Adina Gittens-Smith

Considering how damaging foreclosure can be for the homeowner and the surrounding community, it is important that everyone knows all of the alternatives available

When you are ready for solutions…call me!

 
 

Are you facing a financial hardship?
 

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. 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. 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 your mortgage was delinquent.
4. Loan Modification is a written agreement between you and your mortgage company that permanently one or more of the original terms of your note to make the payments more affordable. Common loan modifications include:

• Adding missed payments to the existing loan balance
• Making an adjustable-rate mortgage (ARM) into a fixed-rate mortgage
• Extending the number of years you have to repay  

4 Permanent Loan Relief Alternatives
 

1. Assumption permits a buyer who is qualified with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.
2. Short Sale  If you can sell your home but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.
3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancelation of your mortgage debt. In most cases, you must attempt to sell your property for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.
4. Foreclosure A legal process in which a lender takes the title 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.

 

We believe that a Short Sale is the last option that a homeowner has before foreclosure.

 Preserving homeownership & homeowner equity is always the first priority.

 

There are many characteristics and skills that go into being real estate professional – integrity, in-depth market knowledge, community associations, marketing savvy, effective negotiation skills, and a high quality professional network, all of which are hallmarks of how I work.
 

In my experience as a real estate professional, I’ve also found that providing top notch service is essential! You are a VIP, this means that I am accessible to you; we will maintain effective lines of communication and your needs will be quickly addressed.

My approach is continual growth and improvement in business methods by utilizing the latest technologies and constantly analyzing market conditions for optimal results. The goal is to quickly an efficiently help you to achieve your goals.

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale. This process will result in the loss of your home.