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There Are Solutions

Distressed property, including short sales, foreclosure, bank repos, and bank-owned properties in Orange County. Call the team from WoodburyAgent.com at 949-285-1207. Representing buyers and sellers of Orange County distressed properties.

Is a Loan Modification For You?

There are a multitude of options available to you, including Home Affordable Modification Plan (HAMP), Home Affordable Foreclosure Alternatives (HAFA), Home Affordable Refinance Program (HARP), the Homeownership Preservation Foundation (888-995-HOPE), and many others. Truth is, you can get a loan modification or forebearance yourself. The question is, when you run into an obstacle, will you know how to work around it? That's where the professional comes in handy.

Below are direct links to many of the major banks' loan modification / homeowner assistance resources. Many of them walk you through each step, asking you a series of questions and directing you to the right program.

Options to Keep Your Home: Courtesy of PNC Mortgage

Forbearance

If you know you will have a source of funds to bring the account current by a certain date, you may be eligible to arrange for a temporary reduction or suspension of payments for a specified period of time. After which, another option must be agreed upon to bring the account current.

Repayment Plan

An agreement where you would resume making your regular monthly payments in addition to a portion of the past-due payments.

Modification

If you can make payments on your loan, but you do not have enough money to bring the account current or you cannot afford the total amount of your current payment, we may be able to modify the terms of your original loan to make the payments more affordable. Under certain circumstances, we may be able to reduce your interest rate, extend the term of your loan, or add the delinquent interest amount to the unpaid principal balance. This includes the Making Home Affordable program.

Partial Claim

If your mortgage is insured, you may qualify for an interest-free loan from your mortgage guarantor in order to make your account current.

Options to Give Up Your Home

Short Payoff

If the payoff amount of your loan is greater than the fair market value of your property, you may qualify to sell your home for less than what you owe.

Assumption

A qualified buyer may be allowed to assume your mortgage, even if your mortgage states that it is non-assumable.

Deed In Lieu

If you have had your property listed for a period of time with no activity, we may accept title to your property as settlement for the debt.

We strongly recommend you consult your legal and tax advisors regarding your particular situation.

To receive REO, pre-foreclosure, bank repo, and short sale property information, please either sign up for our free real estate newsletter, or request our FREE printout of bank repo, short sale, foreclosed and REO properties by calling our 24-hour hotline at 949-285-1207.

NEW from the WoodburyAgent Team: We have put together a brochure that explains the foreclosure process. Items addressed include timelines in a foreclosure, explanations of what a Notice of Default (NOD) and Notice Of Trustee Sale (NOTS) are, and much more. Click here to download this FREE report in PDF format. We also offer a FREE 13-page brochure that provides much-needed resources in both the selling of ones home when in a distressed situation and what questions need to be addressed before making an offer on a home in short sale status (Four R's of Short Sales). Included is a a checklist for homeowners about what to consider before pursuing a short sale, tax ramifications of a short sale, what is entailed in purchasing a short sale and much more. (For basic information about selling a home in a short sale, click here.) To request your FREE copy, or to speak with us directly about your situation, please call us at 949-285-1207 or click here to submit a request for information, and we will reply as quickly as possible. All communication is held in the strictest of confidence.

Selling a Distressed Property:

We are very versed in helping a homeowner through the short sale process. Our team of real estate, legal, and tax professionals has been involved in assisting homeowners both sell and buy homes that are in a distressed situation for many years, so the current state of the home market is not something we were unprepared for. To find out more about working with us, please either call us at 949-285-1207 or request information here.. All communication is held in the strictest of confidence.

In Foreclosure: there is help:

More than 55% of all homes for sale in Orange County, California as of March 2010 are in a distress situation: most are in the process of being foreclosed on and have had a Notice Of Default (NOD) filed and, for those that have been in a NOD status, have also had a Notice Of Sale (Trustee Sale Notice) filed against them. And over 35% of Orange County homeowners owe more on their home than it is worth, with 8.33% of Orange County mortgage holders in February 2010 more than 90 days late in paying their mortgage up 3 full percentage points in a year.

If you, or anyone you know, have questions about the Orange County real estate or mortgage markets, or are experiencing issues with regard to your home, the Clark Group can help. Call us at 949-285-1207. All information is held in the strictest of confidence.

If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.

To find out more about avoiding foreclosure, the U.S. Department of Housing and Urban Development (HUD), offers some very good advice. One will also find information about The HOPE for Homeowners program that will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). Call 1-800-225-5342 for more information.

There are many programs being introduced by the government to help those in distress. On November 30, 2009, the U.S. Treasury Department released forms and guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA), which is part of the Home Affordable Modification Program (HAMP). For a list of servicers participating in HAMP, visit MakingHomeAffordable.gov..

For Orange County homeowners, there are three more resources available. Click here for more information.

If you would like to speak with us about your situation, please call 949-285-1207. All correspondence will be held in the strictest of confidence.

NEW from the WoodburyAgent Team: a FREE 13-page brochure that provides much-needed resources in both the selling of ones home when in a distressed situation and what questions need to be addressed before making an offer on a home in short sale status (Four R's of Short Sales). Included is a a checklist for homeowners about what to consider before pursuing a short sale, tax ramifications of a short sale, what is entailed in purchasing a short sale and much more. (For basic information about selling a home in a short sale, click here.) To request your FREE copy, call us at 949-285-1207.

If you are interested in receiving Orange County REO, pre-foreclosure, bank repo, and short sale property information, either sign up for our free real estate newsletter, or request our FREE printout of bank repo, short sale, foreclosed and REO properties by calling our 24-hour hotline at 949-285-1207.

Huge Amount Of New Information Being Added:

We are adding content daily to keep up with the ever-changing economic, mortgage and real estate markets. From offering a large number of free downloadable articles, to providing free informational printed material, our goal is to provide the best in accurate and timely information. We offer many free newsletters, and encourage you to sign up so you can be made aware when something you find of interest occurs.

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Had income reductions, maybe a job loss or unexpected medical expenses - and now the bank is threatening to foreclose? What does that mean for you, your family, your children, your job - your future? Will you ever be able to buy a home again? How badly will it affect your credit, your ability to rent a home, and is there an effect on job opportunities?

These are questions many homeowners are facing in this global economic disaster. Who can you count on? Where can you turn for accurate and trustworthy information? What resources, if any, are there to help you and your family through these challenging times? The Clark Group of Coldwell Banker has a core team of California Association of Realtors who are Certified Short Sale and Foreclosure Resource (SFR) specialists who have teamed up with experts in real estate law, tax solutions, credit repair, bankruptcy law and more.

Many homeowners are not aware of all the options available to them: we see far too many foreclosures, many unnecessary, as the homeowner could have possibly prevented foreclosure in more than one way. This is why we are putting on these free workshops in Orange County: to educate the public about their options, both short term and long term.

More Free Homeowner Solution Workshops Being Planned:

Not able to attend one of our free workshops? Call us at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a Private Consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale. A real estate agent cannot give you legal or tax advice.

Reasons to Avoid Foreclosure:

Articles of Note:

Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:

First thing you should do if you are in danger of missing, or have missed, a loan payment, is contact your lender: most lenders have programs in place that might be perfect to help you. Also, early on in the potential foreclosure process, all homeowners should not only contact an attorney, but also research all potential guidance and assistance available from the government, including the U.S. Department of Housing and Urban Development (HUD). HUD's Guide to Avoiding Foreclosure may be particularly helpful. HUD's toll-free telephone number is (800) 569-4287. Not all homeowners, however, can qualify for certain HUD programs.

Read more  |  Workshop Information  |  HUD Info.

Foreclosure Process

Mortgage default: what to expect next:

30 - 60 days: Technically, after being more than 30 days late on a mortgage payment, the borrower is in default. Lenders may not contact you until a second payment is missed, but it is common that lenders report the first late payment and every subsequent delinquent payment to the credit bureaus.

61 - 90 days: Loan servicer notifies the borrower that they are in breach of the loan agreement and may file a "Notice Of Default" (NOD).

91 days to one year: Lender sends out a NOD and, after an additional 90 days has elapsed, a "Notice Of Trustee Sale" (NOTS), which sets a sale date for the property (auction). Note that the lender does not have to wait any particular time period to foreclose on the home and sell it at a trustee sale (auction), but it is typical for there to be a 21-day period after receipt of the NOTS to allow the borrower to reinstate the loan.

>>> Click here for a chart showing the California Foreclosure Process.

Experience Makes All The Difference

If you are experiencing issues with regard to your Orange County home, the Clark Group can help. Call Bruce Clark at 949-285-1207.

Issues With Your Home Loan:

WoodburyAgent.com: Don't let them foreclose on you.If you, or anyone you know, have questions about the Orange County real estate or mortgage markets, or are experiencing issues with regard to your home, the Clark Group can help. Call Bruce Clark at 949-285-1207. With the myriad of options a homeowner is presented with now, more than ever, one needs a team with the experience to navigate through the process. All information is held in the strictest of confidence.

If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.

There are many more resources and programs being made available by both lenders and the government; Call Bruce Clark at 949-285-1207 to find out more about what options could be available to you. Also, don't forget that we offer free Orange County homeowner solution workshops. All information is held in the strictest of confidence.

Sign-Up For One of Our FREE Homeowner Workshops:


    







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