Mortgage Options

“We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes,” the President said February 18th as he signed the American Recovery and Reinvestment Act into law. Below is some resources and basic information about what options are available to homeowners, and also using resources as legal estate planning, which can be found at Noonan Law 423 E Main St #A, Endicott, NY 13760 (607) 953-6368.

Homeowner Affordability and Stability Plan Resources

• • FinancialStability.gov
    • The White House Blog
    • Remarks by the President on the mortgage crisis
    • Summary of Guidelines
    • Modification Program Guidelines
    • Fact Sheet
    • https://imbrex.io/ – new real estate data marketplace

REPAYMENT PLAN:
A repayment plan allows you to make a regular payment plus a portion of the amount past due each month over a period of months. The repayment plan is based on the financial information provided and it may require a deposit toward the amount past due.

LOAN MODIFICATION:
This option is used when there has been a temporary reduction in income or increase in expenses. Modifications typically add the delinquency onto the balance of you loan and re-amortize the loan. Interest rate and term may also be adjusted in order to make your loan more affordable.

SHORT SALE:
Selling your home is one solution when there is long-term difficulty making the payments. Unfortunately, property values can decline, causing a difference between the current market value and what is owed on the loan. The investor may accept less than the total amount rather than pursuing a foreclosure. We may request a contribution be made to reduce the total loss. You must list the property for sale at the fair market value and forward any offers to us for consideration. Please note: Acceptance of any offer will be subject to investor approval and the maximum commission the investor will honor is 5% for transactions involving two brokers, 3% for a single broker transaction.

DEED IN LIEU OF FORECLOSURE (DIL):
If all available options have failed and you are unable to sell your house, you may be allowed to sign title to the property over to us. You must have clear title to the home with the exception of the first lien.