Brea Foreclosure Payments To Be Sent This Spring

The foreclosure-abuse settlements between the federal government and 10 national banks will begin to be sent out over the next three months, according to a recent report in the O.C. Register. All eligible homeowners will receive payment whether or not they have applied for a foreclosure review. Even better news, eligible homeowners are not required to prove any malfeasance on the part of their lender. These banks, which include giants such as JP Morgan-Chase, Wells Fargo and Bank of America, have agreed to disburse over $3 billion to nearly 4 million affected borrowers. There is an additional $5.2 billion earmarked for loan modifications and other easement programs for those impacted by the foreclosure abuse.

The program has not been without some hiccups along the way. In 2011, at the onset of the program, over 4 million letters were mailed to property owners and purchasers who may have been affected by foreclosure abuse. However, there were a number of issues with this round of letter. First, they were written solely in English, which made it difficult for non-English speaking parties to decipher the intricacies of the process. Also, the design and layout of the notices made it look like some kind of advertisement or offer, resulting in many owners simply throwing the notice out because it did not appear to be an official government dispatch.

As a result, affected homeowners will now be contacted by a third-party, which is still being assembled. Regardless of the bumps in the road, the pending program is welcome news to Orange County residents as well as homeowners across the nation. It’s further proof that the real estate industry continues to recover. The settlements and loan modifications will not only stabilize the market but create new opportunities for sellers and buyers looking for Brea real estate.

I have been helping people buy and sell homes in Brea for years and would welcome the occasion to tell you more about the amazing properties available. Give me a call today to hear more about this settlement program or to chat about Brea real estate in further detail.

Foreclosures Fall In Brea and Orange County

Short Sale Questions AnsweredRealtyTrac recently listed those cities with the most foreclosures anticipated for 2013. Not one California location made the list, even those counties which had been amongst the foreclosure leaders in years past such as Riverside and San Bernardino counties. Compared to states like Florida, which had eight listings on the report, this is a landmark achievement and is another strong signal that the California real estate mark is about to experience a serious resurgence. It prompted the vice president of the reporting company, Daren Blomquist, to say, “What’s happening is California has been at the forefront of the crisis for years, but now, it’s also leading the way out.”

The locales that made the list had experienced at least a 20% increase in the volume of foreclosures. A number of factors has contributed to California’s improvement, such as increased short sales, a blossoming job market and an overall increase in demand. The short sales are a particular boon to the inventory issue as it allows distressed owners to sell properties at less than what is owed on the mortgage. And despite the decrease in number of distressed properties, the fact that demand is still increasing is most likely the most positive sign of all. It means that buyers are not just looking for bargain priced properties but are targeting cities such as Brea and Fullerton as sound long-term property investments.

Of course, this comes as no surprise to those of us who call Orange County and cities like Brea home. It is an ideal location not just for speculative property purchases but for relocation to raise a family and pursue new career opportunities. Brea is a city of perpetual opportunity and renewal. It is the reason why I have spent so many years helping so many families purchase a home in Brea and nearby communities such as Fullerton.

If these features and positive forecasts sound like appealing aspects of a community you would like to join, just drop me a line so we can start you on your search for the perfect Brea home.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea within the Multiple Listing Service  HERE

[idx-listings linkid=”283240″ count=”12″ showlargerphotos=”true”]

When Can You Buy a Home Again After Foreclosure

So your ready to buy again but you’ve had a foreclosure and you ask yourself these questions.

How long do I have to wait? How do I qualify? What steps to I need to take to be eligible? Can I be a first time buyer again?

What a difference a couple of years can make. You probably qualify to purchase a home NOW! Plus, you have options. You can take advantage of low down payments with ridiculously low interest rates plus even qualify as a first time buyer.

Interested. Read on.

Your Ready to Buy Again

You’ve gone through hell of losing your home to foreclosure. Moving out of the home, your home, was a hard thing to do. Dealing with the bank and all the notices, mail, phone calls. It was not a pleasant experience. Now, some years have passed, you’re renting or living with someone. You’ve been able to restart, rebuild, save a little. The desire to be a homeowner is still there, never was lost. Only thing holding you back is, “How long do I have to wait? How can I qualify?”

How Do You Qualify to Buy Again?

Qualifying to buy after a foreclosure is no different than qualifying a FHA mortgage under any other circumstances:

    • You must have steady employment in the same line of work for 2 years
    • You must be able to show the probability of continued employment
    • A minimum 640 FICO score is required
    • FHA requires a minimum 3.5% down payment
    • 36 months must have passed since the foreclosure date

How do I Know When I’m Eligible?

The 3 year waiting period starts the exact date the deed of trust is transferred from your name to the bank’s name. This happens right around the end of the foreclosure process.

This information is easy to find. It’s public record and can be found by going to the county recorder office or your county may have an online website with that information, you can search there. Or even easier, contact us and we can look it up in our systems and tell you right over the phone.

First Time Home Buyer Eligibility

Here’s where the story gets juicy. This is the definition of a 1st Time Buyer:

    • A person has not owned a home in the past 3 years.

That’s it!

Ironically, this is also the waiting period to buy again after foreclosure. Now, you may be eligible for down payment and closing cost assistance the State of California or other incentives. There are restrictions that we can let you know for specific properties and income and purchase price limits.

 

Consequences in Short Sale Or Foreclosure

Should I Short Sale or Foreclose??

Stop Foreclosure SignGoing the route of a short sale or foreclosure is a really tough decision. There are many factors and pitfalls in each. In the last couple of years there has been reform through the federal as well as the California legislature for homeowner protection. It is a good idea to talk to a Realtor to hear your options. It is also a good idea to talk to an attorney and tax advisor to see what if any legal or tax consequences there will be in your decision.

Deficiency Judgements and Tax Implications

The good news is that California offers some protections for consumers against deficiency judgments after short sales and foreclosures. A homeowner is generally protected against a deficiency judgment after short sale for a one-to-four residential unit property. The instances in which a homeowner is generally protected against a deficiency judgment following foreclosure include, among other things, a non-judicial foreclosure or a loan that is all of the following: 1) owner-occupied, 2) secured by a one-to-four unit dwelling and 3) purchase money. Homeowners are also protected against deficiency judgments after foreclosure of seller financing.

Sellers may be responsible for taxes on, among other things, cancellation of debt (COD) income, which is approximately the difference between the outstanding loan balance and the fair market value. The exceptions to being taxed on COD income include bankruptcy, insolvency and forgiveness of a nonrecourse debt after foreclosure. Nonrecourse debt in California is when a loan is made to purchase a one-to-four unit, owner-occupied property or when the seller carries back financing. In the case of a short sale or foreclosure, the Mortgage Forgiveness Debt Relief Act of 2007 also provides an exception from federal taxation when the following conditions are met: 1) property must be a qualified principal residence as defined, 2) loan is secured by the residence, 3) income relief is capped at $1,000,000 for married couples filing separately and $2,000,000 for all others, and 4) loan is discharged after January 1, 2007 and before January 1, 2013. Additional rules apply under California law.

Credit Consequences And Timing

Credit may be adversely affected regardless of the type of sale—foreclosure or short sale. Credit score declines can vary and the negative mark may remain on the credit report for seven years. Both foreclosures and short sales might affect the ability to quality for a loan to purchase another home. In some short sale cases where the seller may have even been current with mortgage payments but sold the home for less than the outstanding loan amount, the credit report could indicate that the debt was settled for less than what was owed and the impact may be less severe.

In the event of a foreclosure, a borrower may not be able to qualify for another home loan for seven years without any extenuating circumstances, or five years with extenuating circumstances, under current Fannie Mae guidelines. The wait may be less with short sales. If payments are in arrears in a short sale, buyers may qualify to purchase another home within about two years for a Fannie Mae backed mortgage, or approximately three years for a FHA loan. If payments were current, consumers may qualify for another loan immediately, but it can be difficult to find a lender.

Exceptions and additional considerations apply to the conditions discussed, depending on individual circumstances. For consumers facing these difficult choices, it is advisable to seek professional assistance from an attorney and/or an accountant who can evaluate your specific situation.

This information is believed accurate as of February 2, 2012. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

source: California Assoc of Realtors

[highlight]Want to know more about the market in your neighborhood. Request a free customized Market Report and receive via email localized housing statistics that shows homes sold in your neighborhood, prices as well as how much your home could be sold for.  We can discuss your short sale options under no obligation to you. Call us.[/highlight]

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Want to Purchase a Home After a Short Sale, Foreclosure or Bankruptcy?

What you need to know when buying a home after a short sale, foreclosure or bankruptcy.

A common question sellers from a short sale, foreclosure or bankruptcy have now that they want to re-purchase a home today is, “How long must I wait before obtaining financing after short sale,  foreclose or bankruptcy?”

An important step prior to purchasing is planning ahead. You should begin looking at your credit report at least 6 months prior. 1 year would be even better to have additional time to see if you need to raise your score or fix any wrong information in your credit report. A great resource to getting your credit report, which is a free service is: www.AnnualCreditReport.com. This is a free service provided by the 3 major credit bureaus. You can obtain your credit report free once a year. To obtain your credit score there is a small fee around $12.

With a little patience and planning, you can re-qualify to purchase a home in this low priced real estate market with historically low interest rates!

Below is an overview by loan type of the financing choices you have.

All Loan Guidelines for 2012

Conventional – Fannie Mae

FANNIE MAE
Bankruptcy (Ch.7 or 11) 4 years
Chapter 13 Bankruptcy 2 years from discharge date. 4 years from dismissal date.
Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years
Foreclosure 7 years-after a prior foreclosure to be eligible for a new mortgage loan eligible for sale to Fannie Mae, unless the foreclosure was the result of the documented extenuating circumstances, which only requires a 3-year waiting period (with additional requirements)
Deed-in-Lieu of Foreclosure 2 years-80% max LTV ratios*
Preforeclosure Sale 4 years-90% max LTV ratios*
Short Sale Greater LTV’s can require up to 7 years

 

 

 

 

 

 

 

 

 

FHA Guidelines

FHA
Chapter 7 Bankruptcy 2 years from discharge date
Chapter 13 Bankruptcy 1 year of the payout must elapse and payment performance must be satisfactory-buyer must receive permission from the court to enter into mortgage.
Foreclosure 3 years from completion date.
Short Sale 3 years from the date of the short sale.
No time restriction if:
1. The borrower paid all mortgage and installment payments as agreed for the 12 months prior to the short sale
2. The borrower is not taking advantage of the declining market to obtain a similar or superior home in the same general area.

 

 

 

 

 

 

 

 

VA Guidelines

VA
Chapter 7 Bankruptcy 2 years from discharge date.
Chapter 13 Bankruptcy 1 year of the payout must elapse and payment performance must be satisfactory- buyer must receive permission from the court to enter into a mortgage.
Foreclosure 2 years from completion date.
Short Sale No specific information on this yet, assume foreclosure rule of 2 years.

 

 

 

 

 

 

USDA Rural Guidelines

USDA Rural
Bankruptcy (Ch.7 & 13) 3 years from discharge date.
Foreclosure 3 years from completion date.
Short Sale No specific information on this yet, assume foreclosure rule of 3 years.

Feel free to contact us to see how you can purchase a home.

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Current Homes for Sale in North Orange County

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Know Your Options – Fannie Mae

Fannie Mae Foreclosure HelpThese days you have to know your options. If your buying a home you have to know your options. If your selling your home, you need to know your options. If you are trying to loan mod or short sale, well you know the answer. Know your options!

Luckily Fannie Mae has created a web site that answers a lot of questions if you have a Fannie Mae loan. They will explain options to stay in your home or options to leave your home. They also offer in person or telephone support to answer your questions.

So your probably thinking, “Do I have a Fannie Mae loan?” Well here’s how you can find out. Go to Fannie Mae Lookup: www.fanniemae.com/loanlookup and see if your mortgage is owned by Fannie Mae. All you do is input your address and answer a couple of questions and it will tell you on the spot if you have a Fannie Mae loan.

Next thing you want to do is is visit Know Your Options: www.knowyouroptions.com by Fannie Mae and read all the valuable information on how they can help you resolve your issue.

If you have questions, contact us. We’re here to help.

 

Recent Home Sales in La Habra

A mix of Standard, Short Sales and Bank Owned Properties Sold in La Habra

A mixture of homes were sold both in Novemver 2010 and December 2010 making up standard sales, short sales and bank owned homes.

Let’s define what a standard sale, short sale and bank owned(reo) are:

A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller.  This sale is one you would normally think of.

A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.

A bank owned/REO home is  a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.

In November 2010 there were 40 homes/condos sold in the community of La Habra, 90631. 16 of these properties sold were Standard Sales. 13 were Short Sales sold and 11 were Bank Owned/REO properties sold.

In December 2010 there were 55 homes/condos sold in the community of La Habra, 90631. 30 of these properties sold were Standard Sales. 10 were Short Sales sold and 15 were Bank Owned/REO properties sold.

In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.

Home Sales in La Habra for November 2010

Home Sales in La Habra for December 2010

Data from CRMLS.

We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.

 

Recent Home Sales in Hacienda Heights

A mix of Standard, Short Sales and Bank Owned Properties Sold in Hacienda Heights

A mixture of homes were sold both in November 2010 and December 2010 making up standard sales, short sales and bank owned homes.

Let’s define what a standard sale, short sale and bank owned(reo) are:

A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller.  This sale is one you would normally think of.

A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.

A bank owned/REO home is  a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.

In November 2010 there were 33 homes/condos sold in the community of Hacienda Heights, 91745. 14 of these properties sold were Standard Sales. 9 were Short Sales sold and 10 were Bank Owned/REO properties sold.

In December 2010 there were 35 homes/condos sold in the community of Hacienda Heights, 91745. 23 of these properties sold were Standard Sales. 7 were Short Sales sold and 5 were Bank Owned/REO properties sold.

In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.

Home Sales in Hacienda Heights for November 2010

Home Sales in Hacienda Heights for December 2010

 

We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.

 

Foreclosure On Hold Until Loan Modification

Foreclosures and Loan Modification Programs

The state Senate passed a bill that bars lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. We urge the Assembly to move the bill forward.

Despite the vital interest that both lenders and borrowers have in avoiding money-losing foreclosures, the number of failing mortgages remains stubbornly high. Part of the problem is borrowers who’ve sunk too deeply into debt — they bought homes they simply couldn’t afford, or their income plummeted during the recession. But another part is the inability of some loan servicers to deal with the volume of defaults that ensued after the housing bubble burst and the economy collapsed. This dysfunction has led to steep losses for banks and homeowners that could have been avoided had loan servicing companies been up to the challenge of developing effective modifications on a mass scale.

One symptom of the dysfunction has been the number of homeowners who’ve been foreclosed on while the bank was in the midst of modifying their loan. A recent survey of housing counselors by the Center for Responsible Lending found that 60% had clients who lost their homes while they were negotiating modifications with their lenders. The state Senate passed a bill earlier this year (SB 1275) that aims to prevent such breakdowns, barring lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. It’s a small but sensible step, and we urge the Assembly to move the bill forward.

The proposal would require lenders to make a good-faith effort to notify defaulting borrowers about the availability of any loan modification programs. If a borrower applied for a modification but didn’t qualify, the lender would have to send a letter explaining the decision and giving an opportunity to appeal before filing a notice that the mortgage was in default.

The Schwarzenegger administration recently weighed in with complaints about the bill. Noting that the main federal mortgage modification program imposes the same notification requirements on lenders before filing a notice of default, the administration argued that SB 1275 was unnecessary. But as the Government Accountability Office has noted, the federal program has no penalties for lenders that don’t comply with its requirements. SB 1275 would allow borrowers to go to court to force compliance, but the remedies are limited — it wouldn’t necessarily save them from foreclosure, but it would give them a chance to make their case for a modification.

Nothing in the bill would compel lenders to give troubled homeowners a break if it wasn’t in the lenders’ financial interest to do so. It simply tries to stop overwhelmed banks from forcing borrowers out of their homes before making sure they’re not qualified for one of the loan modification programs the banks participate in. That’s a reasonable precaution, and lawmakers should take it.

LA Times

Foreclosures and loan modification programs

The state Senate passed a bill that bars lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. We urge the Assembly to move the bill forward.

//

 

 

la-ed-foreclosure-20100817
 

 

//
Despite the vital interest that both lenders and borrowers have in avoiding money-losing foreclosures, the number of failing mortgages remains stubbornly high. Part of the problem is borrowers who’ve sunk too deeply into debt — they bought homes they simply couldn’t afford, or their income plummeted during the recession. But another part is the inability of some loan servicers to deal with the volume of defaults that ensued after the housing bubble burst and the economy collapsed. This dysfunction has led to steep losses for banks and homeowners that could have been avoided had loan servicing companies been up to the challenge of developing effective modifications on a mass scale.

One symptom of the dysfunction has been the number of homeowners who’ve been foreclosed on while the bank was in the midst of modifying their loan. A recent survey of housing counselors by the Center for Responsible Lending found that 60% had clients who lost their homes while they were negotiating modifications with their lenders. The state Senate passed a bill earlier this year (SB 1275) that aims to prevent such breakdowns, barring lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. It’s a small but sensible step, and we urge the Assembly to move the bill forward.

The proposal would require lenders to make a good-faith effort to notify defaulting borrowers about the availability of any loan modification programs. If a borrower applied for a modification but didn’t qualify, the lender would have to send a letter explaining the decision and giving an opportunity to appeal before filing a notice that the mortgage was in default.

The Schwarzenegger administration recently weighed in with complaints about the bill. Noting that the main federal mortgage modification program imposes the same notification requirements on lenders before filing a notice of default, the administration argued that SB 1275 was unnecessary. But as the Government Accountability Office has noted, the federal program has no penalties for lenders that don’t comply with its requirements. SB 1275 would allow borrowers to go to court to force compliance, but the remedies are limited — it wouldn’t necessarily save them from foreclosure, but it would give them a chance to make their case for a modification.

Nothing in the bill would compel lenders to give troubled homeowners a break if it wasn’t in the lenders’ financial interest to do so. It simply tries to stop overwhelmed banks from forcing borrowers out of their homes before making sure they’re not qualified for one of the loan modification programs the banks participate in. That’s a reasonable precaution, and lawmakers should take it.

What are Your Foreclosure Options?

When a person falls behind on their mortgage, there are options available to the borrower.

Options include Loan Modifications, Reorganization of debt through Bankruptcy
Protection, Short-Sales, Deed-in-Lieu of Foreclosure, or an outright sale of your property.
Naturally more options are available to the person who seeks immediate legal advice.

Here are a few options available to the Borrower who is struggling to make mortgage
payments:
1. Loan Modifications: If your interest rate is above six (6%) or if you are having
difficulty paying your loan, you should immediately call your lender and ask them about
their loan modification programs. There may be several loan modification programs
available to you. For some programs you do not have to be behind in your mortgage, and
the property does not have to be your primary residence. Many lenders are also
modifying investment properties.
2. Bankruptcy Protection. You can reorganize all of your debt including your
mortgage by filing for bankruptcy protection. Chapter 13 Protection allows a debtor to
reorganize their debt by giving them three to five years to satisfy their mortgage arrears
and other debt. Some debts may even be discharged altogether. The disadvantage is that
during this “repayment period” the debtor is now not only paying the regular monthly
mortgage payment, they are also making an additional payment each month towards the
reduction of their arrears. The advantage however is that during this period the bank
cannot continue to proceed with their foreclosure case. You can keep the house so long
as you keep current with your mortgage payments and the payment for the arrears. You
may also be able to avoid paying any second mortgage or line of credit completely
depending upon the lack of equity in the property.
If you are current on your loan, you may file for Chapter 7 Bankruptcy Protection and
still keep your house depending upon the amount of equity in the property. You can then
seek to have your unsecured debt (i.e. credit cards, utility bills, etc.) discharged. You
can also seek to have any second mortgages discharged again depending upon the
property’s equity.
3. Short-Sales: You can contact your lender to discuss a reduced balance to satisfy your
mortgage to enable you to sell your house. This option is known as a “Short-Sale”. In
essence if you believe that the balance on your mortgage exceeds the value of your house,
some banks will accept less than the actual balance to satisfy the mortgage. Usually
banks require that you send them a copy of a recent appraisal report showing the value of
the house and a fully executed Contract of Sale among other documents. (There may be
serious tax consequences for short-sales for investment properties which we will discuss
in the future.)
4. Sell House at Market Value. You can list your house with a realtor and sell the
house at market value. If you realize that the payments are simply too high, you can sell
your house thereby recouping any equity that you have in your house. The earlier you
make the decision to sell, the more control you have over the price, the time that you
need to move, and the amount of equity that you recoup.
3. All-Cash, As-Is Sales. You can have an investor purchase your property. The
advantage to selling to a REPUTABLE investor is that a closing of title could take place
within a few weeks. Also usually the purchase is done on an “all-cash” basis. You also
should not have to worry about making any repairs. You should demand that the investor
purchases the house completely “as-is”. Some investors will even purchase properties
with occupants. You, however, must negotiate a purchase price and any other terms that
make you comfortable. The disadvantage is that usually the purchase price is slightly
below market value due to time constraints and the nature of the sale.
4. Deed-in-Lieu-of-Foreclosure. When you fall behind on your mortgage, you can ask
your lender to accept title to your house instead of going through the foreclosure process.
Obviously you would only entertain this option when there is absolutely no equity in the
property. An advantage in this option is that the lender may accept the transfer of
ownership of the house in full satisfaction of the mortgage. A disadvantage is that most
times the lender has several conditions to the transfer (i.e., the house must be vacant).
Also there may be tax consequences resulting from this transfer which we will explore in
the future.
You must understand that simply because you are behind on your mortgage payments or
in foreclosure does not mean you cannot favorably resolve this situation. The key is to
seek advice immediately after missing a few mortgage payments in order to explore
your options. The earlier one seeks proper legal advice, the more options they have
available to them. Remember, you do have options in foreclosure.