Real Homeowner Stories: A Fresh Start

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are all alone and that there is no one who can help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Dan and Jessica M. of Grand Blanc Township, Michigan.

For Dan and Jessica, their homeownership dream always involved building a house on a piece of land. “We build a house on half an acre,” said Dan.

In order to achieve their dream, they stretched a little beyond what they were comfortable with by getting two adjustable rate mortgages, a common practice at the time. “The introductory rates were 8.5% and 11.5%, but our lender said, ‘Don’t worry, you can refinance after two years.’”

For a while, they were getting by. Then, a couple of things happened. “We had our first child, and soon afterward, Jessica lost her job,” said Dan. “Soon, bills started piling up.”

Because they believed they’d be able to refinance, they started paying their bills on credit cards. “We hung on for the full two years hoping we could refinance at a lower interest rate, but when the time came, our lender said no because our home’s appreciation was too low.”

Dan and Jessica needed help. A friend referred them to a real estate agent who was a Certified Distressed Property Expert®. The agent answered their questions. Most importantly, the agent explained the difference between a foreclosure and a short sale. In a short sale, the bank agrees to allow the home to be sold for less than the amount due on the loan.

“With this information, we were able to decide that a short sale was our best option.”

It was a stressful process, but the agent helped them tremendously. She even kept a potential buyer from walking when the process was taking longer than expected. “Honestly, if it weren’t for her, the buyer would have left and we’d have been stuck.”

Dan and Jessica’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me at 317.442.9786 or cbreneman@prudentialindiana.com for a free, confidential consultation.

Get Paid to Sell the Home You Can’t Afford!

When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure.

One of the most talked about elements of the MHA program is the Home Affordable Foreclosure Alternatives program, or HAFA. The HAFA program creates options for homeowners who owe more on their mortgage than the property is worth and don’t know what to do. Even better, it allows relocation assistance of $3,000 to be paid to eligible homeowners in this situation.

HAFA also helps the process go more quickly by mandating that banks keep in contact and make decisions in a timely fashion. To learn more, you can download my free report entitled “Struggling to Make Your Mortgage? Uncle Sam May Pay You to Sell Your House!” by filling out the form below. 

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I offer all of my clients the benefit of the best expertise and insights when it comes to foreclosure avoidance.

Contact me at cbreneman@prudentialindiana.com or 317.442.9786 if you would like to learn more about how this program may be able to help you.

Real Homeowner Stories: A Miracle in the Form of a Red Envelope

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are alone and that there is no one to help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Punipuao W. of Hawaii.

Punipuao found herself struggling to keep her home after her husband passed away.  “With only my income, I was no longer able to make my monthly mortgage payment,” she said. Faced with the prospect of losing the home she and her husband had bought together, she began looking for alternatives to help her keep the home.

She pleaded with the bank for relief, “but their responses gave me little information and even less hope.”

The prospect of losing the home she and her husband had shared for over 20 years was difficult. “I was so distraught,” she said. “I did not know where to turn.

“Then, one day, my miracle came through a red envelope in the mail.”

In the envelope was a note from a local real estate agent with the Certified Distressed Property Expert designation (or CDPE). This designation meant that the agent was trained specifically to help people like Punipuao. She called the agent.

“About four hours after I made the call, he was at my door offering help. I told him my story.” In merely two days, she received a call from the bank saying that the president of the bank was reviewing her file. “That was a good sign,” she said.

A few days after that, Punipuao had been approved for a trial loan modification. “There were many tears of gratitude at the miracle that came to me in the form of my agent. I thank God for sending me that miracle.”

Punipuao’s story is just one of many.  I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me at 317.442.9786 or cbreneman@prudentialindiana.com for a free, confidential consultation.

Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability. 

As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me at 317.442.9786 or cbreneman@prudentialindiana.com for a private consultation. I can help find a solution!

WHAT HAPPENS WHEN YOU DEFAULT?

This is the first in a series to help homeowners facing default.  Many homeowners don’t realize that there are options available to them other than losing their home to their lender through foreclosure. 

WHAT HAPPENS WHEN YOU DEFAULT?

When you miss a mortgage payment you are considered to be in default.  Some times your lender will contact you to see about the missing payment, many times they don’t.  As a general rule, lenders will not contact you until after at least 30 days have passed since many defaults get rectified within those first 30 days.  If your lender calls, talk to them, if they don’t call, you call them.  Either way, get them on the phone and  talk to them!   Explain to them why you have missed your mortgage payment, if you are going to be able to continue paying your mortgage or not, and if you would like to stay in your home.  Don’t be afraid or embarrassed to talk to them, they do have solutions to help you.

If you miss one payment the lender’s first solution is going to be to take that missed payment and spread it out over a few months (most likely three) to get you back on track.  If that would work for you and you can handle those extra bucks for the next three months then go for it.   But if you know that this situation is toxic and that you are not going to be able to continue to make your original payments once the shortfall has been made up, then it’s time to start thinking about your options.

Find out from your lender what options you have available and then talk to a professional to help you evaluate those options.

Next in the Series: They Are Not the Enemy!