Stop Foreclosure
Foreclosure Process: Judicial Foreclosures Processed thru court
Phase 1:
1. Collection: Up to 60 days from 1st missed payment
2. Pre-Foreclosure: 60-90 days from 1st missed payment
3. Foreclosure: Lis Pendens, 90 to 180 days from 1st missed payment.
Phase 2:
1. Auction: Proximately 12 to 18 months from 1st missed payment
2. Bidding
Phase 3:
1. REO’s 2. Eviction 3. Non-Performing Loans
What is Short Sale
A “Short Sale” is the sale of a party’s real property for a lesser amount than that owed to the bank holding the mortgage.
The bank agrees to discount a loan balance because of an economic of financial hardship on the part of the current homeowner.
A Short sale is a real estate sale by a party in financial distress, who owes the bank more than the property is worth in an arms length transaction. The sale is for an amount lower than that owed to the bank, and the terms and conditions of the transaction must meet with the bank’s approval before the sale can take place.
Benefits to Homeowners
The seller no longer faces a foreclosure, his credit is not further damaged by the foreclosure action and he does not run the risk of having the bank bring an action for a deficiency judgment. Eventually the borrower may even repair his credit enough to be able to purchase another house.
1. Seller don't have to pay Real Estate Commission (we will get paid from Bank)
2. Mortgage Forgiveness Debt Act Relief. HR3648
3. IRS Form 982
4. Avoid foreclosure / Black market for 7 years
5. Avoid Bankruptcy / Black market for 10 years
6. Paid in FULL, SETTLED report on credit history
7. Avoid eviction
Short Sale Eligibility Criteria
1. The Property is the borrower's principal residence
2. The Mortgage loan is a first lien mortgage originated on or before January 1, 2009
3 The Mortgage is delinquent or default is reasonably foreseeable
4 The current unpaid principal balance is equal to or less then $729,750
5 The Borrower's total monthly mortgage payment exceeds 31 percent of the borrower's groos income.
Documents Required
Dear Home Owner:
In order help you avoid foreclosure; we will need to negotiate with the bank(s) on your behalf. In order to start this process we need the following.
1. All the persons named on title and mortgage loan(s) must be present at appointment. Out of state homeowners can complete transaction through
power of attorney or similar arrangements.
2. Hardship Letter. A letter that states the events and reasons that caused the you as the owner to not be able to make the house payments.
3. Bank Statements. Last (2) months bank statements from all of the banks that you hold accounts with
4. Financial statement. A statement that shows all the income sources, savings, assets and expenses of the owner(s).
5. W-2 Forms. Last (2) years W-2 forms from all of your jobs or sources of income.
6. Tax Returns. Last two years federal tax returns.
7. Insurance Claims Proof. (if and when there is damage to the property subject to a pending claim).
8. Bankruptcy Letter or proof of bankruptcy proceedings. (if field)
9. Copies of all 401k, IRA, or other retirement accounts.
10. Proof of Divorce. Any document that proves divorce. (if any)
11. Proof of Disability if you are presently or recently disabled.
All documents required by bank(s) that hold your mortgage.
Time is of the essence. There is a limited amount of time for us to take action. Please collect all the material as soon as possible and call us for an appointment.
If you have any questions, call me at 347 219 8455
Sincerely
Saeed Anwar
