07/25/2020
Simple Solutions
We Provide Information & Resources
Guideline to save your Home and Credit
What Options your Lender provides to assist you?
Have you asked about their Mitigation package?
Loan Modification = A loan modification is a response to a borrower’s long-term inability torepay the loan. Loan modifications typically involve a reduction in the principal balance,interest rate or an extension of the length of the term of the loan.
Principle reduction - A principal reduction occurs when a lender cuts the amount that a borrower owes on a home to something more affordable. (decrease granted toward the outstanding principal balance owed on a loan)
Applying for Financial hardship or forbearance is a special agreement between the lender and the borrower to delay a foreclosure. When mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose. If a temporary hardship causes you to fall behind in your mortgage payments, a forbearance agreement might allow you to avoid foreclosure until your situation gets better. ... In forbearance agreement, unlike a repayment plan, the lender agrees in advance for you to miss or reduce your payments for a set period of time.
Short Sale - lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. short sales take a long time to process because the bank must give its approval to accept an offer for less than is currently owed on it.
Chapter 13 BK - According to the Fair Credit Reporting Act, a bankruptcy can only remain on your credit for up to ten years after your filing date. However, a Chapter 13 bankruptcy will typically be removed from your credit report after seven years. Not able to pay the full amount your lender request in order to reinstate the mortgage? Sale date is set.
Save your credit in order to purchase another house or rent
Real Estate Agent - List your property with a realtor on the MSL. This process may take up to 6 Months to close
Simple Solutions – buy as-is fast close 7 to 10 days no commission or realtor fees no closing cost
Take over Mortgage payments reinstate your loan which saves your credit
Provide relocation cost to owners that need to move to a new location & other expenses
Free service, No cost to the owner.
Simple Solutions provide additional resources to owners that we can refer
Website resources: On foreclosures
https://www.nolo.com
We are here to serve & assist in any way that we can.
Scott Buys Houses - Solution base Company to help solve solutions for homeowners
