BAP site syndication http://www.livinginknoxvilletn.com Mon, 06 Feb 2012 05:36:45 +0100 FeedCreator 1.7.2 http://www.livinginknoxvilletn.com/images/M_images/ http://www.livinginknoxvilletn.com BAP site syndication http://www.livinginknoxvilletn.com/knoxville-tn-home-affordable-foreclosure-alternatives-hafa-program-eligibility.html If you or someone you know is struggling with unaffordable mortgage payments, the stress can be overwhelming. Both lenders and the federal government are working to streamline the processes that will help you avoid foreclosure. Main Content - General Content Sat, 12 Feb 2011 17:34:38 +0100 http://www.livinginknoxvilletn.com/knoxville-tn-home-affordable-foreclosure-alternatives-hafa-program-eligibility.html http://www.livinginknoxvilletn.com/stop-foreclosure-solutions-for-knoxville-tn-homeowners.html If you or someone you know is struggling to make mortgage payments, understand that you are not alone. There are options available to Knoxville, TN homeowners to stop foreclosure and it is crucial to take action before a foreclosure takes place. Now is the most important time for you to review the available stop foreclosure solutions. Reinstatement - A reinstatement is the simplest solution to stop foreclosure, however it is often the most difficult for homeowners to achieve. You simply pay the total amount past due including any late fees to your lender. This solution does not require the lender's approval and will reinstate a mortgage up to the day before the foreclosure sale. Forbearance or Repayment Plan - A forbearance or repayment plan involves negotiating with your mortgage company to allow you to repay back payments over a period of time. You typically make current mortgage payments in addition to a portion of the back payments. This option requires lender approval. Mortgage Modification - A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. A mortgage modification requires lender approval and typically results in a more affordable mortgage. Rent the Property - It is important to remember that there can be unexpected costs involved with the maintenance of a rental property. This option does not require lender approval; however, you will need a positive cash flow from the property in order to cover mortgage payments. Sell the Property - If you have sufficient equity you can list your property with a qualified real estate agent who understands the foreclosure process. Unfortunately, many distressed homeowners owe more that what their home is worth. Lender approval is not required for this option. Refinance - Refinancing means you will be acquiring a new loan based on your current credit score. If you have missed mortgage payments, your credit score may make it difficult to obtain a loan with more manageable payments. Deed-in-Lieu of Foreclosure - A deed-in-lieu allows you to return the property to the lender rather than go through the foreclosure process. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility. The lender may also forgo their right to pursue a deficiency judgment. Lender approval is required for this option. Short Sale - A short sale allows the homeowner to stop foreclosure, minimize financial damage and move on from an unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in as little as 2 years. A trained real estate agent can negotiate a short sale with your lender if you have three qualifications. First, you must show some type of financial hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. You also need to prove that your debts are greater than your assets. Main Content - General Content Sun, 30 Jan 2011 20:59:57 +0100 http://www.livinginknoxvilletn.com/stop-foreclosure-solutions-for-knoxville-tn-homeowners.html http://www.livinginknoxvilletn.com/hafa-timeline.html 30 Days Of Consideration Servicer Must consider and document Borrower's eligibility for HAFA 14 Days Since Notification Borrower By written or verbal communication contacts Servicer and requests evaluation Prior to offering borrower a HAFA Short Sale, Servicer must determine the minimum acceptable net proceeds that the investor will accept. Servicer Issues (SSA) Short Sale Agreement and (RASS) Request for Approval of a Short Sale 14 Days Of SSA Effective Date Borrower Must sign and return Short Sale Agreement 120 Days To Obtain Contract Borrower Is allowed 120 calendar days from effective Short Sale Agreement date to obtain a contract Can be extended up to one year with Servicer approval 3 Days Since Offer Borrower Submits offer to Servicer Borrower's real estate agent must convey Request for Approval of Short Sale within 3 days 10 Days Of RASS Receipt Servicer Must approve or deny the offer Servicer must accept, deny or counter within 10 days Closing Successful Short Sale Main Content - General Content Sun, 30 Jan 2011 00:41:30 +0100 http://www.livinginknoxvilletn.com/hafa-timeline.html http://www.livinginknoxvilletn.com/what-is-hafa.html What Does HAFA Mean For Knoxville, TN Homeowners Facing Foreclosure? Watch the short video below to find out now! Main Content - General Content Sat, 29 Jan 2011 23:21:55 +0100 http://www.livinginknoxvilletn.com/what-is-hafa.html http://www.livinginknoxvilletn.com/knoxville-tn-hafa-short-sale-process.html Borrower Does Not Qualify for HAMP Trial or Can Not Complete Trial Borrower is Delinquent on HAMP by at Least 2 Payments Borrower Requests a Short Sale Lender must consider and document borrowers eligibility for HAFA within 30 days Ineligible Lender Documents Date and Outcome of Consideration Key - Borrower - Lender Eligible Lender must send borrower notification of short sale in writing Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options Borrower contacts the servicer within 14 days of notification and requests consideration Lender reviews borrowers financials and assesses the current value of the property. Lender also reviews information on junior liens. Ineligible Lender communicates the decision in writing and explains why a HAFA short sale is not available. Eligible Lender issues a short sale agreement filled out with loan information and a request for short sale approval. Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options Borrower must list the property with a licensed Knoxville, TN Real Estate Agent To Proceed Borrower must sign and return short sale agreement along with copy of listing agreement within 14 days. Borrower is allowed 120 days to obtain an offer Borrower receives an offer and submits it to lender within 3 days along with request to approve short sale. Lender must sign and return request to approve short sale within 10 business days indicating approval or denial of offer. Offer Not Approved Lender must send notification stating reason for denial Offer Approved Lender may require the closing to take place within a reasonable time frame, but not less than 45 calendar days from approval date. Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options Closing Process Success! Lender releases 1st lien within 30 business days of funding and the investor waives the right to seek a deficiency judgment. Main Content - General Content Sat, 29 Jan 2011 14:56:49 +0100 http://www.livinginknoxvilletn.com/knoxville-tn-hafa-short-sale-process.html