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Excellence Team
RE/Max Assured Properties
Office: (434) 979-RMAX (7629)
Toll Free: (800) 408-RMAX (7629)
24 Hour Pager: (434) 970-RMAX (7629)
Email: Info@HomeCharlottesville.com
Fax: (877) 733-7046

Foreclosures / Short Sales
Call or email for our latest list of short sales and foreclosures!
Call or email for foreclosure vs short sale comparison chart!
Basic definitions:
Foreclosure: A homeowner fails to make mortgage payments, so the lender takes possession of the property.
Short sale: An arrangement with the lender where they allow homeowner to sell the property for less than the amount of the current mortgage.
REOs: REO stands for real estate owned property. This is when the lender owns the home, usually after foreclosure. Banks need agents to help market and sell REOs. Agenst make commission on the transaction.



Foreclosure: Nuts & Bolts

Foreclosure Process
  1. Loan originates
  2. Borrower falls behind in payment
  3. Lender attempts to correct with notices, letters and telephone calls
  4. Debt gets further in arrears; lender decides to foreclose on the property
  5. Bank´s attorney files foreclosure action with the county clerk or recorder´s office
  6. Notice of defailt lets people know the foreclosure is pending
    7.
Three Basic Types of Foreclosure:
  1. In non-judicial foreclosure, no court action is needed. As soon as the loan is in default, the lender can excercise the power of sale clause and take the property back.
  2. In a judicial foreclosure, the courts oversee the process.
  3. In a strict foreclosure, the lender dictates the terms.
    4.
Foreclosure Options:
  1. Sell the property
  2. Get refinancing. Owner generally needs 30% equity to do this
  3. Raise own funds
    4.
Important Notes:
  1. Foreclosure laws vary across the country.
  2. Check the laws in your state.
  3. Always work with an attorney who specializes in foreclosures.
    4.

Foreclosure Filings:

Tips to prevent Foreclosure (by Cherese Gray)
  1. Be proactive. Contact your loan servicer immediately.
    1. You can find the contact information on your monthly mortgage bill or coupon book.
    2. Lenders can work out plans to allow you to stay in your home.
    3. Ask about foreclosure alternatives.
    4. Be prepared to disclose detailed financial information.
    5. Provide requested information in timely manner.
    6. Be ready to change your spending habits and create a budget.
    7. Open mail and respond to calls from your loan servicer promptly. Failure to respond in a timely manner can result in more foreclosure actions and additional cost.
  2. Consider refinancing your loan.
    3.
    1. Refinancing to a fixed rate, fully amortized lower cost loan may help.
    2. FHA offers a program that helps homeowners with good credit refinance. It’s called FHASecure.
      3.
  3. Talk to a housing counselor. HUD approves trained counselors to work with not-for profits focused on preventing foreclosure. Search for HUD counselors by clicking on the link below: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
  4. Get in touch with your local government agencies. Your city, state, or county may offer programs for people having trouble making their mortgage payments.
  5. Notify your other creditors. You may be able to lower interest rates on your credit cards or consolidate some of your other loans. You can put the savings toward your mortgage.
  6. Create a budget. You may find areas you can save and put the money toward keeping your home.
  7. Re-read your mortgage agreement. Understanding this document is critical.
  8. Talk to a lawyer if you think you may have been a victim of predatory lending. Your local university may even host a legal clinic. There also may be fair lending counseling agencies in your area.
  9. Beware of anyone who says you don’ need a real estate professional or title company when selling your home.
  10. Do not sign over the deed to your property to any organization or person if you are not working directly with your lender to get your debt forgiven.
    11.


    WE ARE YOUR FORECLOSURE SPECIALISTS

    Excellence Team
    Office: (434) 979-RMAX (7629) (ask for Cherese or Karen)
    Toll Free: (800) 408-RMAX (7629)
    Email Us: Info@HomeCharlottesville.com
    Fax: (877) 733-7046
    943 Glennwood Station Suite #202
    Charlottesville, VA 22901
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