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Homeowner Advocates

If you are a homeowner struggling to save your home from foreclosure, we are here to help you. We are a real estate consulting firm representing home owners with distressed properties. We help you find the right alternative to foreclosure, buy time and postpone foreclosure. As part of our public outreach program, we offer you assistance with a FREE loan modification. We realize that you may have already been speaking with representatives but would like to offer further assistance. It is very possible, based on your current financial situation that you may qualify for one of the Federal programs that are currently available. This is not an offer to solicit your home for sale or an attempt to sell you loan modification or foreclosure avoidance services. There is no cost or obligation to you for these services. If you are already working with someone, please feel free to contact us with any questions that you have about the loss mitigation process with your bank or to get a free second opinion. We are here to assist anyway we can.

 

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What are your options when facing foreclosure? 

Though time is of the essence, you should carefully evaluate all your options before making a decision. Once you decide, you must act quickly to make sure you have enough time to complete the solution you choose. Many lenders require you to decide 21 days before your foreclosure date. As you review the options listed below, try to look at your situation from a financial standpoint rather than an emotional standpoint. Try to analyze which option might best suit your needs and move toward resolving your financial difficulty. Nine Options When Facing Foreclosure 1. Do Nothing – If you do nothing, you will most likely lose your home at a foreclosure auction. Loan applications generally ask if you have ever been foreclosed upon. Credit reports also disclose this damaging information. Usually not the best option. 2. Payoff/Refinance – Completely paying off your loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home. 3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees. 4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow you to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment. 5. Forbearance – Lender may be able to arrange a repayment plan based on your financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements. 6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs, and fees. 7. Deed-in-Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained. Most loan applications will ask if you have ever had a Deed-in-Lieu of Foreclosure. 8. Bankruptcy – This option can liquidate debt and/or allow more time. We will refer you to a qualified bankruptcy attorney upon request. Chapter 7 (Liquidation) To completely settle personal debt. Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years. Chapter 11 (Business Reorganization) A business debt solution. 9. Sell Your Property – If the property has equity (money left over after all loans and monetary encumbrances are paid). You may sell the home without lender approval through a conventional home sale. In this case, you will receive cash from the sale. On the other hand, a short sale may be negotiated with your lender if you owe more than the property is worth. 

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A video from Making Home Affordable, US Department of the Treasury – If you’re struggling to pay your mortgage, or if you have a mountain of delinquent payments, you’re under a lot of stress. It may be that your circumstances make it nearly impossible for you to afford the home you’re in.You are not alone. Many Americans find themselves in this difficult situation. If you’re just barely hanging on financially, it may be a relief to let go. You need to know what your options are.

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Is Your Loan Modification in Active Review? Homeowners often want to know how to determine if their home loan application is NOT in active review status. Here are some tips to identify whether your home loan modification is in active review. If you receive a Notice of Intent to Accelerate Foreclosure, Notice of Default or Notice of Trustee Sale after you have submitted your loan modification application, then your modification application is NOT in active review. If your account representative is requesting additional documents such as bank statements, pay stubs, updated forms, applications, letters of explanation, etc., then your modification application is NOT in active review. If your loan modification has not been approved within 30 days of application submission, then your modification application is NOT in active review. If you have not been approved for a trial payment plan within 45 days of your application submission, then your modification application is NOT in active review.

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David Heroux Certified Homeowner Advocate®  


Tropic Shores Realty 3441 Deltona Blvd Spring Hill Fl 34606 _______________________________ 8710 W Hillsborough Ave , Suite 261 Tampa Fl 33615 _______________________________ 352.398.8137 | Direct SL3165727