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Distressed Homeowner Guide

Millions of homeowners in the u.s. Are behind on their mortgage payments. The foreclosure process can begin very quickly and move at a pace that can spiral out of control. This free e-book will help homeowners better understand the free programs and options that can save and restore your credit.

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Jim Hamilton

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0% found this document useful (0 votes)

135 views

Distressed Homeowner Guide

Uploaded by

Jim Hamilton

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

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UNITING TO SAVE HOMEOWNERS FROM FORECLOSURE

Take Control of Your Situation and Get the HELP You Need!

Free Homeowner Guide Book

Help for Homeowners.

Empowering you with knowledge, tools and the assistance you need.
Millions of homeowners in the U.S. are behind on their mortgage payments, some only 30 days and others 120 days and more. What many homeowners dont realize is that the foreclosure process can begin very quickly and move at a pace that can easily spiral out of control. The goal of the SSAA Program is to help homeowners better understand the free programs and options that can save and restore your credit and even give you a fresh, new start. At times, simply allowing the bank to take back the home, or filing for bankruptcy may seem like the best and easiest way out. But this is the LAST thing that you want to do! This free e-book will identify the top ten mistakes made by homeowners and help you to identify and follow three crucial steps that will allow you to take control of your situation:

1. Face Reality 2. Assess your Situation 3. Execute the Right Plan

The #1 mistake that homeowners make is failing to face the reality of their situation, and to act in time to utilize helpful programs and options.

Learn exactly where you stand and the options that are available so that you can make the right decisions for you and your family.

Use the tools and professionals that are provided free of charge to identify and execute the right plan of action.

One of the most effective tools available to homeowners is the Homeowner Course of Action. Its available for free and will automatically assess your situation and make a recommendation for the best course of action based on your current situation.

Click Here to Take Your FREE Homeowner Course of Action Today!

Facing the Reality of your Circumstances...

...and recognizing that youre not alone!
There are currently over 7 million homeowners in the U.S. who are in default, and more than 14 million who are under water on their mortgage. Over half of the homeowners who are under water are upside-down by more than 30 percent. Many experts believe that since housing prices continue to fall and the unemployment rate remains dangerously high, the worst is yet to come. They estimate another three to four million foreclosed homes in the next three or four years. According to Freddie Mac, 6 in 10 homeowners facing foreclosure do not understand their rights and options. Furthermore, the majority of homeowners who are behind on their payments never contact their lender to ask for assistance for fear that it will accelerate the banks actions and will make their situation worse. This notion is false! In fact, it is usually in the banks best interest to help mortgage holders who are in trouble. This failure to respond and act is why many homeowners end up going through the entire foreclosure process, when they might have saved their home, their credit, and gotten a fresh, new start had they acted quickly and received the right help from the right professionals. A poll conducted by Harris Interactive illustrates typical homeowner emotion during the default and foreclosure process:

Assessing Your Situation:

The first thing to be aware of when assesing your situation is the natural tendency to feel a certain way in times of confusion and stress. These emotions often result in inaction or irrational decision making that lead to foreclosure, excessive credit damage, banrkruptcy or giving in to the enticing offers of unregulated real estate investors.

The key to making good decisions is to take emotions such as fear, depression, anger, embarrassment and attachment to the home out of the matter. You do this by becoming empowered with education and information. Let the facts, the reality of your financial situation, and the options that are available to you determine what you will do and how you will act.

You start by asking and honestly answering questions such as the following:
Are you still current on your mortgage but barely hanging on?

Are you facing the possibility of losing your job, or has it already happened? Are there circumstances that have occurred or pending that will make it difficult or impossible to maintain your mortgage? Are you already behind on your mortgage, and how far? Could you continue to make your mortgage payment if the rate was a little lower? Etc.
The answers to these and similar questions will determine the options that are available to you, and help you choose the correct course of action for your particular situation. The free Homeowner Course of Action provided through the SSAA Website is designed to do just that. It removes all of the emotion and recommends within minutes the course of action that you should consider. With this information, you will feel instantly empowered. You can begin taking control of your situation, instead your situation controlling you. You will be able to act quickly and decively, instead of waiting for the bank and your creditors determine your fate.

Click Here to Take Your FREE Homeowner Course of Action Today!

Contacting and Utilizing an SSAA Professional:

Your SSAA Professional will help you take an objective look at the facts surrounding your situation, and guide you through the steps and the process that is right for you. All SSAA Professionals are licensed real estate professionals who have signed SSAAs Code of Ethics and Standards and have agreed to exemplify SSAAs Core Values:

Transparency Responsiveness Understanding Service Teamwork Empowerment Decisiveness

SSAA Professionals will communicate openly and honestly with all parties involved in the pre-foreclosure process. SSAA Professionals will respond quickly and professionally to questions and concerns of their clients and other parties. SSAA Professionals understand the pre-foreclosure laws and processes, as well as the needs and concerns of their clients. SSAA Professionals will serve their clients and the community to the best of their ability and the with highest level of integrity. SSAA Professionals understand that sellers, buyers, agents, banks and all parties must work together to achieve a common goal. SSAA Professionals empower their clients through education and information regarding the important decisions that will be made. SSAA Professionals help clients overcome their fears and concerns and to act condently on the decisions that they have made.

Each SSAA Professional acts within the laws and regulations established to protect and assist homeowners in foreclosure. The state-of-the-art tools and technology provided to them through SSAA help them produce the best outcome for each of their clients. SSAA strives to empower and assist homeowners through education, information, and relationships with trusted professionals who are knowledgeable, honest, and compassionate.

Executing the Right Plan

The Homeowner Course of Action, which only takes you about 5 to 10 minutes to complete, will likely recommend one of the following options: Banks provide these options to homeowners in an attempt to offset the losses they incur if they are forced to foreclose on your mortgage. The Mortgage Bankers Association reports bank losses in excess of $50,000 on each foreclosed home. In other words, these foreclosure alternatives are usually best for the bank and the homeowner, which means that they are usually willing to work with you, not against you.

Save Your Home! Determine Your Proper Course of Action Here

Alternative Description
The lender reduces the monthly mortgage payment to a more manageable amount based on the homeowners financial picture. The principal balance on the loan remains the same and anything owned in arrearage will be added to the back end of the loan

Pro & Cons

Homeowner stays in home Monthly payment amount reduced High re-default rates Homeowner stays in home Ability to regroup from temporary hardship Moderate re-default rates Rebuild credit more quickly Qualify for home loan in 2 year Homeowner has to sell home. Homeowner avoids foreclosure Qualify for home loan in 2 years Homeowner has to move out

Loan Modication

Forbearance Plan

Arrearage and late fees are paid monthly over a 6-12 month period. During that time, the monthly mortgage payment is increased to pay back whatever is past due.

Short Sale

Bank allows you to sell your home for current market value, even if you owe more than its worth, and the Homeowner is usually NOT required to pay the difference. This allows you to virtually walk away from an unsustainable mortgage with less damage to your credit than foreclosure or bankruptcy.

Deed-in-Lieu

Homeowner forfeits their deed to the lender instead of going through the foreclosure process.

Free Help from a Trained Professional

Once youve completed the Homeowner Course of Action, its a good idea to contact a trained professional for assistance. No foreclosure alternative is guaranteed, but as long as you are proactive, your chance of preventing foreclosure and taking control of your financial future dramatically increases. SSAA believes that the least desireable options are foreclosure or bankruptcy due to the long-term damage to your credit. For those who dont qualify for loan modification or refinancing, a Short Sale is usually your best option. But dont try to do it alone! Its a complicated process and, unlike a conventional listing, there is no financial advantage to doing it yourself since there is no cost to you.

Loan Modication Renance Short Sale Forbearance Deed-in-Lieu Foreclosure/Bankruptcy

Bank negotiators deal more favorably with real-estate professionals who understand foreclosure alternatives and work with the best interest of the homeowner in mind. SSAA-trained real estate agents know how to get results for homeowners using proven foreclosure alternatives. In order for distressedmortgage homeowners to successfully avoid foreclosure, it is best to be represented by a real estate professional who is qualified to negotiate effectively with the banks.

Time is of the Essence

Every day that you wait is another day closer to foreclosure.

The biggest mistake made by homeowners who are in or facing default on their mortgage is procrastination. This is usually caused by embarrassment, depression, fear, anger, and other similar emotions.

ACT NOW TO DETERMINE WHAT OPTION IS BEST FOR YOU.

CLICK HERE

TOP 10 MISTAKES MADE BY HOMEOWNERS:

Procrastinate until all of their options are gone. Fail to educate themselves about their rights and options. Avoid and do not return phone calls from their bank. Allow fear to prevent them from taking action. Make decisions based on emotions rather than facts. Pay for fee-based counsel and education. Refuse to accept the reality and urgency of their situation. Turn to unregulated real estate investors for help. Follow advice from people who are not professionals. Fail to seek advice from a qualified SSAA Professional.

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