Are you a Bay Area Home Owner who needs payment relief options? If so, this is the right place for you. Below are many of the options available that may help reduce or eliminate your mortgage payment. Explore the free tools and resources available or contact us today to discuss your individual options. Just know, You Have Options!
Learn the Options
Leasing your home is often times a viable option. Leasing your property to a Tenant may provide an opportunity for you to leave your residence, locate another property to purchase or lease as your new primary residence, and benefit from a monthly income (the rent received from Tenant). Restrictions Apply. Your Home Rental Market Value
Deed-In-Lieu is a document executed by the borrower conveying title to a lender in lieu of the lender proceeding with foreclosing on the borrower’s property. Restrictions Apply. For More Information visit: www.makinghomesaffordable.gov
Short Sale is a sale of a home where its sales price is less than the total amount of the balances due on the mortgage loans and the liens recorded against the title of the home. Your Lender may voluntarily agree to a short sale by accepting less than what is owed. As with foreclosure, a short sale may affect your credit, tax liability, personal liability, and may pose other consequences. If, however, your property is one-to-four residential units your lenders are generally prohibited from holding you personally liable for the deficiency under California Law. A short sale can often times be a more dignified approach to leaving the property compared with a foreclosure. Why a short sale? A short sale is not a foreclosure! Restrictions Apply. Check Eligibility
Loan Modification A process through which the terms of a mortgage loan are restructured or modified pursuant to an agreement between the lender and the borrower. A loan modification may involve a reduction of your interest rate, an extension on your loan term, a reduction in your loan balance (known as a principal reduction), or other changes to the terms of your loan to make your payments affordable. Some Lenders participate in government-subsidized programs like Making Homes Affordable also known as HAMP. Restrictions Apply. For More Information visit: www.makinghomesaffordable.gov
Short Refinance is a transaction in which your bank or mortgage lender agrees to pay off your existing mortgage and replace it with new a loan with a reduced balance, essentially helping you avoid foreclosure. If your current lender agrees to participate in a FHA short-refinance, they will be required to reduce the amount you owe on your first mortgage to no more than 97.75% of your home’s current value. Restrictions Apply. More Information
HARP Refinance is a government-subsidized program for Homeowners who have a loan owned or guaranteed by Freddie Mac or Fannie Mae (look up here for Fannie Mae or here for Freddie Mac) that assist with a refinance even if your home is worth less than what you owe.
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. Restrictions Apply. More Information
Forbearance is a negotiated payment remedy agreed upon between the Borrower and Lender. It may be ideal for a homeowner who is experiencing a temporary or short term financial hardship. Mortgage loan forbearance allows a homeowner who has fallen behind on his payments to bring them current over a short period of time, usually six months to a year. Restrictions Apply. More Information
Other Options: Other options may include borrow money from a friend, rent out a bedroom, obtain a second job, or possibly other options depending on your circumstances.
Disclaimer: This site is intended to provide general definitions of some of the options when a home owner needs payment relief. There may be other options.Rick Fuller Inc., REALTORS® may not provide services for all of the options above. Rick Fuller Inc., REALTORS® is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Any services provided are within the general scope of areal estate licensee. Some of the options listed above may have legal, tax, and or credit implications therefore readers with credit, legal and tax questions are advised to see the advice of an attorney or tax professional. The information above is not to be considered legal and or tax advice. Credit is hereby given for many of the links, information and resources to Making Homes Affordable.gov, California Department of Real Estate, Fannie Mae, Freddie Mac,HUD, Knowyouroptions.com.