EQUAL HOUSING
OPPORTUNITY1) Foreclosure YOU DO NOT WANT TO HAVE YOUR REAL PROPERTY FORECLOSED UPON. If your home goes to a foreclosure sale, the bank auctions your property to the highest bidder. Your credit is destroyed as it will take years before you will be able to purchase a home again. Foreclosure is much worse than a bankruptcy. People who have gone through bankruptcy can purchase a home much sooner than those who have gone through a foreclosure.
2) Investors PLEASE BE CAREFUL. There are many investors out there and just as in any walk of life, there are good people and bad people. Unfortunately, there are some very unscrupulous investors out there. DO NOT SIGN A WARRANTY DEED OR QUIT CLAIM DEED. By signing one of these documents, you have given the property away but will still owe the balance of the loan. Also, your lender can no longer work with you as you are no longer the owner of the property. There are certainly some good investors out there but be aware of what you are signing!!!
3) Forbearance/Workout many lenders have various options available to you to help you keep your property. Banks and mortgage companies use various sources for the money they lend you and have various options available to you. We work with lenders on your behalf to find a program that will fit both your needs and your lenders requirements. We do NOT charge for our help. Just as your lender required all kinds of documents when you purchased your home, they will require documents to justify the workout program. Standard things they require are: a letter describing why your got behind in your payments, 2 years tax returns, 2 months pay stubs, 3 months bank statements and a financial statement.
4) Sale your home in todays market, many people have found that they have quite a bit of equity in their homes. By selling your home, you could walk away with thousands of dollars in your pocket or to use to pay off other debts. Your credit is much better than a foreclosure sale. If you are upside down in your home you owe more than it can sell on the open market, we also can help with a short sale. A short sale is where the lender agrees to take less than what is owed on the property. Documentation similar to that in a workout is required as well as information from a real estate agent and/or a real estate broker to justify the short sale and market conditions. Many lenders will also do their own appraisal to justify the sale price. Short sales are better than a foreclosure but require knowledge and follow through. Many real estate agents will shy away from them as they can take longer than a regular transaction. We at JS Harris Realty Group specialize in these types of transactions as helping people is our main priority.
5) Equity Share this is a very popular program for individuals wishing to stay in their home and still retain a share of the equity from their home. In this case, an equity share agreement is done and you stay in your home. One of our investors refinances (buys) the home and you start fresh paying the monthly payment as renters or tenants. After a set period of time, the home is sold (back to you or through a standard real estate transaction at fair market value) and after the selling costs and all liens and mortgages are paid, the remaining equity is shared between you and the investor. You must make your monthly payments in order to maintain your share of the equity.
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