Video: Short Sale Or Foreclosure, Which is Better?

On , in Stop Foreclosure, by Foreclosure Assistance

In another article about short sales, we pointed out the differences between a Short Sale and a Foreclosure auction using a simple PDF print-out.  However, for those of you who want a video explanation, here it is: httpv://www.youtube.com/watch?v=OSbLrMnvLGM The Video was funded by the National Certified Distressed Property Expert (CDPE) Association–the lead certification level granted […]

In another article about short sales, we pointed out the differences between a Short Sale and a Foreclosure auction using a simple PDF print-out.  However, for those of you who want a video explanation, here it is:

httpv://www.youtube.com/watch?v=OSbLrMnvLGM

The Video was funded by the National Certified Distressed Property Expert (CDPE) Association–the lead certification level granted Real Estate Agents who assist America’s “Distressed Homeowners”.  It applies to Louisville Short Sales as well as short sales nationwide.

No matter who your lender is, what your timeframe may look like, the property condition, or the amount you owe, before you give up hope and let it go to auction, consider a short sale first.  We can help!

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    Foreclosure or Short Sale – Which Is Better?

    On , in Stop Foreclosure, by Foreclosure Assistance

    Are you asking yourself, “What affect will the foreclosure have on me long-term?”  This is one of the most common questions asked about foreclosure.  The same thing goes for Short Sales.  Questions like “If I do a Short Sale, is it better than a Foreclosure?” and “Why don’t I just walk away from my house?” […]

    Are you asking yourself, “What affect will the foreclosure have on me long-term?”  This is one of the most common questions asked about foreclosure.  The same thing goes for Short Sales.  Questions like “If I do a Short Sale, is it better than a Foreclosure?” and “Why don’t I just walk away from my house?” are both frequently asked.  However, it’s hard to find all the answers.

    We’ve compiled a list of these types of foreclosure and short sale questions and answered them for you in an easy to understand format.  This is not a list of consequences we’ve set for Kentucky Homeowners, it just “is” the list of consequences for either path you choose.  The choice between a Foreclosure or a Short Sale will impact you greatly for years to come.

    You’ll find that the benefits of selling your house on a Short Sale far outweigh the reasons to “Just let it go to auction.”  So if you’re on the fence about either allowing your house get sold at foreclosure auction, or trying to do something about it before then with a short sale, then take a close look.

    (CLICK ON THE IMAGE TO ENLARGE)

    What happens if I let the house go to auction? what happens if I do a short sale?

    As you can see on this chart: With a short sale, you might be able to buy another house in as little as 2 years! If you do nothing and let the house go to auction, that number changes to 5.  With foreclosure, your credit is at serious risk, a Deficiency Judgment could come up, and even your current or future employment could be at stake.  The list goes on and on.

    If you’re already doing a Short Sale, or considering one, pat yourself on the back!  Share this list with others and they’ll thank you for it.

    You can also download a free copy of this Foreclosure vs. Short Sale chart in PDF Format HERE.

    If you want to sell your house before the auction takes place, we can often postpone the foreclosure for 3 or more months and avoid the long list of problems in the “Foreclosure” column.  Just call us at 502-212-2482 or fill out the form below:

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      What is the Foreclosure Timeline and Process?

      On , in Kentucky Foreclosure Law, by Foreclosure Assistance

      Here is an excellent Timeline showing what the typical Foreclosure Timeline/Process looks like in Louisville, Kentucky.  In Jefferson County, there are so many foreclosures that the timeline is usually much longer.  however, this gives you a really good idea of what will take place. Take special note of the time-frame in which you can resolve […]

      Here is an excellent Timeline showing what the typical Foreclosure Timeline/Process looks like in Louisville, Kentucky.  In Jefferson County, there are so many foreclosures that the timeline is usually much longer.  however, this gives you a really good idea of what will take place.

      Take special note of the time-frame in which you can resolve the situation before the foreclosure auction takes place at the end.  Short Sales and Loan modifications are possible all along the way.

      CLICK ON THE IMAGE BELOW TO ENLARGE

      Right-Click HERE and Choose “Save As” to Download the PDF instead



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      Avoiding Foreclosure Scams in Louisville

      On , in Stop Foreclosure, by Foreclosure Assistance

      Foreclosure Scams happen in Louisville, but you can avoid them. The ultimate source of consumer protection, the Federal Trade Commission, has issued the following guidelines to help you avoid foreclosure scams. At Kentucky Solutions, we work hard to ensure families are safe throughout the entire foreclosure process by following these standards.

      Helping-louisville-avoid-foreclosure-scamsForeclosure Scams happen in Louisville, but you can avoid them. The ultimate source of consumer protection, the Federal Trade Commission, has issued the following guidelines to help you avoid foreclosure scams. At Kentucky Solutions, we work hard to ensure families are safe throughout the entire foreclosure process by following these standards.

      Before selecting a foreclosure company, we suggest you review these guidelines to help keep you safe:

      Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress

      The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a money-back guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, they leave you much the worse for wear.

      Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver. Their goal is to make a quick profit through fees or mortgage payments they collect from you, but do not pass on to the lender. Sometimes, they assume ownership of your property by deceiving you, the homeowner. Then, when it’s too late to save your home, they take the property or siphon off the equity. You’ve lost your home to foreclosure despite your best intentions.

      If you think you may be facing foreclosure, the Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know how to recognize a foreclosure rescue scam. And even if the foreclosure process has already begun, the FTC and its law enforcement partners want you to know that legitimate options are available to help you save your home.

      How the Scams Work

      Foreclosure rescue firms use a variety of tactics to find homeowners in distress: Some sift through public foreclosure notices in newspapers and on the Internet or through public files at local government offices, and then send personalized letters to homeowners. Others take a broader approach through ads on the Internet, on television, or in the newspaper, posters on telephone poles, median strips and at bus stops, or flyers or business cards at your front door. The scam artists use simple and straight-forward messages, like:

      “Stop Foreclosure Now!”
      “We guarantee to stop your foreclosure.”
      “Keep Your Home. We know your home is scheduled to be sold. No Problem!”
      “We have special relationships within many banks that can speed up case approvals.”
      “We Can Save Your Home. Guaranteed. Free Consultation”
      “We stop foreclosures everyday. Our team of professionals can stop yours this week!”

      Once they have your attention, they use a variety of tactics to get your money:

      Phony Counseling or Phantom Help

      The scam artist tells you that he can negotiate a deal with your lender to save your house if you pay a fee first. You may be told not to contact your lender, lawyer, or credit counselor, and to let the scam artist handle all the details. Once you pay the fee, the scam artist takes off with your money.

      Sometimes, the scam artist insists that you make all mortgage payments directly to him while he negotiates with the lender. In this instance, the scammer may collect a few months of payments before disappearing.

      Bait-and-Switch

      You think you’re signing documents for a new loan to make your existing mortgage current. This is a trick: you’ve signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan.

      Rent-to-Buy Scheme

      You’re told to surrender the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will permit a borrower with a better credit rating to secure new financing – and prevent the loss of the home. But the terms of these deals usually are so burdensome that buying back your home becomes impossible. You lose the home, and the scam artist walks off with all or most of your home’s equity. Worse yet, when the new borrower defaults on the loan, you’re evicted.

      In a variation, the scam artist raises the rent over time to the point that the former homeowner can’t afford it. After missing several rent payments, the renter – the former homeowner – is evicted, leaving the “rescuer” free to sell the house.

      In a similar equity-skimming situation, the scam artist offers to find a buyer for your home, but only if you sign over the deed and move out. The scam artist promises to pay you a portion of the profit when the home sells. Once you transfer the deed, the scam artist simply rents out the home and pockets the proceeds while your lender proceeds with the foreclosure. In the end, you lose your home – and you’re still responsible for the unpaid mortgage. That’s because transferring the deed does nothing to transfer your mortgage obligation.

      Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver.

      Bankruptcy Foreclosure

      The scam artist may promise to negotiate with your lender or to get refinancing on your behalf if you pay a fee up front. Instead of contacting your lender or refinancing your loan, though, the scam artist pockets the fee and files a bankruptcy case in your name – sometimes without your knowledge.

      A bankruptcy filing often stops a home foreclosure, but only temporarily. What’s more, the bankruptcy process is complicated, expensive, and unforgiving. For example, if you fail to attend the first meeting with the creditors, the bankruptcy judge will dismiss the case and the foreclosure proceedings will continue.

      If this happens, you could lose the money you paid to the scam artist as well as your home. Worse yet, a bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job.

      Where to Find Legitimate Help

      If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Remember that lenders generally don’t want to foreclose; it costs them money.

      Other foreclosure prevention options, including reinstatement and forbearance, are explained in Mortgage Payments Sending You Reeling? Here’s What to Do, a publication from the FTC. Find it at www.ftc.gov.

      You also may contact a credit counselor through the Homeownership Preservation Foundation (HPF), a nonprofit organization that operates the national 24/7 toll-free hotline (1.888.995.HOPE) with free, bilingual, personalized assistance to help at-risk homeowners avoid foreclosure. HPF is a member of the HOPE NOW Alliance of mortgage servicers, mortgage market participants and counselors. More information about HOPE NOW is at hopenow.com.

      Red Flags

      If you’re looking for foreclosure prevention help, avoid any business that:

      • guarantees to stop the foreclosure process – no matter what your circumstances
      • instructs you not to contact your lender, lawyer, or credit or housing counselor
      • collects a fee before providing you with any services
      • accepts payment only by cashier’s check or wire transfer
      • encourages you to lease your home so you can buy it back over time
      • tells you to make your mortgage payments directly to it, rather than your lender
      • tells you to transfer your property deed or title to it
      • offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
      • offers to fill out paperwork for you
      • pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.

      If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately.

      Report Fraud

      If you think you’ve been a victim of foreclosure fraud, contact:

      • Federal Trade Commission
      • Your state Attorney General
      • Your local Better Business Bureau