Prestige Real Estate Services

URGENT: PLEASE READ

CONTAINS IMPORTANT INFORMATION ABOUT YOUR RESIDENCE

The following options may help save your home.

HELP FOR HOMEOWNERS PROGRAM

The Prestige Property Solution is a systematic approach designed to help homeowners who are experiencing real estate related problems that have become emotionally and financially draining. Whether you are currently in foreclosure now or this may soon be a reality, we have the expertise and information that can help. The Prestige Property Solution provides assistance with every major Mortgage Relief Program available to homeowners in today's market to stop foreclosure! The Prestige Process provides the homeowners with self help packages, foreclosure loan packages, short sale processing and negotiating and repayment or loan mitigation programs. Our goal is to provide you with immediate relief from the intense stress associated with facing the complexities of foreclosure. With the right help, virtually any foreclosure situation can be successfully resolved. Our affiliates have helped hundreds of homeowners to stop foreclosure and we can help you too.

The sooner you call, the earlier you can reclaim your peace of mind. Remember, you're not alone.

Typical process may include any but not limited to the following options:

1: Initial Consultation + Forensic Loan Audit + Loan Modification

• Initial consultation is scheduled to discuss the Prestige Property Solution and expectations are set.
• Preliminary package is collected and submitted to processing for an initial review of acceptance by an attorney owned processing department.
• Upon acceptance a prequalification letter is issued and a full submission package will be sent to homeowner.
  
  1.1 Forensic Loan Audit

The loan audit is performed by a certified attorney and the goal of the audit is to determine whether there were violations of federal law by the lender and/or broker.

1. If violations are found, the borrower may be eligible for complete relief of the predatory loan and/or a very favorable loan modification.
2. The forensic audit is a critical element in mediating the loan with your lender and obtaining an affordable loan modification based on the legal violations on the loan.

A complete report with all violations and findings are mailed to you immediately for your records. Report includes:

• All factual findings of the forensic audit
• Any and all federal law violations found on the application
• The actual terms of the loan
• Outline of any hidden fees and/or commissions earned by the broker or lender
• A complete assessment so you can pursue possible legal claims

1.2 Loan Modification

A procedure where the loan payment plan is altered due to a financial hardship of the borrower. This may include the rate, term, balance and monthly payment amounts.

• Upon successful completion of the audit, the file is professionally packaged and sent to the lender for consideration of a loan modification.

1.3 Short Refinance

A short refinance is a transaction, where the current lender agrees to accept less than the full amount owed on your property. This process is similar to a short sale but, instead of the property being sold, it is refinanced with a new lender. The short-refinance allows the homeowner to retain ownership of the property.

If the borrower fails to meet underwriting guidelines for both a loan modification and a short refinance then the next option to explore is a Short Sale.

2: Short Sale

A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property a short sale may be a good option.

FOR IMMEDIATE ASSISTANCE PLEASE CALL THE MORTGAGE RELIEF HOTLINE:

Central San Diego Area:

800-515-4232

Or email:

info@prestige-res.com

Dear San Diego Homeowner,

It's a simple fact that today's real estate market is unlike any we have seen in the past. It is now more important than ever to work with seasoned professionals that know how to navigate today's treacherous waters. I want to invite you to take the step to put your financial future in your hands and exploring options beyond foreclosure.

The intention of this letter is to inform you about the options you have as you are already in pre-foreclosure or may be heading towards a notice of default.

Prestige Real Estate Services is a full service real estate company specializing in Short Sale Negotiations. . We work directly with homeowners, mortgage lenders, the top real estate professionals and investors nationwide. Working on your behalf, we submit and negotiate the short sale requests with your lender(s) with the intent of the negotiating a value to get your home sold in the fastest, most efficient way possible.

Please see below as an introduction to the options you have during the pre-foreclosure process. Please contact us if you have any questions.

Prestige Real Estate Services
sara@prestige-res.com
(619) 365-9328

1. LOAN MODIFICATION: You can call your bank or lender and ask them to reinstate the loan. You may be allowed to reinstate or make the loan current by paying a lump sum or making scheduled payments to your lender over a given amount of time. Just explain to them you had a few bad months and things are now better and most lenders will try to work something out with you.

Here is an example:
Ed falls behind 3 payments on his house. He pays $2000 a month for a mortgage payment. Then we add on $500 in late fees. Ed owes a total of $6500 to reinstate the loan. He sells a bunch of his personal belongings for $10,000. So he pays the bank, they say "Thank You", and Ed continues to make his regular monthly mortgage payment. The Notice of Default (NOD) is canceled, the home is brought out of foreclosure, and everyone is happy. However, Ed's credit was still hit with the NOD which will hurt a little.

Something similar to reinstating the loan is called a Forbearance Agreement. This is when you actually negotiate a "deal" with the bank. You can ask the bank if they will add on the amount owed in back payments to the back of the loan. You could even ask if the bank would be willing to take a smaller portion upfront and add the rest to the back of the loan. Another option is to ask to pay some upfront and forgive the rest. Or you could even ask to forgive the whole thing. You never know unless you ask. Banks want to work with you, trust me.

2. SHORT SALE: You can sell your home to us. We will negotiate with your lender to accept a discount on your loan. This is called a short sale. What this does is allow us to buy your home under market value so you can avoid the foreclosure auction. Then we can help you move and get you into a place that will fit your needs.

A "Short Sale" is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default" has been filed. A short sale will stop the Trustee Sale which terminates the foreclosure process. The short sale process occurs when our company negotiates with your current mortgage company to accept a discount on the amount that is currently owed on a property. Banks are in the business of lending money and not owning real estate. This is what makes a short sale such a viable option for lenders and homeowners. However, many homeowners are unaware that there is a resource out there for them that will put them in a better situation when all is said and done. The Short Sale is a much more dignified solution then a Foreclosure. The Short Sale is also better for the homeowner for financial reasons and credit worthiness. Their credit is still going to take a hit by doing the short sale, but the recovery period is much shorter.

3. REFINANCE: You can refinance your home. If there is still equity in your home and you are not far behind on payments, this may be an option. Usually the lender would refinance the existing loan and include as part of the new loan any late payments, and fees that you would need to regain control. It would all be "wrapped" into one mortgage. The challenge that most homeowners have is they have leveraged their home to the max. Therefore, very little equity is in the home especially when you add on back payments and fees so it becomes very difficult to refinance.

4. LIST YOUR HOME WITH A REALTOR: You can list your home with a realtor. If you have equity in the property this can be a great option. However, if you have very little equity, it is very hard to sell homes with real estate agents. The reason why is because you have to pay a realtor fee or commission if they list your house. Typically it's 4-6% of the purchase price. Then what happens is they increase the purchase price of the home to compensate for the commission and now it becomes practically impossible to sell your house when it's at or over market value in such a short time. Plus, buyers cannot qualify for loans if the home is selling for more than what it's worth. You would be better off to try and sell it yourself.

5. SELL THE HOME YOURSELF: You can sell the house yourself. All you need to do is put a FOR SALE sign in your front yard. If you go this route, you should tell everyone you are selling your home, maybe they know a friend or relative who is looking to buy in the neighborhood. If you live in a high traffic neighborhood with listings, you have a very good chance people will call you. In the meantime, as a backup plan, "just in case" you can sell your home to us, we can try to discount the loans so we can buy it. Yes, we also buy houses, and if we are successful, you leave with cash in your pocket and a foreclosure off your record.

6. GIVE PROPERTY BACK to the lender. If there are no other liens on the title, the lender may agree to take the property back. This process of transferring ownership from you to the lender under these circumstances is called a Deed in Lieu of Foreclosure, and is sometimes referred to as a "friendly foreclosure" because in essence that what it is. You just walk away. A deed in lieu of foreclosure does not protect your credit, nor will it cut off the rights of junior lien holders. In other words, the lender would take the property back subject to the junior lien holders. This will avoid the possibility of a deficiency judgment in the event the property fails to produce enough to cover the outstanding debts after it goes to auction. So if you have equity in the property this is not a good option. You will give up all rights to receive any surplus from the auction.

7. FORECLOSURE: And finally, you can just let it go to foreclosure. Basically you don't do anything. Typically you will get evicted after about 2-3 weeks. You leave with nothing in hand and a foreclosure on your credit report. This is without question the worst option of all. Don't let anyone convince you to just give up and do nothing. At least try something. You have nothing to lose. It could mean the difference between a few thousand dollars in your pocket compared to nothing and a foreclosure on your credit.

We hope with this knowledge, you now can make the right decision about your home.

Prestige Real Estate Services
sara@prestige-res.com
(619) 365-9328