EGAN REAL ESTATE

    List of Banked Owned Properties - Real Estate Owned (REO)

 

Options for Homeowners Facing Foreclosure   

Refinance: The Making Home Affordable initiative includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.   (Making Home Affordable Video)

Work with Your Lender: Lenders can offer you loan modifications of forbearance. With these options the lender can spread back payments, fees, penalties over upcoming payments to allow the homeowner to catch up. They can also adjust the interest rates or wrap all of the fees into a new loan.

Deed in Lieu of Foreclosure - The Deed in Lieu of Foreclosure allows the borrower to give the property to the lender in exchange for the cancellation of the note. The cancellation of the note releases the borrower from the defaulted loan. Sometimes a lender will not accept a deed in lieu of foreclosure if the debt owed exceeds the current market value.

Short Sale- A Short Sale is when the lender agrees to sell a property below the amount that is owed on the mortgage. The lender is taking a discounted payment on the mortgage. In order for a homeowner to be eligible for a short sale, they must be able to define their hardship. This hardship must be approved by the mortgage company (Qualifications for a Short Sale). A Short Sale Package is required by the lender to first approve a Short Sale. Short Sales are preferable to foreclosure, because it has less impact on the borrower's credit. A foreclosure remains on one's credit for 7 years. With a short sale, you may be eligible for a new home in 2 years, while a foreclosure should take at least 5 years. See Home Owner Assistance for Americans (HAFA) - Short Sale Guidelines and Assistance .

Foreclosure - is a legal process by which the borrower loses all of their interest in the mortgaged property. The borrower has defaulted on their mortgage, which gives the lender the right of redemption to repossess the property through foreclosure. 

 

 

Resources to Help Distressed Homeowners:   

Places to Call for HELP:

Homeowners Hope Hotline:                  (888)-995-HOPE

If you feel like you may be in danger of facing foreclosure, the time to call 888-995-HOPE™ is now. The Homeowner's HOPE™ Hotline is a counseling service provided by the Homeownership Preservation Foundation to work with you to find a solution to your problem. The sooner you call, the sooner you can regain your peace of mind. Remember, you're not alone.

HUD Approved Housing Counselor:    (800)-569-4287

HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. This page allows you to select a list of agencies for each state below. You may search more specifically for a reverse mortgage counselor or if you are facing foreclosure, search for a foreclosure avoidance counselor.

 

Website Information to Help Distressed Homeowners:  
Fannie Mae - Know Your Options to Avoid Foreclosure

There are many options for homeowners who are struggling with their mortgage payments. This site explains options that may be available to you.

Freddie Mac - Avoiding Foreclosure

If you are having difficulty paying your mortgage on time or know you will have difficulty in the near future, call your lender. Your lender is your biggest ally if you are having problems paying your mortgage, and the sooner you reach out for assistance, the more help they can provide.

Making Home Affordable.gov

The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

 

Foreclosure and Short Sale Rescue Scams   

The Office of the Comptroller of the Currency (OCC) produces information to help homeowners to not get lured into the too good to be true scams. If you would like more help to avoid these scams, please call (888)-995-HOPE or view the following websites:   
Fannie Mae - Beware of Mortgage Foreclosure Scams - FREE Help

Federal Trade Commission - Foreclosure Rescue Scams    

MSNBC - Article on Foreclosure Rescue Scams

 

Mortgage Forgiveness Debt Relief for Homeowners

Program 3648-Mortgage Forgiveness Debt Relief for Homeowners

Mortgage Forgiveness Debt Relief Act of 2007 - Tax Relief

Cash for Keys

Short Sale - Establish Credit History 2 Years after Completion

Deed in Lieu - Establish Credit History 4 Years after Completion

 

Liens on Properties:

Lis Pendens

Land Contract

Mechanics Lien

Mortgage

Lease with the Option to Buy