If you are a Seller facing a Short Sale or Forclosure; we are here to help:

Step 1: Contact your lender prior to being late on your payment - the sooner the better

Step 2: Ask for Borrower Response Package on Avoiding Forclosure be mailed and ask if you can list your home with a Realtor

Step 3: Complete and sign the Borrower Assistance Form in your response package that your lender and ONLY your lender mailed to you. Be careful of scams.

Step 4: Provide required Hardship Documentation as set forth on the Borrow Assistance Form.

Step 5: Provide required Income Documentation to be used to verify your hardship and all of your income.

Step 6: Keep copies of all documents and proof of mailing/e-mailing for your records. Don't send original income or hardship documents, copies are acceptable. 

Step 7: Watch the dates, and send in your paperwork before it's due! 

Mortgage Programs Are Available to Help:

- Refinance to receive a new loan with lower interest rate or other favorable terms so it makes your payment or terms more affordable

- Reinstatement to pay the total amount you owe, in a lump sum payment by a specific date which allows you to avoid forclosure and bring your mortgage current

- Repayment plan to pay back your past-due payments together with your regular payments over an extended period of time which allows you to catch up without a lump sum payment

- Foreberance plan to make reduced mortgage payments or no payments for a period of time to inprove your financial situation and get back on your feet

- Modification during a "trial period" which you make payments then permanetly modifies your mortgage so payment and terms or more manageable as a permanet solution

- Short Sale to sell your home and pay of a portion of your mortgage balance when you owe more on the home than it's worth as a transistion out of the home without going into forclosure

-Deed-in-Lieu of Forclosure where you transfer ownership of the property to the lender if no other liens are on your property  

What Happens Next?

After you submit your paperwork back to your lender that has the current mortgage, they will contact you within about 3 business days to confirm receipt of the documents. If documents are incomplete or missing they will let you know so you can complete the file.

YOUR LENDER WILL NOT GUARANTEE THAT YOU WILL RECEIVE ANY OR A PARTICULAR TYPE OF ASSISTANCE AND STILL CAN OR WILL FORECLOSE ON YOUR HOME SO TIME IS OF THE ESSENCE SO GET YOUR PAPERWORK IN BEFORE IT IS DUE AND CONTINUE TO MAKE PAYMENTS EVEN IF THEY ARE PARTIAL PAYMENTS.

Within 30 days of receipt of a complete Borrow Response Package, the lender will let you know which foreclosure alternatives, if any, are avialable to you and will inform you of your next steps to accept the lender's offer.

In the meantime, you are still obligated to make all mortgage payments as they come due, even while the lender is evaluation the types of assistance that may be available.

IF YOU HAVE MISSED 4 MONTHLY PAYMENTS OR THERE IS A REASON TO BELIEVE THE PROPERTY IS VACANT OR ABANDONED, THE LENDER MAY REFER YOUR MORTGAGE TO FORECLOSURE REGARDLESS OF WHEATHER YOU ARE BEING CONSIDERED FOR A MODIFICATION OR OTHER TYPES OF FORCLOSURE ALTERNATIVES.

SO STAY IN YOUR HOME! MAKE THE LENDER EVICT YOU.