“The earlier you contact us the more options we have to help you.”
We will evaluate your specific situation and help you open the lines of communication with your lender to discover what options are available to you.
Foreclosure may be avoided by negotiating with your lender to reduce your interest rate, extend the term of your loan or even selling your home for less than you owe when no equity exists. If you are puzzled by which solution is best for you, call us now! Do not wait!
Home Affordable Modification Program (HAMP): FHA HAMP is designed to help FHA-insured borrowers who meet HAMP eligibility requirements to avoid foreclosure by permanently reducing their monthly mortgage payment through the use of a partial claim. The partial claim defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. Under the partial claim option, lenders are authorized to advance funds on behalf of a borrower, to reinstate a delinquent loan that is up to 12 months delinquent. HAMP will allow HUD to bring eligible FHA borrowers’ payments down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.
HOPE for Homeowners (H4H): The HOPE for Homeowners Program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new FHA-insured loan.
Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
HELP NUMBERS IN CENTRAL OHIO
CCCS of the Midwest – 800-355-2227
CHP – 221-8889 ext. 126
Homes On The Hill – 275-4663
Mid Ohio Regional Planning Commission – 233-4176
Ohio Housing Finance Agency – 614-378-1662
The H.O.P.E. Process
Home Owners Partnering with Experience
Foreclosure Intervention Specialist (FIS)
The Hope Team is a team of professional real estate agents here at Superior Homes Realty with over 60 years of experience in the greater central Ohio area. We are certified and trained in foreclosure intervention to keep up with the challenges of our changing real estate market. We have combined our expertise in real estate with an attorney, a short sale facilitator and a title company to assist you through the short sale process.
Our mission: To help you with your unique situation, always with your best interest in mind. We will respectfully, confidentially and diligently work for you.
HAFASM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac Look Up Tools to see who has your loan.
The sooner you seek help, the more options you’ll have. If this is the first time you’ve worked with your mortgage company, they will want to ensure that you have been considered for other options to keep your home before they move forward with HAFA. When it’s time for HAFA, be prepared to provide the following: Request for Mortgage Assistance (RMA)
Why is it to my advantage to do a short sale?
A foreclosure can impact your credit far more than a short sale, especially in the long term. In fact, some banks don’t report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, whereas a foreclosure or bankruptcy can take 7-10 years. A short sale by itself will likely lower your credit score by about 50-120 points. The hardest hit is to your credit score typically comes from missed mortgage payments rather than the actual short sale itself.
Our service is FREE to the homeowner. We do not charge upfront fees. You are not required to pay any out of pocket fees to us. We get paid when the sale closes and we are paid by the lender. The only sign is a yard sign “For sale” There won’t be any indication that the house is a short sale to the neighbors.
Hope is only a phone call away. You are not alone. We are truly here to help you. 1-800-971-3667