Christine Helps Avoid Foreclosure

This real estate market has caused unbearable stress and heartache for many local families. A distressed family often makes decisions based on emotion rather than logic and knowledge of the situation they are in.

At Team Christine we believe in providing solutions to our clients, even in the worst of circumstances. We have been trained in the specialty of workng with your lender to avoid a forclosure. By earning the CDPE(Certified Distressed Property Expert) designation we are uniquely qualified to help families avoid foreclosure and to relieve this unfortunate situation.

Did you know that 1 in 4 homeowners will experience delinquency in making their home loan payment? Of these homeowners, 70% will default on their mortgage. Most are a result of one of these life-altering challenges:

Did you also know that the above items are considered by most banks legitimate reasons to qualify for a short sale?

Because foreclosure often results in major consequences to your credit, home and other assets; time could be your worst enemy when you are behind on monthly payments. Here are some other reasons to prevent foreclosure.

• The homeowner will always have to disclose they have had a foreclosure on any mortgage application.
• Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.
• A foreclosure is the one credit report item that is almost impossible to be "repaired"
• Military and government security clearance could be at risk with foreclosure.
• Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy

The Bank does not want your home!

What the bank really wants is the mortgage to be paid in full. So the question is how do you pay off the bank when you owe more on the mortgage then the house is worth? Now more than ever lender's are working with sellers and Realtors in negotiations for a short sale. A Short Sale is when a borrower owes an amount on his property, that when combined with closing costs and commission is higher than the current market value. Lenders will actually negotiate with the seller to consider a short sale, if the seller has experienced a hardship, like the ones previously mentioned. In actuality, it is often times more cost-effective for a lender to negotiate a short sale then take a home into foreclosure. The average foreclosure on a $200,000 home will cost the lender approximately $50-$70,000 in carrying costs!

What are the benefits to the seller in negotiating a short sale compared to a foreclosure?

• A homeowner who loses a home to foreclosure is in-eligible for Fannie Mae back mortgage for a period of five years.
• A homeowner who successfully negotiates and closes a short sale will be eligible for Fannie Mae back mortgage after only two years
• On a foreclosure your credit score can be lowered anywhere from 250/300 points. That typically will affect your score for over three years.
• Only late payments on your mortgage will show, and after sale, the mortgage will be reported as paid or negotiated. Your credit score on a short sale will typically be lowered only about 50 points, if all other payments are made. A short sales affect on credit can be as brief as 12 to 18 months.
• A foreclosure will remain as a public record on a person's credit history for 10 years or more.
• In 100% of foreclosures (except in those states where there is no deficiency judgment) the bank has the right to pursue a deficiency judgment.
• In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.

As you can see negotiating a short sale with your bank is always a better option than foreclosure. Our team has been instrumental in providing guidance, advice and solutions to our clients facing forelosure. We have been successful in stopping foreclosure by working directly with banks and mortgage companies on short sales to work out a win - win solution for all involved.

Before you sell your home to an investor or lose it to the mortgage company, call Team Christine!

 Our advice is absolutely free and we have been successfull in helping many of your neighbors solve these difficult situations .

For More Information about the Short Sale Process Go To

                       christinehelpshomeowners.com

Remember there Is a Huge Difference between Life after Foreclosure and Life without Foreclosure!

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please complete the form below. Christine is a Certified Distressed Property Expert, a Short Sale Specialist, and Foreclosure REO (Real Estate Owned) Specialist and she will be in touch for a private, personal consultation with helpful information.