Real Estate Informer: WSCL radio interview: How to avoid foreclosure

Do you or someone you know need help with a short sale??

Need information on a short sale or want to learn more? Brandon Brittingham has completed hundreds of short sales, and has stopped hundreds of families houses from going to foreclosure. Brandon is a national speaker on short sales and has trained over 500 agents nation wide. Brandon has been featured on TV, in newspapers, talk radio, and national publications for his knowledge on this subject. Brandon is recognized as a national expert on short sales and foreclosures. Even if you are and agent and want to learn more or work on a referal basis, Brandon handles short sales all over the country. For more information go to www.easternshorehomesolutions.com or contact Brandon at moorebrittingham@gmail.com.

What is a short sale? How does a Short Sale Work?

1. What is a short sale?A short sale is when you sell your property for less than what is owed on the mortgage in exchange for you not letting the property go to foreclosure.

2. How Does a Short Sale Work?In most cases to qualify for a short sale, you have to have a provable financial hardship. You have to list your property with an EXPERINCED short sale real estate agent and provide the bank with all of your personal financials to see if you qualify under what they consider a financial hardship.

See throughout the site examples of financial hardships, or use the search bar to find this information.

Once you get an offer on the property your agent will negotiate with the bank throughout the rest of the process directly with the bank. The bank will agree if they feel you qualify, to accept less than what you owe on the mortgage so they avoid the property going through the foreclosure process.

What are the Differences in a Short Sale vs. Foreclosure??

Facts to remember about Short sale vs. Foreclosure.

•Foreclosure can stay on your credit for 5-7 years, and can have serious ramifications for future availably to get a loan. After a short sale has been performed you may be able to purchase a property in as little as a year and a half. A short sale could also go on your credit as charged off in full.

•Foreclosure can have serious financial ramifications after the fact. IRS and deficiency judgments could arise, whereas most short sales alleviate this. Foreclosure could go as far as having a wage garnishment.

•There are programs available to put money in your pocket to participate in a short sale sometimes up to $35,000

•Banks are willing more than ever to participate in short sales.

•Almost anyone can qualify if there is a financial hardship involved.

•Short sales are not as difficult and cumbersome as the media portrays them, when handled by a professional.

•Short sales are very common and affect millions of American’s across the country.

•There has never been a better time to participate in one of the several short sale programs available.

•Short sales can alleviate a huge financial burden.

•A short sale can relieve you of debt you would otherwise be stuck with if let your property go to foreclosure.

What do I do if I am facing Foreclosure?? Alternatives to foreclosure

If you are facing Foreclosure...DON'T WAIT OR HESITATE!!!

The longer you wait, the less options you have, the worse you make your situation by waiting. Reach out to a local professional as soon as you know you may be in a sitaution where you could get behing on payments. The quicker , the better!

Now more than ever in history, there are more options for struggling homeowners to get relief, each situation may vary, but in most cases the short sale is the best option for a homeowner facing deliquency. Below or options that can help you avoid foreclosure.

Alternatives to Foreclosure

1. Reinstatement a. Owner has the ability to pay the total missed payments, late fees, and legal fees in one lump sum. b. Can occur up to the day before the foreclosure in most states

2. Forbearance a. Reason was temporary b. Not able to make a one‐time reinstatement payment c. Desire to spread total missed payment amount, plus late and legal fees over an extended monthly payment plan d. Can provide the required documentation to show the borrower’s financial ability to remain current, as well as repay the missed payments over time

3. Repayment/Loan Modification Plan a. Lender agrees to modify the existing mortgage b. Modification may include: (1) Reduction in interest rate (2) Increased term/length of mortgage (3) Forgiveness of part of loan amount (4) Missed payments added to mortgage (5) Missed payments to be paid in lump sum at end of mortgage term

4. Deed in Lieu of Foreclosure a. Reduces cost of the foreclosure process b. Reduces foreclosure timeline c. Still shows up as a foreclosure on credit report d. doesn’t automatically reduce any tax or legal consequences of the borrower

7. Rent the Home a. Can be very risky b. Often violates the terms of the mortgage c. Can result in termination of the existing homeowners insurance d. May violate community/HOA/condo rules e. Often requires license/permit
f. Creates a legal contract with the tenant g. Can be difficult to move the tenants out, even when not paying their rent hinders the marketability of the home

8. Bankruptcy a. May stop foreclosure and allow owner to reorganize debt b. Homeowner rarely is able to keep their home c. Usually used to stall the foreclosure process d. Must understand the “means test” guidelines (net income to median) e. Decision‐making and control shifts to Bankruptcy Court & their appointed trustee f. Nearly impossible to do a short sale g. Makes the home hard to sell h. Causes long term financial problems with credit & borrowing power i. Prevents obtaining or maintaining a security clearance

9. Service Members Civil Relief Act a. Temporary relief from paying mortgage b. Must prove military service materially affects the member’s ability to pay his mortgage

10. Short Sale a. Homeowner owes more on the home than currently worth b. Must prove an acceptable financial hardship c. Has less detrimental effect on borrower’s credit score, can give homeowner relocation money and can relieve them of the debt owed to bank.
In most cases out of all of these options the short sale is the BEST OPTION!!

Bank Of America / Wells Fargo Short Sale HELP!!

Do you need help with a Bank of America or Wells Fargo Short Sale??

If you have a loan with either of these two institutions and you would like to explore the option of a short sale; I can HELP!!

I have done many transactions with both Bank of America and Wells Fargo, and have connections in each institution to help facilitate your short sale to your benefit. With my vast experience with these two banks, I can get short sales approved faster and to your benefit, better than other competing agents.

I may even be able to get you into the CO-OP short sale programs these bank’s offer where we can do a short sale with limited paperwork, and get you relocation money!!! I am not limited to these two banks; I just have a special relationship with both of them that other agents do not.

Contact me today if you would like more informaiton on how I may be able to help you.

Real Estate Informer

Do you or someone you know need help with a short sale??

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WSCL radio interview: How to avoid foreclosure

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What is a short sale? How does a Short Sale Work?

What are the Differences in a Short Sale vs. Foreclosure??

What do I do if I am facing Foreclosure?? Alternatives to foreclosure

Bank Of America / Wells Fargo Short Sale HELP!!

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Marshall Moore and Brandon Brittingham are licensed realtors with Long and Foster Real Estate Inc.