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Chapter 1: What it Means to Be "Upside Down" or "Underwater" on Your Mortgage.
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Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance on the loan. Homes with negative equity are often referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down".
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Chapter 1: What is an "Upside Down"
or "Underwater" Mortgage?
Chapter 2: Mortgage Delinquency
Explained
Chapter 3: Homeowners get $25M bailout.
Chapter 4: What is a Foreclosure?
Chapter 5: Mortgage Modification
Explained
Chapter 6: What is a Short Sale?
Chapter 7: What is HAFA?
Chapter 8: Bankruptcy 101
Chapter 9: Arm's Length Transaction
Explained
Chapter 10: Why you need a CDPE
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Chapter 2: Mortgage Delinquency Explained.
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A mortgage for which the borrower has failed to make payments as required in the loan documents is said to be delinquent. If the borrower can't bring the payments current within a certain time period, the lender may initiate foreclosure proceedings.
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Call a CDPE today to see if
you are eligible for a bailout.
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Chapter 3: Why banks must pay $25B to homeowners for bailouts & principle reduction.
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In February, 2012 the government announced a settlement with major banks on the robo-signing scandal. Alex Charfen discusses who gets this money and how it impacts homeowners who are upside down on their mortgage and need help. Call a Certified Distress Property Expert (CDPE) today to find out if you are eligible for any one of these bailouts.
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Chapter 4: What is a Foreclosure?
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Foreclosure is a specific legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
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Chapter 5: Mortgage Modification Explained.
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Payments of interest and principal are made to a mortgage lender until the mortgage is paid off in full. Generally speaking, any change to the mortgage's monthly payment, interest rate, terms or outstanding principal is considered a modification. Home Affordable Modification Program (HAMP) is a government program designed to streamline the modification process and must be attempted before a short sale is considered by the banks.
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Chapter 6: What is a Short Sale?
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A short sale is initiated by a homeowner to allow a property to be sold for less than the amount of the mortgage. This usually occurs when the market drops and the property is worth less than the current mortgage. A short sale is usually facilitated by a "loss mitigator" who negotiates the debt owed down to level where the property can be sold.
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Home Affordable Foreclosure Alternatives (HAFA) is a government program designed to streamline the short sales process and offer financial incentives to homeowners. It provides two options for transition out of a mortgage: a Short Sale and a Deed-in-Lieu (DIL) of foreclosure. A short sale saves your credit but be aware, a DIL, termed a "friendly" foreclosure, has the same devastating effect on the borrower's credit history as the 'unfriendly" foreclosure.
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Chapter 8: Bankruptcy 101.
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Bankruptcy is a legal status of an insolvent person or an organization, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
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Chapter 9: Arm's Length Transaction
Explained.
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Arm's Length Transaction (ALT) is a transaction in which the buyers and sellers have no relationship to each other. Lenders require an ALT affidavit to be signed by all parties when negotiating a short sale or other loan modification. Providing false or misleading information on an ALT agreement can be considered fraud by the courts and a violation of federal law and/or subjected to civil liability.
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Chapter 10: Why You Need a CDPE.
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A Certified Distressed Property Expert® (CDPE) is a licensed real estate agent trained to understanding the complex issues in today’s turbulent real estate industry & communicates available homeowner's foreclosure avoidance options to the owners. There should never be any cost to homeowners for these services. The bank pays all CDPE fees..
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