Friday, May 22, 2015
Why walk away from your mortgage and foreclose?
Why would you, a homeowner do this?
Any number of reasons. Some are considering a strategic default where they have made a financial decision to walk away because it makes economic sense to them. Why throw good money after bad they reason? After all the mortgage is "upside down" or the house is "underwater". Which simply means that they owe more than the house is currently worth.
What about the homeowner who lost their job or has reduced income? Divorce? Lender won't approve a loan modification? Short sale denied? Must move now?
Selling is not an option because even with some rising home values it is not enough or not appreciating fast enough for the home owner who still must either come out of their pocket to make up the difference at the closing which can end up being anywhere from thousands to the tens of thousands. Meanwhile the mortgage must be paid and is being paid by the homeowner who may be suffering an economic setback.
Short sale you say? Okay...if it is approved. And if it is not you are back at square one owing back payments and a pending foreclosure looming. "Short sales unfortunately are a specialized Real Estate transaction where information is often times bandied about with no basis of fact. Many Realtors (not all) go around telling people in financial distress that a short sale is better for their financial future because their credit score will not be impacted like going through a foreclosure."
"Folks this could not be further from the truth! While there are certainly advantages of pursuing a short sale vs foreclosure, credit scoring is NOT one of them" according to Realtor Bill Gassett of RE/MAX Executive Realty. See his informative take on short sales at: http://massrealestatenews.com/credit-scoring-impacts-short-sale-vs-foreclosure/. Not that a short sale of your home is necessarily bad but you should know all that it entails. The pro's and the cons.
Having Mortgage Relief Solutions take over your mortgage payments is an alternative for those who simply cannot sell their home in the traditional way. This solution may not be for all home owners but for those who have tried and exhausted all other means and cannot find a way out of their current mortgage situation that is draining them financially.
And why would you let us?
Well for the number one reason that you are no longer shelling out a monthly amount out of your bank account, pocket book or paycheck. That money can now be well spent on other important or just as important bills. Or you can just save the money.
Number two reason is if you were considering a strategic default (voluntary foreclosure) or economic default (involuntary foreclosure) it will be against your credit rating and score obviously. If we take over the payments there is no foreclosure.
Look at it this way. If you were going to walk away anyway whether voluntary or involuntary what would you have to lose if we took over the payments if not gain?
Did you know that your lender now has ways to find out if you simply walked away with the intention of foreclosing voluntarily (strategic default) ?
See here: http://www.experian.com/assets/decision-analytics/brochures/strategic-default-capabilities-brochure.pdf. We help eliminate that problem.
Walk away = foreclose. We take over = no foreclose. Hmmm.
Well you say the bank won't like that. The bank won't care less if you mother, brother , sister, friend or stranger makes the payments as long as it gets paid.
Number three is our goal is to get your mortgage satisfied at some point (mortgage paid off and house sold). Will your Realtor pay your mortgage while your house is on the market for 6 months, 1 year or a few years? I think not.
But we will. As long as you transfer ownership to us. After all why would we pay a mortgage on a house we don't control or own?
So there you have it. A few reasons on why would you do this and why you would let Mortgage Relief Solutions take over your mortgage payments.
Again, this may not be for the average homeowner trying to sell the traditional way (even though this works for them too) but for those who can no longer pay their mortgage or will no longer pay their mortgage.
We take over...you move on. Let Mortgage Relief Solutions take over your mortgage payments and house today via our Mortgage Relief Program.
Want more information? See our Q & A/Disclosures here: http://www.mortgagereliefsolutions.com/Disclosures.html