"Hope for the Homeowner"

Do you, or someone you know, need help with a mortgage modification or work-out?

Foreclosure action can begin approximately 120 days after the first missed payment. Take action as soon as possible. Here are some resources available to homeowners:

HUD approved counselor: 1-800-569-4287 http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

HOPE Homeownership Preservation Foundation

1-888-995-HOPE (4673)

http://www.995hope.org/

The important thing to do is ask questions. Not all options are available with all investors, and in some cases, lenders or investors may offer other options.

1. Will I still owe money to the lender?
2. How will this be reported to the credit bureaus?
3. How will this be reported to the IRS?
4. Will a judgement be issued against me?
5. Can I stay in my home?

The process requires a hardship letter explaining your circumstances, disclosure of your financial information (paystubs, tax returns, W2's, bank statements, debts and obligations, assets).

Loss Mitigation options include forbearance plans, repayment plans, loan modifications, and partial claims (FHA loans only-interest free loan from HUD insurer to bring the loan current).

You may be able to Short Sell your property. This is when your property is sold for fair market value and the lender agrees to accept the proceeds of the sale even though it is less than the full payoff amount. This avoids foreclosure.

Deed-in-Lieu of Foreclosure is when the homeowner voluntarily signs the deed over to the lender to avoid the foreclosure process.

Sally Audet
Wells Fargo Home Mortgage
408-981-1089 Cell
408-335-2525 Office
sally.audet@wellsfargo.com
www.wfhm.com/sally-audet



Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085