“Help for Homeowners with Troubled Mortgages”
Uncategorized May 12th, 2008If you are currently upsidedown in your mortgage and the mortgage company is constantly calling you, then give me a call or send me an email for assistance. I'm with UpsidedownFlorida, and we help homeowners that are currently behind in their mortgages or owe more than the home is worth.
Our name is UpsidedownFlorida, but we help homeowners from all across the US.
We can get your loan modified without refinancing or if you need to get out from underneath the burden of the home we can prepare it for a short sale. We use a staff of real estate professionals and real estate attorneys on every deal.
So, if you or someone you know are having troubles making their mortgage payments, feel free to contact me. I'd be glad to help.
Sincerely,
Jamie L. Melton, Account Executive
UpsideDownFlorida
Cell: (904) 635-7549
Fax: (206) 338-6390
Email: jamie.melton@upsidedownflorida.com
"Let us fix your mortgage problems."
P.S. -
Due to the newness of the service we provide to the masses, I added a list of common questions that we have encountered here at UpsidedownFlorida. Hopefully, this information will shed light on our company and our services. Nevertheless, if you would like help with your current mortgage or you know someone that could use or help, feel free to call me for assistance.
What Is A Short Sale?
A short sale occurs when a lender agrees to accept a purchase price on a property for less than what is owed on the mortgage(s). In effect, the lender is agreeing to take a loss on the property to avoid having to go through the foreclosure process. Short sales are generally only accepted when a borrower is experiencing some form of hardship and can no longer afford the property.
Your Lender Does not want your home. They are in the business of Lending Money NOT property management. It comes down to simple math the bank rather take a guaranteed return on their investment today over a possible recovery of part of their investment 6-9 months later.
What Are The Advantages Of A Short Sale Over A Foreclosure?
There is far less damage to your credit for starters. A foreclosure is one of the most damaging things that can happen to your credit. A short sale will drop your credit score, but not nearly as much. A short sale will release you from all further obligations under the mortgage. If your property were to go to foreclosure, the lender is able to get what is called a deficiency judgment against you. This amount can easily be thousands of dollars depending on the size of your mortgage and their Loss.
Do you only help homeowners in Florida?
No, we provide this service throughout the US.
What Are The Advantages Of A Modification Over A Refinance?
Loan modifications do not require costly closing costs, title fees and points/broker fees. Most importantly however modifications do not have pre-set credit requirements or LTV restrictions that limit refinancing options for most homeowners.
How Long Will This Process Take?
Typically the process takes between 15-90 days. Each lender has different requirements and different time frames and thus each individual case is unique. Another important factor to remember on a short sale is that the time frame is dependent on how quickly we can get an offer on your home. In many cases, you may already have an offer or be working with an agent so this may expedite the timeframe
No, not always. Most banks/lenders will work with all homeowners; however the basis for them approving a short sale/Modification is that the borrower is experiencing some form of hardship.
Will A Loan Modification/Short Sale Affect My Credit?
When obtaining a loan modification there is no adverse affect on your credit. The lender agrees to the new terms of your loan with no negative repercussions. A short sale minimizes the damage to your credit that would be caused be a foreclosure. Typically, borrowers see a 50-100 point reduction in their FICO score following a short sale. This, however, is significantly less than a foreclosure which typically results in a judgment and remains on your credit for 10 years and a FICO score reduction of over 300 points. Please note that any reduction in credit score as a result of a short sale can also be impacted by your payment history on other accounts and other mortgages. Thus, borrowers with no other delinquent accounts see less of an impact on their score than borrowers with multiple delinquencies on their accounts.
Yes. The process is the same regardless of how many loans you have on the property.
It will be best for you to start the process as soon as you can after you've realized that you can no longer afford your payments. The earlier you can bring us into the picture, the earlier we can get our team negotiating with your lender.
What Is The Fee For Your Service?
We believe in 100% customer Satisfaction that is why we don’t charge you unless we are successful in providing you a mortgage solution. We do charge a non-refundable Processing Fee to cover the expenses we incur assessing the value of your property (appraisal/Inspection). For Short Sales our Processing Fee is all you pay during the entire process. We make sure that all commissions, closing costs and other fees are paid by your lender with nothing out of pocket for you.
Why UpsidedownFlorida?
Experience, Experience, Experience! We can't say it enough! We have over 40 years experience negotiating with lenders. Our team of Real Estate Professionals, Mortgage Consultants, and Loss Mitigation Specialist and Real Estate attorney's leverage their experience into getting you a solution to our mortgage problems. In addition, we have established relationships with almost ALL the major lenders/banks/credit unions which help make your process Fast and Easy. Most importantly, we guide you through all phases of the process and keep you informed on the status of your solution.