Jenny Kottel has earned the distinction of being an exclusive member of the Certified Default Resolution Specialist (CDRS) Program, a powerful national network of licensed real estate professionals equipped with the knowledge and skills necessary to better educate homeowners about their options and be a resource in helping them avoid the devastation of foreclosure.
Jenny Kottel also holds the Short Sales & Foreclosure Resource designation through the National Association of Realtors. 

 

   Are you facing foreclosure?

 
Some homeowners in Maricopa experience lost income, unexpected medical expense, loans that reset at higher interest rates, rolled back home values and other significant items -those are the reasons behind people loosing their homes through foreclosure.  It is a highly emotional time in their lives and a difficult season to make important decisions.  The best advise? Get a plan together. 
  • Get a plan together...start now! Time is NOT on your side.
  • Seek legal and tax advise from a professional in that field.
  • If you are not paying your mortgage payment, are you saving the money?  You need to accumulate cash if at all possible.  Sooner or later you will be moving and you'll need liquid funds.
  • What happened to the budget?  Can the bleeding of funds be stopped?  Paying your house payment should be #1 priority.
  • Have you called your lender and talked to them?  Perhaps they will modify your loan so it's definitely worth the time to call!  Find out if they will change the terms of your loan, lower the payment, lower the interest rate or combinations thereof.  Figure out how much you CAN now pay and see if a solution can be reached.
  • Take inventory. What are your cash resources?
  • What items can you totally cut out of your monthly spending?
  • What do you own that you can liquidate/sell to generate cash?
  • How much equity do you really have in your property?  Get a current comparative market analysis from a local Realtor and go to www.Zillow.com to check out the value assigned by computerized statistics.
  • How much money will you need to move?  Moving truck, first month's rent and deposit, gas, utility deposits, packing materials, etc.  Make a list and total it up.
  • If you have equity and if you can sell your house, will you be able to buy another, less expensive house?  Talk to your real estate loan rep and get your current credit score. Discover what it would take to buy a different house. Do you still have equity?  What is your percentage chance of selling your home, now. How long would it take to sell?
  • If you are going to become a tenant, where do you want to live? Check out your options!  Find out how many houses are for rent and at what prices, compare to townhomes or condos or apartments.
  • Do you have pets?  If you are going to rent, keeping them will mean fewer choices (most landlords do not want pets) and higher deposits (pet deposit covers the damage your pet does to house/lawn/plants)
  • Can a relative keep the pets?
  • Get out your loan papers on your house.  Do you have escrowed funds for taxes and insurance?  Are they current? Start a journal. Write down your loan #, your lender's phone # and address.  CALL your lender and talk to them. As them if they can help.  Will they remortgage your loan?  Will they take partial payments?  If yes, for how long?
  • Do you have homeowner's association dues?  Are they current? If no, call them.
  • Start sorting and packing.  Do you need to rent a storage unit?  All this takes TIME. Get rid of anything you have not used in the last six months. Gather boxes, packing materials. SET A GOAL to pack 4 boxes a week.  Go through household items, clothing, toys.  Give away, pare down, de-clutter.  Call Salvation Army or Goodwill Industries (or your other favorite charity)  to come and pick up large items.
  • Have a garage sale or advertise your stuff on EBay or Craig's List (internet garage sales)
  • Learn about "short sales" and "foreclosure" laws.  Get educated...start online and read about the procedures and processes. Jenny offers a free report...just call and ask for it.
  • If you have equity, call your REALTOR to list the house and be on the low side of value to move it quickly.
  • Keep life in a Godly perspective.  Loosing a home is traumatic and difficult but it's a structure, not a life.  Your credit will take a hit but if you can get back on track, within a few years you will be able to  restructure your credit rating. Who knows?  This is such a wide spread problem, laws may change and it may take less time than anyone thought.
  • Do you qualify for a "short sale"?  Call me and let's talk.

 RESOURCES: 

www.makinghomeaffordable.com/refinance_eligibility.html

 

Have unexpected medical expenses drained your bank account?

A good resource for medical issues is the Consumer Healthcare Assistance Office. They can be reached at 888-333-1597.

 

Be Aware of Predatory "Rescue" Scams & Short Sale Fraud

www.efanniemae.com/utility/legal/pdf/fraudnews/mortgagefraudnews0709.pdf

 

 

CONTACT YOUR LENDER DIRECT.  LOOK ON YOUR COUPON BOOK FOR PHONE #

 

Arizona Foreclosure Helpline 877.448.1211 toll free

www.housingaz.com/ShowPage.asps?ID=248