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Q&A
Q. What can loss mitigation do for you?
A. Loss mitigation is your representation to your lender. Our team of highly qualified mitigators , attorneys and realtors help a borrower avoid foreclosure by providing them with alternatives to pay down their mortgage, or negotiate a short sale in cases of homeowner inequity.
Q. What is a short sale?
AA short sale is an agreement made with the seller and a bank that allows the seller to sell the property for less than the mortgage balance. To begin a short sale click here
Q. What is a foreclosure?
A .Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can takeQ.What Should I do when I get behind on my Mortgage?
A1. Don't ignore the phone calls and letters from your lender. This is the best way to wake up to a knock from the Sheriff telling you to vacate the home. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference.
2. Stay in your home. You may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized. Stay in your home!
3. Contact MyHomeSave to discuss what the best foreclosure solutions are for you. We will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. We understand the system, the foreclosure laws and the chain of events necessary to help you keep your home out of foreclosure. We will gladly walk you through them in a non-threatening way.
Foreclosure Timeline – Once you become 90 days past due the Mortgage Company will typically issue a NOD (notice of Default). After you receive this notice they will hire an attorney and begin the Foreclosure with the Court system. The Foreclosure must follow a strict procedure laid out by your State laws. Eventually the house will be sold at auction if nothing is done to stop the Foreclosure. The Time line will show the time frames between the NOD and the actual sale date for the property. These time frames are typical and may vary depending on your actual situation. What are my options?
1. Reinstatement - Pay the Mortgage Company all of the back payments to bring your mortgage current. This option is rarely attainable. The Mortgage Company will add late fees and Attorney fees on top of your back payments making this amount much more than people are able to come up with.
2. Workout - We can negotiate with your Mortgage Company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:
a. Forbearance - We will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.
b. Loan Modification - We may be able to adjust the terms of the loan to meet your financial situation.
c. Partial Claim - You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.
3. Refinance - We have established partnerships with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.
4. Sell Your Home - You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. We may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the Mortgage Company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
5. Deed-in-lieu of Foreclosure - We can arrange for you to simply give the home back to the Mortgage Company and walk away with a clean slate.
6. Bankruptcy - This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. This is like putting a band aid on a bullet wound... we will still need to come up with a permanent repayment solution to get your house payments back on track. We can put you in touch with an Attorney to file the necessary paperwork.
7. Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The Mortgage Company will take your home and all of your equity. If there is no equity they may come after you to pay the shortage or “deficiency”. This is also the most damaging to your credit and your ability to acquire another home loan. It is important to note that the Workout Options available to you may be limited dependent on the following factors:
1. the type of loan that you have
2. which investor holds your note, and
3. which mortgage insurance company insures your loan (if you carry mortgage insurance on your loan) Why use us?
Unlike other foreclosure solution firms, we are not trying to buy your home when you are vulnerable and in need of help. We will analyze your situation and offer proven foreclosure help to save your home. We will negotiate with your Mortgage Company to stop foreclosure, save your home and resolve your case. We call ourselves “Specialists” because we SPECIALIZE in helping people get out of foreclosure. Our Name, MyHomeSave is the name that you can trust.
Q. What is a deficiency judgment?
A. A Deficiency Judgment can arise when the bank sells the house at foreclosure auction. The bank can sell the house at auction for any amount less than the total amount owed of the debt plus fees. A deficiency judgment can arise if the bank sells the house for less than the mortgage debt. The lender then holds you responsible for the unpaid portion of the loan.
Q. What is deed in lieu of title?
A. A Deed in Lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure. This process may still leave a negative impact on the borrower's credit.
Q. How long does the short sale process take?
A. Typical cases are completed within one to three months. If you have a foreclosure sale date approaching we can complete it sooner. In the past we have found buyers quickly and have used our relationship with the banks to push back your foreclosure sale date.
Q. When should I begin the short sale process?
A. You should begin this process as soon as possible. Depending on the circumstances, we can many times delay the foreclosure process We can even work with you if you are in bankruptcy. To begin a short sale click here:::::::::(button)to need to sell
Q. Do I have any liability when doing a short sale?
A. In a foreclosure, your house is sold at an auction which typically causes the difference of the total amount you owe and the foreclosure sale price to be much higher. This means you have a higher potential tax liability. Additionally the bank may come after you for a deficiency judgment. According to IRS code, a bank may issue a 1099 to you for the difference in what you sell your property for and what is owned. In other words the IRS considers this income. Fortunately there are new tax forgiveness laws which have been put into place to help eliminate most or all of the tax. For IRS details on short sales and loan modifications click here:;:::::: www.IRS.gov Publication 908
Q. How late in the pre-foreclosure process can you start a short sale?
A.Each state will be different. Try to allow a window of at least 30 days for the mortgage company to approve the short sale offer.
Q. What are the key components of a short sale?
A.The borrowers hardship documentation, the Broker Price Opinion and a cost benefit analysis that convinces the lender to act now.
Q. I have a FHA home loan. Can I still qualify for a short sale?
A.Yes as long as the property is owner occupied.
Q. What effect does a bankruptcy filing have on a short sale deal?
A.You can submit the short sale package but you have to get a release from the bankruptcy court to get permission to sell the property. This has to be done through the bankruptcy trustee. Inform the trustee that you are paying off the lender but that you are paying them short. As long as the homeowner is working with the court, the house can be left in the bankruptcy. It will give you time to negotiate a short sale with the lender and find a buyer before seeking to release or get a “stay of relief” for the property from the bankruptcy.
How Much Does it Cost?
WARNING! If you are thinking of starting the foreclosure process, STOP, STOP, STOP!
You cannot afford to put your home into foreclosure.
DO NOT attempt to handle this alone! The bank is NOT on your side! You want a team of professionals working on your behalf.
The foreclosure process is long and agonizing.
It is a stressful process that solves nothing.
You and your family will be looking for another place to live.
Forget about buying another house…Foreclosure will say on your credit report for 7 years!
So, next option - live with relatives...sound exciting?
Or like most people, you will opt for the rental market. Only problem is, your credit is destroyed now, so any new landlord will be very nervous about renting to you.
You will undoubtedly have to come up with first and last months rent along with an additional security deposit.
You will also need to figure out how to move all your belongings, store anything you can’t take with you and will likely be paying close to the same amount per month in rent.
All said and done, you will need $3,000-$5,000 minimum to get into a new place, that isn't’t your home, and every month your money will be going down the drain.
You will also lose the tax benefits of home ownership.
You will experience added stress.
The stigma of foreclosure and destroyed credit
MyHomeSave offers two pricing options:
1.Loan modification options will allow you to stay in your house. These include Loss Mitigation, Short Refinance, Deed in Lieu of Foreclosure, Cash for Keys program, Forbearance, and Partial Claim. They will only cost you one months mortgage payment. That’s it.
2.Short Sale is a less expensive option if there is no way for you to pay a mortgage. It will save your credit and your future for only $595.