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Foreclosure prevention and mitigation

Are you facing a Home Foreclosure?

 

If you are one of the many people facing foreclosure or forfeiture of your home, we can help you. Last year, over two million people faced foreclosure because of missed payments, taxes, or liens

 

There are things that can be done to save your home; even if you have already been foreclosed upon. If your home can not be saved, there are things that can be done to get rid of the debt.

 

If you have fallen behind on payments, and want to keep your home, we can help negotiate your mortgage for you, or help to restructure the debt so you can stay in your home. We're not afraid to go up against the big mortgage companies.

 

If you have fallen behind on your mortgage payments, and do not want to keep your home, in most cases you have 3 options:

 

1) Sell your home, and hope you get enough to cover the debts (mortgages)

2) Do a "short sale"

3)Allow it to go into foreclosure

 

Some Things You Should Consider When Looking At Your Options Are:
  • If you sell your home and it does not sell for at least what you owe on the mortgage(s), you may still owe the difference.

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  • If you do a "short sale" or some other method of negotiation on the underlying debt, you could receive a 1099 from the mortgage company at the end of the year. The difference of what you owe on the mortgage(s) after the short sale/negotiation could be taxed as income. This means that you will have to pay taxes on the difference, which can be thousands of dollars.

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  • If you allow your home to go into foreclosure, in many circumstances you will get at least 6 months to live in the home rent-free once it is sold in a sheriff's sale. Although, you could still be liable for the debt(s0 on the home.

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