Stop Foreclosures

Our skillful trained angels understand the process and know the necessary paperwork that your lender will require. We will stop the foreclosure process and assist you out of a bad situation.

There are many alternatives and solutions available.

  • Do not feel embarrassed or hesitant to call. We assist distressed home owners to avoid the label or stereotypes of a foreclosure.
  • Believe it or not, banks are reluctant to file a foreclosure proceeding against their clients. It cost them a lot of money. To protect their best interest, banks and lending companies file foreclosure so they can still salvage of what is left from the value of a home or property. However, since the current home market value is low, banks would rather offer alternatives to homeowners rather than a foreclosure.
  • When you call us, it is best to provide us with the true reason for your late or missed payments. Being honest about your current financial condition will enable us to work with you so you don’t end up losing your home as well.

Foreclosure is a huge mark to a credit score. Under Fannie Mae guidelines, a borrower will not qualify for a loan for at least five years and probably seven years. FICO credit scores refers to a person’s credit history. FICO is an abbreviation for Fair Isaac Corporation. A credit score is usually between 300 and 850. A credit rating that is above 660 means there have been no late mortgage payments within a 12 month period. 660 or higher is the best credit rating to have when entering into a new loan.

HAFA Money

The HAFA or the Home Affordable Foreclosure Alternatives that was launched by the U.S. Treasury Department. The cost of processing a short sale is cheaper than filing for a foreclosure. In addition, lenders have realized that they are losing more money by processing foreclosures than short sales.

The HAFA program even makes it easier for lenders to encourage their clients to short sale on their property instead. Although the end result of a short sale is giving up your rights to your residential property, you will be rewarded with a cash bonus and walk away from the situation owing nothing.  Incentives are most often provided to individuals in lump sum so they can readily use it for relocation/moving purposes.

If you want to know more about how you can avoid foreclosure proceedings and if you qualify for cash incentives, contact our angels and we will explain all the details pertaining to your situation.

A Story About How We Can Help

Josh and his wife purchased their first home in Hewitt, TX in June of 2007 for $170,000 as a short term investment. After paying top dollar for the house, putting their own sweat equity and using their cash reserve to add a pool, Josh and his wife expected to sell their investment after 3-5 years. Then the market crashed, the couple added two new members to their family and they outgrew their 3 bedrooms 2 bath home. Upside down and overwhelmed, they started to weigh their options.

Now their investment was only worth $120,000. They tried to refinance but didn’t qualify so the couple tried a loan modification and was never told the reasons for rejection, except that they have two incomes. Then Josh was referred to Premier Realtors Short Sale Listing Specialist and Foreclosure Prevention/Short Sale Processor who offered advice and alternatives to foreclosure and explained the benefits of the Mortgage Debt Relief Act that is set to expire this December. With this Act expiring in a couple months, it motivated Josh and his wife to seek a closing prior sunset date, because short sales will come to a halt after the turn of the year due to homeowners fear of getting hit with a big tax bill.

Josh and his wife struggled with the morality and embarrassment of the short sale decision because they didn’t know anyone else that had gone through the same thing they had gone through. Josh decided to go with a short sale because the impact on one’s credit is typically less severe than a foreclosure. Premier Realtors listed the house and quickly received a cash offer and the house went for $120,000 as is. Josh was happy to come out of the situation owing nothing at closing. All the typical sellers closing costs were part of the settlement.

The bank agrees to settle a debt that is owed to them in exchange for homeowners giving up their rights to the property.  Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property as a foreclosure. The Homeowner also benefits by not having to go thru the eviction process and some lenders are offering up to $3,000 cash incentive to assist with relocation for those who qualify.  Josh and his wife received a $2,500 cash incentive at closing.

What’s Next

The next time you’re in a conversation with a friend, family member or neighbor and they mention needing to get out from under a mortgage payment, would you stop, take out your cell phone, look up my number 254-744-9227 and call me immediately?

P.S.  I have free government posters and brochures describing the benefits of short sales if you would like one in your place of business, please call Premier Realtors and we will deliver posters and brochures to you. Please help us help others before December.