FORECLOSURE ALTERNATIVES

Facing foreclosure?


Are There Alternatives To Foreclosure?
 Too Many Bills | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

 Financial Burden | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston Could You Be Facing Foreclosure?

  • Are you behind on your mortgage payments?
  • Have you experienced some hardship that has hurt your finances?
  • Are you concerned about the impact foreclosure would have on your credit?
  • Is the possibility of foreclosure hurting your personal relationships?
  • Could your job or other business affairs be impacted by foreclosure?
  • Do you just want the entire situation to go away?

Fortunately, there are measures that can be taken, but it will require some effort and timely action.

 If you are not able to keep up with the expense of your home and have missed payments but have not been served notice of foreclosure, there may still be time to pursue a conventional listing and sale. There is no time to lose, take a deep breath, call me and we will hit the ground running.  Don't Panic | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

What Are The Alternatives?

If you are employed, but you’re still struggling to make your mortgage payments, you may be eligible for the US Treasury Department's Home Affordable Modification Program (HAMP). HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term.  For more information on HAMP HAMP | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

The Treasury's Home Affordable Foreclosure Alternatives (HAFA) program is a special short sale program available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP-participating mortgage servicers.  Its special rules are aimed at speeding up lenders' decisions on short sales and making life easier for sellers. Unlike many conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.  For more information on HAFA  HAFA | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

A Deed In Lieu Of Foreclosure, or Deed In Lieu (DIL), can help you avoid a public sale or auction and may also help you start rebuilding credit sooner than if you go through foreclosure.  With a DIL your lender takes possession of the property securing a delinquent loan without going through the increasingly messy and costly foreclosure process.  It allows a homeowner to walk out from under a mountain of debt without a full-fledged foreclosure on their credit history — although of course the end result is the same: they lose ownership of the home. For more information on DIL Deed In Lieu of Foreclosure | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

Just walking away ("Strategic Default") is NOT an option.... going to that extreme is pretty much the worst thing you could do, especially if your lender cannot readily locate you to finalize transfer of title.  Instead of saving you money, it actually will cost you additional thousands of dollars, because you remain legally responsible for all of the costs of owning the home, plus potentially expensive repairs, taxes, additional interest, penalties and legal fees!


 Short Sale | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston You Could Be A Candidate For A Short Sale

Do you owe more on your property than it’s worth (underwater)? Then selling your home, condo or other property for less than you owe on it, known as a short sale, could be the best option for you.  For more information on short sales Short Sale | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston

Information On Demand | Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston
James Pedicord
James Pedicord
Realtor