclosure is a drastic and frightening measure. You and
your family stand to lose everything you've worked hard for over the years.
There are other options, however.
We'd like to offer information from the U.S.
Department of Housing & Urban Development (HUD)* regarding "how to avoid
foreclosure". Much of the information listed on their website applies
specifically to HUD families/homes but the excerpts we provide below apply to anyone in this situation. It is our hope that they
will help to explain your options and answer some of the questions
you may have.
First, this simple definition of foreclosure: "If you miss mortgage payments,
foreclosure may occur. This is the legal means
that your lender can use to repossess (take over) your home. When this happens,
you must move out of your house..." |
| |
WHAT SHOULD I DO?
"DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making
your payments, call or write to your lender's Loss Mitigation Department without
delay. Explain your situation. Be prepared to provide them with financial
information, such as your monthly income and expenses. Without this information,
they may not be able to help..." |
|
 |
|
| |
WHAT ARE MY ALTERNATIVES?
Your options include:· 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..."
· 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."
· Deed-in-Lieu of Foreclosure–"...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."
· Pre-Foreclosure Sale–"This
will allow you to avoid foreclosure by selling your property..." |
|
We should mention that HUD also offers warnings to those facing potential
foreclosure–we
would like to state and reinforce their words.
Be alert to:
· "Equity skimming–A 'buyer' will approach you, offering to get you out
of financial trouble by promising to pay off your mortgage or give you a sum of
money when the property is sold. The 'buyer' may suggest that you move out
quickly and deed the property to him or her. The 'buyer' then collects rent for
a time, does not make any mortgage payments, and allows the lender to
foreclose."
· "Phony counseling agencies–Some groups calling themselves 'counseling
agencies' may approach you and offer to perform certain services for a fee.
These could well be services you could do for yourself for free..." |
|
| |
|
You may be hearing from companies or individuals who make unreasonable
offers for your home and who will go to the extent of using scare tactics to justify their
extremely LOW figure.
Before you consider ANY offer, keep these thoughts in mind:
|
 |
Don't sign any papers you don't fully understand. |
|
|
Make sure you get all "promises" in writing. |
|
Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt. |
| |
|
Finally, if "Special Forbearance" and "Mortgage Modification" have been unsuccessful, time doesn't allow
for selling on the open market (or you'd rather not pay commission) and you are
looking for an honest answer and the best solution... WE ARE HERE TO HELP.
|
| |
SELECT REALTY VENTURES WILL
BUY YOUR HOME
Select Realty Ventures, LLC. is a small, local company in a position to buy your home. We understand finances are an issue and we promise you a fair
and honest offer. We don't take advantage of your situation! We pay fair market value, we
discuss all details with you and we make sure
you feel comfortable with our proposal. |
 |
|
| |
|
No added fees, no commissions...
NO hidden charges.
We will make a CASH offer and close quickly–usually within a week. In some
cases, we can offer the opportunity of a "Lease Option" (also known as "Rent to Own")–we
purchase your property, relieving you of the debt, and lease it back to
you, eliminating the need to move from the home. No matter which option
you choose, time is of the utmost importance. PLEASE ACT
NOW! |
| |
|
For more information about Select Realty Ventures, LLC. services, or if you have
any questions, please feel free to contact us by email:
or telephone: (484) 645-2517. |
|
| |
|
*For additional HUD information,
visit them at: HUD |
