Foreclosures are slowing down however there are still many owners in distress. Here are some options for owners who are still facing foreclosure.
1.Contact your bank and let them know your situation even it you haven’t missed a payment. Lender’s today have a lot of options that are available to homeowners that are at risk of foreclosure. Ask them to look at your account and give you the best options that are available to you presently. Be prepared to give them basic financial info(income, monthly bills etc).
2.Forebearance agreement-This allows you to delay the payments for a short period of time. With this option there will have to be an additional option to cure the debt at some point the near future. Payments are typically put on the back of the loan. If you are allowed to use this option make it your goal to start paying down the balance as soon as you can.
3.Repayment Schedule-If you are already behind a few payments the lender may arrange a repayment schedule which will give you time to get back on your feet. Again be prepared with basic financial information. Lender’s will divide the outstanding payments over a period as long as 60 months in some cases. This allows the borrower to have their payment increase slightly and resume paying their mortgage immediately.
4.Loan Modification-Call you lender and ask to speak with the loss mitigation department. This is typically an option when the options listed above no longer work.The modification will change the terms of your loan and in some cases mostly likely the amortization schedule. Normally you will receive a lower interest rate and in rare cases a reduced principal balance. Please consult a tax attorney or Cpa before accepting a mod.
5.Deed In Lieu Of Foreclosure-With this option you voluntarily deed your property back to the lender in exchange for release from all financial obligations of the mortgage. This will result in damaged credit unless you are able to get the mortgage company to report your mortgage account as paid in full. Again you should consult a Cpa regarding the tax implications.
6.Bankruptcy- Undoubtedly the least favored of all the options. However, it may be the only option for some homeowners. Filing temporarily halts the foreclosure process and can force the mortgage lender to accept a more friendly repayment plan. Understand this will negatively effect your credit for at least 7 years.
7. Sell Your Home for fast cash or list it with a Realtor, a foreclosure can be devastating to your credit for 7 to 10 years.
Even if you can no longer afford your home, you can still protect your equity and prevent your credit rating from getting worse.
Here’s How
Provided your are more than two weeks away from the foreclosure sale, you have the opportunity of having someone purchase the property*.
Will Wheaton Real Estate is run by Will Wheaton who is a licensed Real Estate Broker, experienced short sale negotiator, foreclosure professional, and a cash buyer. Circumstances permitting, we can stop your foreclosure, and often put some money BACK in your pocket so you can start over in a more affordable home**. We have a wide variety of options(fast cash sale, short sale, retail sale,etc) available to you. What sets our company apart from most realtors is it’s ability to buy your home. Providing your home meets the buying criteria we will make an offer and in most cases have your home sold in less than 7 days or less. If your home doesn’t meet our buying criteria we also represent large number of cash buyer’s who are looking for deals daily. Our goal is always to get you the most money possible in the shortest amount of time.
If you don’t have the money to reinstate your loan, or make up back payments, and if you are open to discussing opportunities that could relieve you of this headache and get your life back on track, please feel free to contact me. Here are some examples of seller’s that I have helped.

Sold to cash buyer. This Home was saved 1 Hour before it went to foreclosure Auction, received relocation funds and walked away owing $0.00

Property was extremely upside down. Sold to Cash Buyer Seller received relocation funds and walked away owing $0.00

Property was upside down by over 200K. Sold to Cash buyer Sellers received relocation funds, and walked away owing $0.00

Seller Sold the home via short sale, walked away owing the bank $0.00,received a generous relocation allowance, and we found them a property to move into.

After several attempts to obtain a loan mod from the lender, seller gave up and called savethehouse4me.com. Seller was able to sell home via short sale owing the bank $0.00,and received $10K in relocation assistance

Porter Ranch pre foreclosure Home Sold for 15K over asking during gas leak. Sellers walked away with over 200K and loan fully satisfied..

Downey Short Sale Purchased to rehab and resell. Sellers were able to sell on their own terms and not lose their home to foreclosure
*Some sales can be stopped in less time. But these are rare cases. ** Relocation amounts will vary. We can also help you with finding a replacement home.
Call us today to learn how we can help you SAVE YOUR HOME! We may have options for you to refinance as well.
Will Wheaton, Broker
www.willwheatonrealestate.com
213 445 2277 Cell
888 208 8839 office spanish speaking as well
email:savethehouse4me@gmail.com or wwcorp1@aol.com
DRE Lic#01857540 NMLS 1670194
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