4-Temporary Loan Relief Alternatives
1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include; a) Adding missed payments to the existing loan balance
b) Making an adjustable-rate mortgage into a fixed-rate mortgage c) Extending the number of years you have to repay or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.
Legal & Tax Advice
1. Can my real estate agent explain the short sale process to me?
Answer: Josh Wittenberg is a qualified short-sale real estate specialists. The entire RE/MAX Metro Atlanta office and my Broker are CDPE certified.
I can clearly and logically help evaluate your situation, explain in detail the short-sale process, and create a strategy.
2. How do I know if my property will qualify for a Short Sale?
Answer: I can help you with the specific guidelines of the short sale process so that your property can be accurately evaluated to address your specific situation.
3. Does my real estate agent know what information I will need to provide to the lending institution?
Answer: I will be able to ask the right questions and provide you with the appropriate paperwork to begin the process of creating a short sale package for the lending institution to review your current financial situation.
4 . Does my real estate agent know how to create an effective short-sale strategy?
Answer: A short sale will only be accepted by the lending institution if both your property and you meet the lending institution’s guidelines. Every effort will by made to ensure that you have all of the necessary elements documented to qualify for and complete a short sale.
5. Does my real estate agent know how to market my home, since timing is essential?
Answer: I provide specialized tools for selling your home, including the MLS (Multiple Listing Service), customized websites, caravans, network of supportive agents, several hours a week of prospecting, open houses, market flyers and brochures. Again, because timing is so crucial, we know about advanced technological services and know how to apply them to the sale of your home. Our specialty advertising includes: toll-free hotlines, fax-on-demand marketing, and 24-hour access to information on your home.
6. Does my real estate agent know how to price my home?
Answer: I understand the current market conditions and how the market is affecting home sale prices. We will be able to back up our assertions with solid proof by obtaining a comparative market analysis to include three items: the listing and selling prices of homes in your area, a description of comparable homes, and the length of time the homes have been on the market. This gathered information will give you confidence that your home’s proposed market value is set at an accurate pricing range.
7. Does your real estate agent have a pricing/marketing campaign for 14, 30, and 45days?
Answer: If your home isn’t seeing much interest by prospective buyers after 14 days, my Short Sale Team will promptly be able to provide you with a list of things being done on a regular basis to generate activity. We will provide you with a "Weekly Status Gram" communication vs. you having to continually request updates and make suggestions as to how to sell your home. The Baltimore Home Team has the professionalism and expertise in the short sale market.
8. How do I know if I am really comfortable with the real estate agent I am selecting?
Answer: This is a great question to ask yourself. We have all had times where we went along with a decision because of pressure but knew it wasn’t the right choice. Ask yourself if you trust me and more importantly, if you feel confident in the way I conduct business. This will also be a reflection of how other agents want to work with me. I am happy to provide references so that you can be educated with our skill level and expertise in selling your home. You are dealing with a very emotional issue…selling your home. Make sure you are making good business decisions during this trying time. If you decide what I have to offer is not for you, then we'll walk away with no pressure.