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Michelle Burgos, CDPE~Short Sale Expert Miramar,Pembroke Pines,Broward REALTOR®

FREE Loan Modification ~ Avoid Foreclosure!

Truth-About-Mortgage-Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I've prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply request your report below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

The Truth About Mortgage Modifications

Michelle Burgos, CDPE®
954-343-3104

Do I Qualify for a Loan Modification/Short Sale? (FAQs)

Frequently Asked Questions - www.FLAvoidForeclosre.com

It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us.

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

  1. Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

  • Your interest rate
  • Your principal balance (through a reduction)
  • Your loan terms (example: from an adjustable to a fixed rate)

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

  • Information about your first mortgage, such as your monthly mortgage statement
  • Information about any second mortgage or home equity line of credit on the house
  • Account balances and minimum monthly payments due on all of your credit cards
  • Account balances and monthly payments on all your other debts such as student loans and car loans
  • Your most recent income tax return
  • Information about your savings and other assets
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

  • Loss Mitigation
  • Mortgage Modification
  • H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What if I don't qualify for a mortgage modification, can't afford my home, and owe more than it's worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What is a Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What are the qualifications for a Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

  • You are the owner occupant of a one- to four-unit home
  • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
  • At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
  • You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan

The Truth About Mortgage Modifications

Contact Michelle Burgos, CDPE® Michelle Burgos, CDPE®

RE/MAX PowerPro 4301 Flamingo RD. Suite 101 Davie, FL 33330
954-343-3104 www.MichelleCanHelp.com


Equal Housing Opportunity

Breve Explicación de las Ventas Cortas (Short Sales)

Breve Explicación de las Ventas Cortas (Short Sales)

Una venta corta (short sale) puede ser una excelente solución para los propietarios que tienen que vender su residencia y quienes deben más dinero que lo que su propiedad vale. En el pasado, era muy poco común que los bancos o prestamistas aceptaran una venta corta (short sale). En nuestros días, debido a los cambios abrumadores del mercado inmobiliario, los bancos y prestamistas se han vuelto mucho más abiertos a la negociación en lo que tiene que ver con este tipo de transacciones. Los cambios recientes a la política corporativa de la administración del Presidente Obama también han mejorado las posibilidades de obtener la aprobación de una venta corta (short sale).

Pero para ser un poco más técnicos, aquí tiene una definición un poco más oficial:

Un propietario se encuentra "corto" cuando la cantidad de dinero que debe por su propiedad es mayor que su valor en el mercado actual.
Una venta corta (short sale) ocurre cuando se presenta una solicitud ante la compañía hipotecaria del prestatario (o compañías) para que acepten una cantidad de dinero menor al balance total del préstamo cuando se complete la venta. Un comprador compra la propiedad y la propiedad es entonces "vendida por menos" (sold short) del valor total de la hipoteca.

Para que los propietarios puedan califican para una venta corta (short sale), tienen que tener una o todas de las siguientes circunstancias:

Problemas Económicos: Situación que causa que usted tenga problemas para poder pagar su hipoteca.


Déficit de Ingresos Mensuales: O dicho de otra forma: "Usted tiene más dinero que mes". Un prestamista tiene que comprobar que usted no puede pagar, o que pronto no va a poder pagar su hipoteca.


Insolvencia: El prestamista tiene que comprobar que usted no tiene los activos necesarios que le permitan pagar su hipoteca disminuyendo su deuda.

Esto parece ser bastante simple, pero es un proceso complicado que necesita de la experiencia de profesionales calificados. Contamos con la Designación CDPE® y estamos listos para identificar todas las opciones posibles disponibles para usted y para ayudarle a ejecutar rápidamente la transacción de una venta corta (short sale).

Si tiene preguntas o cree que puede calificar para una venta corta, por favor contáctenos para una consulta gratuita.

Entender cuáles son sus opciones ahora puede hacer una gran diferencia en el futuro.

Michelle Burgos, CDPE - www.FLAvoidForeclosure.com

7 Most Dangerous Short Sale Myths

Seven-Short-Sale-Myths

There are millions of homeowners just like you who are looking for answers and don't know what to do. You're not alone and you're in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there's still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I've prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

  • The Bank Would Rather Foreclose Than Bother With A Short Sale
  • You Must Be Behind On Your Mortgage To Negotiate A Short Sale
  • There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
  • Listing My Home As A Short Sale Is An Embarrassment
  • Short Sales Are Impossible And Never Get Approved
  • Banks Are Waiting On A Bailout And Not Accepting Short Sales
  • Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you'll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Michelle Burgos, CDPE®
954-343-3104

www.FLAvoidForeclosure.com

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I've prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply click here to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call or email me today at Info@MichelleCanHelp.com.

Michelle Burgos, CDPE®
954-343-3104