Ed Braciszewski

Are You Up-Side Down on Your Mortgage or House Value or Are You Behind on Your Mortgage Payments?

Whether you are behind in your mortgage payments, or are trying to stay afloat borrowing from your credit cards to pay your mortgage, we want you to know there are alternatives and ways out, NO MATTER WHAT YOU OWE.

You are NOT alone. Over 29% of the public is in the same situation.

If you want to avoid all the reading below, simply give me a call and I will explain your options to see if I can assist in helping you keep your home by doing a loan modification or getting the foreclosure off your back. 609-234-9228.

What Happens When You Miss Mortgage Payments?

Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your home. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued and your wages might be garnished. If that happens, you won't just lose your home. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future; you should try stopping foreclosure if possible. You will be served with a Notice of Default after being 90 days late, but do NOT move out until you consult an attorney or a licensed Real Estate agent. There will most likely be plenty of time left to help you select the right alternative.

What Should You Do?

DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call your lender's Loss Mitigation Department immediately. Explain your complete situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they usually will not help you. Stay in your home for now. You may not qualify for assistance if you abandon your property. Call me to do a loan modication or talk about a short sale at Call (609) 234-9228 or contact a HUD-approved housing counseling agency. Call (609) 234-9228 for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.

If These Do Not Work What Are My Alternatives?

Alternative #1: Special Forbearance.

Your lender might be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. The lender will expect you to furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

Alternative #2: Mortgage Modification.

You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. Again call your lender.

Alternative #3: Partial Claim if you have a FHA loan.

Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current. You may qualify if:

• your loan is at least 4 months delinquent but no more than 12 months delinquent;
• you are able to begin making full mortgage payments.

When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full.The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.

Alternative #4: Pre-foreclosure sale - AKA Short Sale

This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan. This works no matter how much you owe. You may qualify if:

• Your loan is at least 2 months delinquent;
• You are able to sell your house (usually with a licensed real estate agent)
• A new appraisal (that your lender will obtain) shows that the value of your home meets their guidelines.
• The agent will work with the lender to get an offer approved for less than what is owed on the house.
• The lender then releases you from the mortgage and your credit only suffers temporarily.
• You will be asked to prove insolvency (your debts out weigh your assets)

Alternative #5: Deed-in-lieu of foreclosure.

As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house or forgive the debt, but it is not as damaging to your credit rating as a foreclosure. You can qualify if:

• You are in default and don't qualify for any of the other options;
• Your attempts at selling the house before foreclosure were unsuccessful; and
• You don't have another FHA mortgage in default.
• You have equity in the house

How Do I Know if I Qualify for Any of These Alternatives?

Your lender will determine if you qualify for alternatives 1 through 3. A being CERTIFED Short Sale or foreclosure expert, licensed Real Estate agent can determine if a Short Sale will work.. A housing counseling agency can also help you determine which, if any, of these options may meet your needs and also assist you in interacting with your lender. Call (609) 234-9228 or email Ed Braciszewski.

HOME-BUYERS--OWN YOUR OWN HOME IN 30 DAYS OR LESS!!

Yes You Can BUY a HOME IN 2009 With NO MONEY DOWN AND NO CLOSING COST OUT OF POCKET!

Affordability has dramatically improved since the end of the boom.

Thanks to severe price rollbacks and near-record low interest rates, homes are more affordable to households with average incomes than they've been for almost a decade.

Buy a Home With $0 Down

ABSOLUTELY NO DOWN PAYMENT

Go From Renting to Owning Your Own Home

In 30 Days or Less!

call

Ed Braciszewski

856-802-6800 ID# 114

or 609-234-9228

Today!

If you are a homeowner and you want to sell your home and buy a new one, there are 3 basic senarios that will play out - sell it, keep it, or rent it.

Mortgage guidelines are dramatically tighter for people "carrying two mortgages".

Among the changes this spring's buyers face are:

Are you selling your primary residence?
If you plan to close on your new home before you close on your existing home -- even if it's only by a day -- both payments must be listed as monthly debts on your mortgage application. This will disqualify the majority of homebuyers because of the debt you carry.

Are you going to convert your residence to a second home?
If your current home has less than 30% of equity, your mortgage application for your new home will not be approved unless you can show at least 6 months worth of mortgage payments plus the taxes on the current home in reserve for the current home and new home combined. This is what we are all facing now that the real estate enviornment and landscape changed.

Are you going to convert your residence to an investment property?
If your current home has less than 30 percent equity in it, any rental income derived from a tenant is disallowed on your mortgage application for the new home. You must still count the mortgage payment and the taxes with the insurance as debt.

Becoming a move-up buyer isn't as simple as it used to be before this mess begun. Now, new lending rules make buying a new home an exercise in timing and financial planning. And the rules are expected to get tougher than they are now.

The game plan--- PLAN Ahead!!

Call me for a FREE no-obligation consutation and I will help make sure you are on the right track before you begin your home search.

GO FROM RENTING TO OWNING YOUR OWN HOME IN 30 DAYS OR LESS!!

No....This is NOT the State of New Jersey Grant Program

NEW home ownership program allows qualified buyers to buy a home with absolutely no down payment.

You may have owned a home before and are presently renting or maybe you are a first time home buyer and need a way to break into the housing market but held back because you thought you required a $5,000, $10,000, $20,000 or 10% or 20% down or even more for a downpayment. Well regardless of your present situation, if you want to get into, or re-enter the housing market without having to make a cash down payment, then this new program may be just what you're looking for.

Why pay your landlord's mortgage when you can be building your own equity. I have prepared a new special report entitled for 2009, "How to Buy a Home With Zero Down", and reveals how this new and innovative program can get you into the housing market immediately and with absolutely no downpayment. Order this report NOW and you can get into the housing market NOW and with ABSOLUTELY NO DOWN PAYMENT.

Find out if you qualify for this new program without cost or obligation now call Ed Braciszewski today!