Short Sale Listings
Alexandria Foreclosure and Short Sale Information
How To Stop The Foreclosure Process
Loan Modification
Effects Of Foreclosure
Cost of Bankruptcy
Understanding HAFA
VHDA Short Sales
FHA Short Sale Program
Talk To Your Lender
Homeowners We Helped
Short Selling Your Condo
Avoid Foreclosure
What Is A Short Sale?
Short Sale vs. Foreclosure
Qualifying Process for a Short Sale
Financial Hardships
Frequently Asked Questions
Glossary Of Terms
Access Our Free E-book
Learn About Short Sales
What The First Step In The Short Sale Process
Qualifying for a Short Sale and Avoiding Foreclosure
Home Evaluation
Initial Consultation
Your Hardship Letter
Avoid Scams
My Sold Listings
Getting Started
VA Compromise Military Short Sale Program
Military Short Sale Programs
Old Town Alexandria Short Sales
Del Ray Alexandria Short Sales
Kingstowne Alexandria Short Sales
Manchester Lakes Short Sales
Fairlington Short Sales
Northern VA Short Sales: Avoid Foreclosure Northern VA
22301 Stats
22302 Market Stats
22304 Stats
22305 Stats
22314 Stats
Market Stats
What Is A CDRS - Certified Default Resolution Specialist
What Is A CDPE
What Is The LDPD?
Disclaimer
Tamara Inzunza - (703) 623-8759
Tamara Inzunza Northern Virginia Short Sale Realtor
Our Blog

Recently Closed Short Sale
Lorton Valley
Lorton, VA
$599,000
* - Investment property
* - Two mortgages
* - Current on mortgage payments
* - No cash due or promissory note

Alexandria VA Townhouse Short Sale

Recently Closed Short Sale
Alexandria, VA
Stonegate
$515,000
* - HOA liens paid by lender
* - Two mortgages
* - No cash due at closing
* - No promissory note
* - closing costs paid to buyer
 

"I now realize that I may not have gotten through the transition so smoothly if it had not been for her expertise in an area most Realtors do not care to touch! Tamara has a heart for her clients and it is evident in the dedication she exhibits. I would highly recommend her to anyone searching for a home or trying to get rid of one." - E. Dawson

"Her attention to every detail and willingness to go beyond her area of responsibility was a huge factor in getting my place sold in a timely manner. Selling my home was very stressful and Tamara made the process as easy for me." - J. Bain

How To Stop The Foreclosure Process 

There are a myriad of ways that unforeseen hardships can change the joy of owning a home into an incredible burden. Maybe you've lost your job, or have unexpected medical bills beginning to pile up, or your monthly mortgage payments have increased beyond your current budget. No matter what the cause of your troubles, ignoring the problem won't help, it will only make it worse. You must act quickly to resolve the issue.

The following are a few examples of how to stop a foreclosure on your home:

1. Look for Other Sources - Most homeowners don't realize they have a variety of resources that can aid in making mortgage payments to avoid foreclosure. Consider the income created by unemployment or disability insurance and your savings as possible cash-flow resources. Other examples include slashing the household budget by trading in expensive items like cars, boats, and motorcycles for cash. Even retirement funds can be used, but beware that many people with access to their retirement funds can be penalized for early withdraw and face increased income taxes.

2. Contact Your Lender - If you have reviewed all possibilities of creating cash-flow to pay your mortgage, then it's time to reach out to your lender. Do this as soon as possible! Your ultimate goal in contacting your lender is to create an agreement that will alter your mortgage so that foreclosure proceedings can be stopped before they are finalized.

3. Review the Options - After contacting your lender, or in some cases the servicing company that handles the loan for an investor, you may have other options available. Typically lenders are not required to make adjustments to your loan, but many will consider it a viable option--one that benefits the lender and you and can include refinancing.

Possible options to discuss with your lender include:

  • Loan Modification - You may be able to change, or modify, the terms of your loan.  This can include reducing the principal balance, your interest rate, and/or your monthly payment.

 

  • Deed in Lieu of Foreclosure - In this option, your lender may accept the return of the title to your home, but beware that the lender may still sue for loss and report any uncollected funds due to loss to the IRS as taxable income to you. This option may have negative effects on your credit report.

  • Claim Advance - If you have a private mortgage lender, they will often provide a cash advance to bring your loan payments up to date. Sometimes this money is interest free and may not have to be repaid for years.

  • Re-Amortization - In this option the payments you have missed are added to the balance of the loan, making your account current. Your debt will increase and your monthly payments will be higher unless the lender also agrees to extend the term of the loan.

  • Short Sale - Considered by many one of the best options available to avoid foreclosure, the short sale is an increasingly popular option. In this option, the lender accepts less than what you owe on the property, relieving the homeowner of debt. Lenders are often willing to accept a short sale because it greatly reduces the expense and time involved in foreclosure proceedings. In most cases, a short sale does less damage to your credit than a foreclosure. A qualified REALTOR® will be exceptionally helpful in completing the short sale process with you.

One note of warning, beware of any company claiming that they guarantee they can stop any foreclosure no matter what you owe. The Federal Trade Commission recently compiled a list of warning signs that a "foreclosure fixer" company may be a scheme. Those warnings include any company that requires you to pay for services upfront, tells you to send mortgage payments to it directly, or asks you to turn over the property deed, or tells you to avoid contacting your lender directly.

If you know of a friend, family member, or loved one who may be experiencing difficulty making their mortgage payment, please click the button above to refer them to this website.

Brought to you by:

Tamara Inzunza, Associate Broker

RE/MAX Executives 
Certified Distressed Property Expert (CDPE),
Certified Residential Specialist (CRS)

2104 Mount Vernon Avenue
Alexandria, VA 22301
(703) 623-8759

Email

Certified Distressed Property Expert       

Copyright© 2016 - Pro Step Marketing, All Rights Reserved.

Terms of Use - Privacy Policy - Contact Policy

Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

Site Powered By
    prostepmarketing.com
    Online web site design