If you are having trouble making your payments, in foreclosure or owe more than your home is worth - read this:
Today's financial climate and troubled real estate market has put millions of homeowners in a distressed situation.  Specifically, homeowners are finding that they owe more on their home than it is currently worth (and may be for some time)  or there has been a unforeseen change that has made it difficult or impossible to make their mortgage payment.

WE CAN HELP!  The answer to your dilemma can come in several forms and we are here to help you navigate the available options so that you can determine the course of action that best meets you needs.  There is no cost to you for this service and we will be glad to discuss your situation over the phone - just call me (Vince Tomardy, Qualifying Broker) direct at 505-891-0900 or email your questions to vtomardy@cableone.net.  The best time to take action is at the first sign of trouble - don't wait for a foreclosure notice!

Determine if you want to stay in your home or sell.
In some situations, selling makes more sense then staying.  If you are underwater (owe more than the property is worth) then you may have decided that it is more advantageous to cut your losses and move on - the Government has recognized this and has implemented a program that may make this a viable option for you (see below).  Depending on your situation, renting the same model home that you currently own may cost you less and allow you to start the process of "healing" your credit so that you can purchase another home in the next 24 to 60 months.  You could also consider purchasing another home on a Real Estate Contract which requires no credit check.

On the other hand, staying on your home may be your best option and the Government has come out with programs to help modify your payment to a level that you can afford.  Neither of these options are simple to navigate and both have consequences that will affect your ability to borrow in the future and may even leave you with a deficiency judgement for the outstanding balance,  The bottom line is that you need to take control of the situation in order to create the best possible outcome.

If you want to stay in your home.
Even if you have received notice that the Foreclosure process has started you may be able to stop these actions and modify your payments under two Government programs designed to force lenders to modify your current loan.  This may be possible if you have an income and can demonstrate the ability to adhere to the modified payments.  Under these programs, the lender can lower your interest rate, extend your term, forebear or forgive a portion of your loan balance and must stop all foreclosure proceedings immediately.  Not all lenders participate in this program - call us at 505-891-0900 or email me for more information or for assistance determining if you qualify.

If you decide that selling your home is the best option or you do not qualify for a plan to modify your payment.
If you have made the decision that selling is your only option, you want to make sure that you have equity and can afford the closing costs - we can help with a free market analysis to determine the market value of your property and an estimated net out which calculates the costs that are typically incurred by the seller in a sales transaction.  If it turns out that you are "underwater" on your home and will not be able to close without bringing money to the closing table the Government has a program that allows you to sell the home for less than you owe (short sale) and does not allow the lender to go after you for the deficiency.  Under this program, the lender will pay all of the closing costs and any back property taxes or HOA fees - they will even write you a check for up to $3,000 to help with your moving expenses.  Again, not all lenders participate in this program - call us at 505-891-0900 or email me for more information or for assistance determining if you may qualify.
 
If your lender has started FORECLOSURE proceedings - a new Government program that was implemented on 04/05/10 can stop the process and give you the opportunity to work out a plan with your lender.  Call me at 505-891-0900 or email me for more information.  My goal is to help you find the solution that best meets your needs so that you can put this behind you and move on  with dignity and respect - don't delay, call me at the first sign of trouble.

IF YOU ARE BEHIND ON YOUR PAYMENTS, ABOUT TO MISS A PAYMENT, UNDERWATER ON YOUR MORTGAGE OR IN FORECLOSURE THE TIME TO TAKE ACTION IS NOW.  CALL OR EMAIL AND WE CAN GO OVER YOUR OPTIONS