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What do Certified Distressed Property Experts do to prevent a foreclosure?

We help you negotiate a successful pre-foreclosure sale of your property and avoid  foreclosure. A pre-foreclosure sale also greatly reduces the impact on your credit rating.

No real estate or loss mitigation company can guarantee they can stop foreclosure, but Certified Distressed Property Experts nationwide boast a very high success rate. professionals have been increasingly successful in saving homeowners from the emotional trauma and financial devastation of foreclosure. We accomplish this by working directly with you and your mortgage company to help you identify your options, and if necessary, to get your property sold before foreclosure happens.

The process starts with a detailed consultation with you which helps us determine what options are available to you. Then you can decide which is your best alternative. If pre-foreclosure sale of the property seems to be your best course of action, we will list your property and begin to market it. We contact your lender to review the loss mitigation policies and requirements, and negotiate with them to facilitate a work out agreement that prevents foreclosure.

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If you don’t feel comfortable talking with your lender, get someone to talk for you. A Certified Distressed Property Expert or Short Sale Specialist knows how to communicate with your lender’s loss mitigation department on your behalf to help you work-out your mortgage problem.

If you have a FHA or VA loan, you should locate a local housing counseling agency in your area and make an appointment to meet with a counselor. Most FHA counselors are free or cost very little, and can help you:

  • Review your financial situation, determine what options are available to you, and negotiate with your lender
  • Call the lender with you or on your behalf to discuss a workout plan
  • Provide budget counseling to protect you from future credit problems before you get too far behind on mortgage payments
  • Give you information on services and programs in your area that provide financial, legal, medical or other assistance

Here’s what I learned about these agencies from the website of the Department of Housing and Urban Development (HUD): A good counselor will help you create a monthly budget plan to ensure you meet all your monthly expenses, including your mortgage payment. Your personal financial plan will clearly show how much money you have available to make the mortgage payment. This analysis will help you and your lender determine whether a reduced or delayed payment schedule could help you.

To find out more about these agencies and their services, please call HUD toll free (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern Standard Time (6:00 a.m. to 2:00 p.m. Pacific Time). The same number can give you an automated referral to the three housing counseling agencies located closest to you.

Besides speaking with your lender or an FHA housing counselor, you may want to contact a nonprofit consumer credit counseling agency that specializes in helping restructure credit payments. Credit counselors can often reduce your monthly bills by negotiating lower payments or long-term payment plans with your creditors. Trustworthy non-profit credit counseling agencies provide their services free of charge or for a small monthly fee tied to a repayment plan. Beware of credit counseling agencies that offer counseling for a large upfront fee or donation. Such companies often prey on distressed homeowners.

 For more consumer debt advice, contact www.debtadvice.org/

There are Ways to Work it Out:

If there is any way that you can keep you current mortgage, that is by far your best solution. However, if you have a hardship that makes you unable to continue with your payments, there are other ways out than foreclosure.

In the meantime, if you are ready for a personal consultation, don’t hesitate to call.

 

Elva Branson-Lee, Georgia real estate specialist, Certified Distressed Property Expert

770-475-1130 ext 8889

elva@bransonlee.com