Activities or Actions to Consider

FIRST AND FOREMOST DO NOT PAY ANYONE ANY MONEY TO CONSULT WITH YOU

This Package is provided Free of Charge to Homeowners with their property in foreclosure proceedings.

Homeowner Foreclosure Mitigation Consultant (720) 272-5799
Helpline@FMSrvcs.net

Dear Homeowner,

Our Help Line consultants want you to have this important information concerning several great options you have regarding your property and its current situation.  The Help Line can be reached at (720) 272-5799 or Helpline@FMSrvcs.net

We want you to know that you have several options other than losing your home in foreclosure.  Please read these options and feel free to call me anytime to discuss the right option for your situation.  There is absolutely NO CHARGE for requesting help.  We are here to help you any way we possibly can.

Once you decide to work with me, we will contact the bank together (on your behalf) and this will take tremendous pressure off you.  Banks can attempt to take the easy way out for them and offer ways to talk you into giving your house back to them which is great for them and terrible for you.  If you choose that option, you’ll end up with a foreclosure on your credit report and a possible deficiency judgment.  The bank never tells you this vital piece of information. 

BANKS ALSO DON’T TELL YOU THAT THEY WILL REDUCE YOUR PRINCIPAL BALANCE AND YOUR INTEREST RATE.

My job is to help you make the right decision for your situation.  Since each situation is different, I want to share this Information Package with you so that you will understand your choices and make a good decision for your family. 

Here are some of your options:

  1. A Loan Modification – Stops Foreclosure
  2. A Forbearance Agreement – Stops Foreclosure
  3. Equity Partnering with Homeowner – Stops Foreclosure
  4. Subject-To – Stops Foreclosure
  5. Short Sale – Stops Foreclosure
  6. Chapter 13 Bankruptcy – Puts Foreclosure on Hold
  7. Deed-in-Lieu of Foreclosure – Stops Foreclosure, but forfeits Homewowner’s Equity
  8. Loan Modification – Stop Foreclosure, but marketable to primarily investors, typically forfeiting Homeowner Equity
  9. Try to sell your home As-Is Try to Sell Your Home with a Real Estate Agent/Auction
  10. Refinance Your mortgage– Stops Foreclosure if and when possible
  11. Sell As-Is via real estate agent with or without an public auction
  12. Do Nothing and Lose Your Home – Typically resorted to when don’t know options above… just overwhelmed emotionally

Please take a few minutes to read each of these options.  I will be awaiting your call at (720) 272-5799 or Helpline@FMSrvcs.net

Sincerely,

Pre Foreclosure Mitigation Project Services Team is there to help you know, understand and exercise your options. Again all parties win when you choose the right option for you and your family and overcome challenges in completing the option processes.

In December 2010 the Federal Trade Commission came up with what we believe is a fantastic bill.  It is called the “MARS ACT” – Mortgage Assistance Relief Services.

This bill applies to anyone who offers homeowners assistance with their mortgage: attorneys, real estate investors, real estate agents, mortgage brokers, and more.

Here is the long and short of it:

  • No one can charge you a fee in advance for anything
  • No one can advise you to cease communication with your bank
  • No one can charge you a fee as they do certain parts of the service
  • No one can make guaranteed promises as to what they can do for you
  • They must tell you that when you choose options 3, 4, 5 and/or 8 for your benefit that they typically require that you avail yourself of a for-profit company and that they will make money when they provide these services
  • They must not tell you to stop making payments to your bank and must advise you of what will happen if you continue to miss payments
  • They can’t tout special “insider” bank information to make you feel they have more experience than they do
  • You are able to walk away from the deal if at any point you feel uncomfortable and want out
  • No one can practice deceptive practices knowing that you are a homeowner with no experience in this arena
  • Basically – NO ONE can take advantage of you!

In order to comply with the MARS ACT, we want you to be aware that it exists and it is our intention to follow it to the letter. Please sign your name and date this explanation agreeing that you have read and understand it: Authorization To Release

Homeowner(s)                                                                                               Date

For a full disclosure of the MARS ACT please research it online.

Listen to these links for explanations of options 1-4

Listen to these links for explanations of options 5-10

WHAT SHOULD WE DO AS HOMEOWNERS?

Loan Modification, Forbearance Agreement, Equity Partnering with Homeowners, Subject-To, Short Sale, Bankruptcy, Deed-in-Lieu, Sell with a Realtor, Refinance, or Do Nothing and Go to Foreclosure.

This information is a quick reference to help you decide what is best for you and your family.  Please contact an attorney for legal advice, an accountant for tax advice, a mortgage broker for loan information and questions, or a real estate broker for real estate information and questions; however, read the last few pages of this handbook first.

Step 1: What’s best for my family?

You need to ask yourself today whether you want to live in your home or move?  What’s best for your family?  The following pages will discuss several areas of your financial and family needs. This is just a guideline which offers suggestions and ways to help you.  Each family has their own individual needs, so we suggest that you use all resources available to you.

Continue to live in my home

  1. Family Budget
  2. Loan Modification (Option #1) or
  3. Forbearance Agreement (Option #2) or
  4. Bankruptcy (Option #6) or
  5. Refinance your mortgage (Option #9)
  6. Who can help me? WE CAN!

Move out of my home      

  1. Family Budget
  2. Subject-to (Option #4) or
  3. Short Sales  (Option #5) or
  4. Deed-in-lieu (Option #7) or
  5. Try to sell your home with a Realtor or Auction (Option #8) or
  6. Foreclosure by doing nothing and lose your home  (Option #10)
  7. Who can help me? WE CAN!
  8. Important Resources that are Free…

What programs are available for me?

You’ll need to complete an Income and Expense Worksheet (see the Family Budget for this form). It would be very helpful and will save you time if this was completed before you talk to loss mitigation at the bank. There are several programs available in which the bank’s loss mitigation person will discuss with you:

  • Second Lien Modification Program (2MP)
    • FHA Home Affordable Modification Program (FHA-HAMP)
    • USDA’s RHS Special Loan Servicing
    • Veteran’s Administration Home Affordable Modification (VA-HAMP)

REMEMBER, the laws change so often, so check to see what options your bank currently offers.

If you have further questions, email us at Mitigation@FMSrvcs.net or call (720) 272-5799.

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