Foreclosure permanently damages your credit.
We negotiate with your lenders to settle for less than you owe,
so you avoid foreclosure.
Owe more than your home is worth?
Lost equity due to market conditions?
Unable to sell an investment property?
Missed mortgage payments?
Facing a hardship?
Your lender may settle
for less than you owe, while
you protect your credit rating!
Our Commitment is to you.
The Distressed Real Estate Solutions Division of The Fuchs Group at RE/MAX Fine Properties provides real estate marketing services to avoid foreclosure and protect your credit rating. We provide legal, lending, and accounting professionals so you may explore all possible options.
A property is considered distressed when more is owed to the bank than the property is worth. A homeowner unable to make their mortgage payment due to job loss, change in marital status, or increased monthly payment due an adjustable rate mortgage will face very difficult legal and emotional decisions. Foreclosure is devastating to your credit rating and ability to purchase real estate in the future; it should be avoided if at all possible. Regrettably, many homeowners do not pursue their options soon enough to avoid foreclosure.
What we do and how we do it.
Distressed Real Estate Solutions supports both home sellers and buyers of distressed real estate. For “upside down” home sellers we utilize a proven high-degree-of-probability short sale process to sell your home prior to foreclosure which protects your credit rating. The bank pays our fees.
We support home buyers with an analytic approach of understanding community property values and opportunities.
Please click the ‘Contact Us’ button for a free confidential review of your situation and needs.
What does it mean when a homeowner is "short" on the closing?:
When a borrower owes an amount on the property that when combined with closing costs and commissions, is higher than the current market value.
A short sale occurs when:
A negotiation is entered with the homeowner's mortgage company or companies to accept less that the full balance of the loan at closing. A buyer closes on the property and the property is sold "short".
A foreclosure occurs when:
There is a legal proceeding by the lien holder in which they take back the property in order to recover the amount that is owed by the homeowner.
Alternatives to Foreclosure:
There are many solutions to foreclosure; click here to learn more about the pros and cons of each.
Links to web sites that provide information about foreclosure.
Foreclosure Q&A
Arizona Foreclosure Law
Common Foreclosure Terminology
IRS Home Foreclosure and Debt Cancellation
Arizona Foreclosure Process
Arizona Foreclosure Process Flowchart
Foreclosure Rescue Scams
Freddie Mac's - Do's and Don'ts of Foreclosure
Tax implications on Cancellation of Debt
Home Affordable Foreclosure Alternatives NAR FAQ
Following is a brief explanation of Foreclosure Alternatives, including their benefits and drawbacks:
Reinstatement
A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.
Forbearance or Repayment Plan
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.
Mortgage Modification
A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.
Rent the Property
A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, is able to convert their property to a rental and use the rental income to pay the mortgage.
Deed in Lieu of Foreclosure
Also known as a 'friendly foreclosure', a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.
Bankruptcy
Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.
Refinance
If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.
Servicemembers Civil Relief Act (military personnel only)
If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.
Sell the Property
Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.
Short Sale
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
This represents only a summary of some of the solutions available to homeowners facing foreclosure. Please call or email to discuss your individual situation.
The Distressed Real Estate Solutions division of The Fuchs Group at RE/MAX Fine Properties was established to support our clients facing life transitional events such as divorce, death, job loss, and home loss as a result of foreclosure. The goal is to provide the needed resources and bring exceptional service to both home sellers and buyers during and after their transition.
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS)
IMPORTANT NOTICE:
The Fuchs Group RE/MAX Fine Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.