Facing Foreclosure?
Are you receiving numerous letters and phone calls from your mortgage company?
Are you concerned that your home value may be “under water” and you are “over your head?”
Have you avoided contacting your loan servicer to discuss your options?
If you have answered “yes” to the questions above, chances are that you are frightened about the possibility of losing your home. The emotional and financial fallout can be overwhelming. Your best defense is an educated one. First, take a deep breath. Second, call your lender - now. The sooner you “connect” with your loan servicer, the more options you may have. Next, consider contacting an attorney and/or your accountant.
At Fannie Hillman + Associates, Inc., homeownership is our mission. Helping you to keep your home is paramount. Guiding you to helpful resources is our goal. Please refer to the terms and definitions below. Then click on the following links to learn which options and programs you might qualify for. Feel free to contact a Fannie Hillman agent if you need assistance.
Click here to contact one of our team specialists to assist you.
Terms & Definitions
Loss Mitigation
This is a process to avoid foreclosure in which the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on the mortgage loan.
Loan Modification
A loan modification is a permanent change in one or more of the terms of a borrower's loan which if made, allows the loan to be reinstated and results in a payment the borrower can afford. Modifications may include a change in the interest rate, capitalization of the delinquent principal, interest or escrow items, extension of the time available to repay the loan, and/or re-amortization of the balance due.
Short Sale
This option allows a borrower in default to sell his or her home and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed. This option is appropriate for borrowers whose financial situation requires that they sell their home, but who are unable to sell without the insurer/guarantor relief because the value of the property has declined to less than the amount owed on the mortgage.
Foreclosure
The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
REO
Real Estate Owned. (Also referred to as Bank Owned.) Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Resources
www.makinghomeaffordable.gov/
http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure
http://www.financialstability.gov/
http://www.ftc.gov/bcp/edu/microsites/moneymatters/your-home-foreclosure-rescue-scams.shtml
http://www.hopenow.com/