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It’s Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you are visiting my website, you or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

Vickie Steele – “Certified Distressed Property Expert”

(949) 916-9319

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Spring is home buying season, so the common wisdom says. In the winter, fewer homes go on the market and fewer buyers trudge out in chilly temperatures to look. Summer is filled with vacations, keeping would-be buyers away. And the fall, well for families, is the start of school and not the time to make a big move. That makes spring the sweet spot for finding a home and closing on it before summer vacation or the new school year.

Feeling Trapped by your Mortgage?  Education is Key!

When faced with unaffordable mortgage payments, your house can feel more like a cage than a home. You may feel trapped because it’s hard to know what to do to improve your situation, and you may just want to give up.  Don’t give up!

The reality is you don’t have to be a prisoner to a mortgage you can no longer afford. You have options and you’re not alone.

I can understand the hesitation to do anything…it’s usually because of the “fear of the unknown”.   It’s my goal to  help you find the key to financial stability through education and a greater understanding of your alternatives.

Learning Your Options – You actually have many options when it comes to seeking relief from challenging housing payments. On the list of options are:  Short Sales, Mortgage Modifications, Reinstatement, Deed in Lieu of Foreclosure, Forbearance, Rent the Property, Servicemembers Civil Relief Act, Bankruptcy, or Refinance.  Be proactive!

Short Sales – Generally considered one of the most viable alternatives to foreclosure, short sales allow homeowners to minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, short sales allow borrowers to qualify for a new mortgage in as little as two years, as opposed to five years or more after a foreclosure.

The following are some of the BENEFITS of short sales:

• Avoid foreclosure at no cost to you

• Lesser impact on credit scores

• Security clearance protection

• No challenges to future employment

• Retain some control over the sale of your property (vs. public auction)

• The ability to negotiate away a deficiency judgment (collection of your mortgage debt)

• Shorter waiting periods to get another mortgage

Knowledge will set you free!  Give us a call so we can discuss the best option for you.  As a Certified Distressed Property Expert (CDPE), I have receiving extensive training to educate you about your options and assist you in avoiding foreclosure.

Call today!  (949) 916-9319
Vickie Steele – Team Steele Real Estate Group

Divorce is a very difficult situation to face now matter what.  You’re losing something that you’ve once valued and cherished.  There are so many financial and legal considerations to deal with…and possibly children to think about.  A large concern is your future after your divorce.

When you are facing divorce you must think about the mortgage.  If you don’t think that you will be able to pay your mortgage on the home, then you should not try to keep the house.  If you try to get out of the mortgage you may have some trouble.

Lenders aren’t going to be happy having to rewrite the mortgage on your home, however, even if you are in the middle of the divorce, the mortgage still has to be paid.  In fact, it’s up to the creditor to allow you to be taken off of the loan or keep you on.  If your spouse is unable to qualify for the loan by themselves, then you’re more than likely going to have to make sure the mortgage is paid whether you live there or not.  Late payments can really mess up someone’s credit.

There are a few things that you might want to think about.  You are going to have to either ask your spouse to buy you out, or you have to ask them to sell the house.  Remember, to keep your credit in good standing, you will have to continue making payments until the property sells.

If you’re worried about your credit rating you should do some work before you enter the divorce process.  You need to know what credit cards that you both have and the outstanding balances on each one.  Not only do you have to worry about the liabilities that you both have accumulated during marriage, you have to think about the money that you have saved in an account.  You may end up having to repay your spouse from the account and pay for your credit debt.

Once you file for your divorce, you will want to close any joint accounts and make sure that everyone knows that it was by request, not because of other circumstances.  You will want them to note that so that it shows up on your credit report and doesn’t have a negative impact on your credit when you apply for credt in the future.

If there is any possible way to maintain a civil communcation line with your ex-partner, you will both bnefit from working together to protect each other’s credit after the divorce so you can move forward with your lives.  It makes it so much easier to move forward in a positive situation with a clean credit report.

Vickie Steele – Certified Distressed Property Expert

I have helped dozens of homeowners in this situation, no gimmicks, no empty promises…just results.

Believe it or not, your situation is not unique.  The foreclosure rate across the nation is rising to an all-time high and many, many homeowners are finding themselves falling behind on their mortgage payments.

Our goal is to reach out, educate and help every homeowner who is in this situation.  We will find the best solution that meets your needs, saves your credit and helps you move on with your life!

There are many factors leading to the current nationwide foreclosure situation and many reasons why a homeowner might fall behind on their mortgage payments:

• A Divorce or Separation
• Unexpected Medical Expenses
• Death in Family
• Loss of Income
• Loss of Job
• Declining Property Values
• High Credit Card Debt
• Interest Rate Increase on an Adjustable Rate Mortgage (ARM)

Call us today for a free and confidential consultation.  We look forward to working with you!

Contact Us At:

www.TeamSteeleOCShortSales.com

1."If it’s possible that prices will continue to fall, why should I buy now?"

While price is the major concern for anyone selling a home, cost should be your primary concern as a buyer. That means you have to take into account what your monthly payment will be, considering not only the price of the home but also the interest rate of your mortgage. Waiting for prices to bottom out while rates are increasing can wind up costing more over the life of the mortgage. Fannie Mae, Freddie Mac, the NATIONAL ASSOCIATION OF REALTORS®, PMI, and the Mortgage Bankers Association are all projecting interest rates will increase over the next several quarters. It’s best that you meet with your mortgage professional to help you determine what an interest rate increase will cost you based on the expected size of your loan. That will help you make a decision.

2. "When will I begin to see appreciation if I buy now?"

Appreciation varies by market, so it’s important to look closely at local pricing trends. Nationally, there are indications that values will begin to rise this year. NAR projects home prices to grow slightly (0.5 percent) in 2011. Macro Markets LLC, a financial technology company, recently asked more than 100 housing industry experts to project housing prices through 2015. The results—released in the company’s 2010 Home Price Expectation Survey—show that experts think prices will start increasing in the second half of 2011, reaching a cumulative appreciation of more than 10 percent between now and 2015.

3. "Does buying really make better sense than renting?"

Forget the finances for a minute. Why did you even begin to consider purchasing a home? The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home have nothing at all to do with money: They want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space. What nonfinancial benefits will your family gain from owning a home? Your answers to that question should be the reason you decide to purchase or not. The bottom line is that the cost of a home will probably remain relatively unchanged even if prices continue to depreciate. Don’t allow money to be the only factor in making the decision that’s right for you.

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Veteran Southern California real estate analyst G.U. Krueger adds his…

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Mortgage Relief Fraud: Will You Be the Next Victim?

Not if we have anything to say about it!

The FBI reported a jump of 71% in mortgage relief fraud investigations from 2008-2009, and expects this number to have grown in 2010.

That’s why it’s our duty to educate homeowners in our community on the cautions they need to take, and what the government has recently done to protect you from unscrupulous individuals and companies who
want to take advantage of their desperate situations.

What you need to watch out for if you are looking for mortgage relief assistance:
 
1.  Upfront fees—just don’t pay them! In fact, they are now illegal!      
2.  A request to sign over your deed (this only spells trouble)   
3.  Lots of paperwork without the opportunity for review
4.  The claim of government-affiliation

These are just a few red flags you need to be wary of.  We've created a free report on the homepage of our website that details more of what you need to watch for.

If you are struggling with an unaffordable mortgage and are looking for help, educate yourself. These scammers can be very shrewd and will say almost anything to steal your money. 

The Federal Trade Commission has required disclosures of anyone offering mortgage relief services. If you’d like to see an example, check out any of the pages of our website. If a company you are dealing with has not
provided these disclosures, please ask why they are not compliant, and proceed with caution!
 
As a CDPE, you can trust that I have the tools to be in full compliance of FTC regulations, and will always work with your best interests at heart.

If you want viable alternatives to foreclosure, give us a call today. We're always here to help!