GoGreenForeclosures.com - Foreclosure Sales, Seminars & Tours

If you are behind in your mortgage and need solutions which may allow you to keep your home, we may also be able to help. We are Certified Distressed Property Experts© (CDPE). As Certified Distressed Property Experts©, we have the ability to offer solutions to many homeowners that are confronted with such complex issues as short sales, distressed properties, and pre-foreclosure.

According to media reports, there is going to be a huge wave of increasing foreclosures and short sales, and some say this wave will not began to decrease until the year 2013. Although the government announced that the Making Home Affordable Program was on the way to help homeowners facing foreclosure, this may not be soon enough for homeowners that have already missed many payments on their mortgage. This is going to be a very devastating time for many homeowners, which is why we want to show homeowners that there are options other than going into foreclosure, destroying their credit, and losing their dignity.

If you are still in the Pre-foreclosure phase, there is still light at the end of the tunnel! For more information regarding your options, please contact us using the information request form below. Please provide your name, email address below, and in the comment box include the words "Pre-foreclosure Options". If you would like us to give you a call to discuss your pre-foreclosure options please include your phone number. You don't have to face the possibility of foreclosure alone, contact us today...we may be able to help!

The current US housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options for foreclosure are many. Below is a brief explanation of some options. For pre-foreclosure assistance please complete the form below.

Short Sale If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. The short sale typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: payment increase, job loss, divorce, excessive debt, forced or unplanned relocation and more.

Mortgage Modification A mortgage modification involves the reduction of one of the following: the interest rate of the loan, the principal balance of the loan, the term of the loan, or all or any of the above. This typically results in a lower payment to the homeowner and a more affordable mortgage.

A mortgage modification will require that the homeowner “qualify” for the new payment and will often require full documentation. The lender also has to be actively pursuing modifications.

Credit Score In a foreclosure, your score may be lowered anywhere from 250 to over 300 points. Foreclosures will affect score for 7 years!

In some cases, only late payments on the mortgage will show after a short sale, the mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points; if all other payments are being made. In some states default can be reported as a foreclosure, however, a short sale, instead of a foreclosure, will affect a borrower's credit is much less. A short sale’s affect can be as brief as 12 to 18 months.

Current Employment Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.

A short sale is not reported on a credit report and is therefore not a challenge to employment.

Security Clearances Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, it will be revoked and position terminated. A short sale on its own does not challenge most security clearances.

Do You Qualify? While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple.  Following is an explanation of the three major items that most lenders are looking for to see if you will qualify.

1. Financial Hardship - First and foremost, a lender will want to see that you have a “financial hardship”. A financial hardship is a verifiable issue that has or will cause you to miss payments or have financial difficulties. Financial hardships can include such issues as:
   
   Mortgage Payment Adjustment
   Job Loss
   Too Much Debt
   Business Failure
   
   
2. Monthly Shortfall - Almost every lender will want to see that you cannot afford to pay your current mortgage. The way that this is demonstrated is on a financial worksheet that your agent will provide. This is essentially a monthly profit and loss statement. While this may sound difficult in reality determining whether you have a monthly shortfall or not is actually relatively easy;
   
   The equation is:Total Monthly Income – Total Monthly Expense = Monthly Shortfall
   
   
3. Insolvency - In order to qualify for a short sale, you must not have the means to pay down your mortgage. This means that the mortgage company wants to see that you owe more than your have in cash.
   
   You do not however have to be completely broke – this is a common misconception; the lender will want to see that over time you will not be able to pay your mortgage obligation. Having money in the bank for living expenses is common and will not disqualify you.