Where Service Is A Way Of Life!
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Where Service Is A Way Of Life!
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LT REALTY Brokerage Firm would like to assist you with “Where Do I Start?” We can provide you with a Competitive Market Analysis to help you determine if your home can be sold at a price that will pay your mortgage off in full. If our research shows you owe more on your home than it would be expected to sell for, we strongly advise you to seek the advice of an attorney, a tax and credit professional. Any choice that you make that does not pay your mortgage in full, will or can have credit, legal, financial and tax consequences. So, Where Do I Start? Print out this brochure and fill out the following information...
 NAME: ___________________________________________________________________ NAME 2: _________________________________________________________________ PROPERTY ADDRESS: __________________________________________________________________________ Street Address Unit # ___________________________________________________________________________ City State Zip PRIMARY RESIDENCE: Y / N OWNER HAS BEEN IN TOUCH WITH LENDER: Y / N DOCUMENTED? Y / N LENDER 1: _________________________________________________________________ ACCOUNT NUMBER:_________________________ PHONE: _________________ LENDER 2: _________________________________________________________________ ACCOUNT NUMBER:_________________________ PHONE: _________________ HOA OR CONDO? Y / N CURRENT? Y / N AMOUNT DUE: $_____________ OTHER LIENS: ________________________________AMOUNT DUE: $_____________ ________________________________AMOUNT DUE: $_____________ HARDSHIP: ________________________________________________________________ ____________________________________________________________________________ DOCUMENTATION OF HARDSHIP: ____________________________________________ ____________________________________________________________________________
Suggestions: HOPE NOW: http://hopenow.com/ 888-995-HOPE – Federal, free counseling in your area MAKING HOMES AFFORDABLe: http://makinghomeaffordable.gov/ - Federal - Loan modification and refinancing assistance US DEPARTMENT OF THE TREASURY – Making Homes Affordable Guidelines: http://www.treas.gov/press/releases/reports/guidelines_summary.pdf A Homeowners Guide to Preventing Foreclosure, Maryland Department of Housing and Community Development - Please watch this short power point presentation, lots of excellent information including some of the possible consequences of foreclosure, short sales and even deed in lieu of foreclosure! http://www.mdhope.org/Documents/Foreclosure_FromMjach_MASTERv3.ppt
o First form filled out here - Seller and House Current Information o Personal Hardship Letter – include copies of any documentation – layoff notice, death notice, etc. o Last two pay stubs for all borrowers o Last three months bank statements – all borrowers o Last two years tax returns – all borrowers o Borrowers financial statement(s) o Original Survey – if available o Recent Mortgage Statements – all mortgages o Approximate Mortgage Payoff Information o Property Tax Bill o Copies of any other liens – Association or condo, child support, etc o 3rd party authorization letter – if someone is negotiating on your behalf o A complete list of your expenses and income. o Any and all income o Any bank accounts or other assets o Any other property owned and balance owed if any o Medical cost – prescriptions, maintenance doctor visits o Car payments and insurance o IRA and or 401K accounts o Credit card and any other debt You get the picture. You are going to need to prove to the lender that basically you are not able to sell your home, and take money out of the bank to pay at the settlement table to pay your mortgage off. Realistically, why would they consider taking less if you have the ability to pay. Same thing applies for your “Hardship”. Did you just over extend yourself, or did something happen AFTER you purchased your home that changed your financial situation and ability to pay? Now that you have done all of the work and put the wheels in motion, stay on top of things. If you have a counselor or attorney that is negotiating on your behalf, be patient, but be sure you are communicating! Set a schedule as to how often you will be speaking. If you receive a request from them for additional documentation, or answers to a question, be sure you respond immediately. Keep in mind the lender is under no obligation to negotiate with you at all, more or less act quickly! Some times these things can be resolved in a matter of a few weeks, but it can also be months. “Plan B” If you are in danger of being foreclosed on, be sure to have a “Plan B”! Try and make arrangements in advance in case the negotiations are not successful and you have to vacate the property. Sometimes negotiations continue all the way up to the date of the foreclosure sale, but normally are resolved before that. You don’t want to find yourself in a situation where you only have days to vacate the property and have no where to go. You Are NOT Alone! With the economy the way it is, so many people have lost their jobs or had to take a reduction in pay that there are many Americans in the same situation. Don’t be afraid or ashamed! Ask for help from your family and friends. These are the people who would want to help you the most. That said; leave the negotiating to the experts. Depend on your friends and family for morale support and possibly temporary living arrangements should things not work out until you can make more permanent arrangements. Can We Help YOU? Back in step one; we completed a Competitive Market Analysis for you to help you determine the market value of your home. If your decision is to attempt to sell your home, or if the bank has agreed to accept less if you sell it quickly, please contact us immediately! We will be more than happy to help you! We can appreciate your situation and promise to work diligently to meet your goals! Email: leah@ltrealty.com or by phone 410-529-2500 Ext. 55
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LT REALTY Brokerage Firm, 9217 Belair Road, Nottingham, Maryland 21236 Licensed in the State of Maryland |
