Foreclosure Prevention Program3648
I, Dave Congdon, have recently become a Certified Program Administrator for Program 3648. You can read about the program below. I have done many short sales - PreForeclosure sales for my sellers and I have represented many buyers who have successfully purchased and closed on many Short Sale properties. If you are thinking of selling and would like to understand your options, especially if you are upside down in your mortgage, let me know. We will meet at your convenience and privacy to understand your situation, your plans, your desires and your options. All of my services are at no cost to the seller at all times - with no exceptions. If you are a buyer interested in finding that "Deal of a century".... I am also an Accredited Buyers Representative (ABR) with many years of experience and extensive knowledge about the Brevard County Florida.. Just let me know how I can best assist you with your needs.
About Program 3648
The federal government enacted H.R. 3648, the Mortgage Forgiveness Debt Relief Act, to help stem the tide of foreclosures by removing the tax burden resulting from debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with short sales. H.R. 3648 has been extended through 2012 under The Emergency Economic Stabilization Act, H.R. 1424. The Obama Administration has continued to pursue the foreclosure problem with the Financial Stability Plan that helps homeowners and lenders find solutions and alternatives to foreclosure.
Program 3648 is a privately sponsored nation-wide initiative to reach out to homeowners who are struggling with their mortgage payments and provide them with the information, guidance, and actual work that is required to avoid foreclosure. Certified Program 3648 Representatives volunteer their time to assist as many homeowners as possible and all services provided by Program 3648 are always free for every homeowner.
Our website, www.Program3648.org, provides you with the information, tools, and resources you need to understand the programs and options that are available to you. You can also link-up with a local Certified Program 3648 Representative that can discuss your specific situation and work directly with your mortgage company, on their behalf, at no charge.
Our mission at Program 3648 is to help millions of homeowners avoid foreclosure and take advantage of the programs that have been instituted to help them. We realize that the only way that we can accomplish this goal, is though a ground army of volunteers that are willing to go directly to homes, hold homeowners hands, and walk them through the process of working with their lender, and proactively remedying the mortgage problem.
DEFINITIONS ARE BELOW:
Programs and OptionsYour local Certified Program 3648 Representative will help you understand what options are available to you as well as let you know how you can work with your lender to take advantage of those options. |
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ForbearanceUnder a forbearance agreement, your lender may allow you to reduce or suspend payments for a short period of time. At the end of the forbearance period, you will begin making regular payments plus an additional amount of the past due payments each month until you are caught up. PRO: You remain in your home. A temporary reduced or suspended payment provides time needed to save money, pay off other bills, find employment or additional employment, or recover from injury or illness. CON: At the end of the forbearance period, your payment will be higher due to the past due amounts owed. Your mortgage payments could be 20% - 25% higher for a period of 1-year or more. Loan Modification
If you can make payments on your loan, but don't have enough money to bring your account current, your lender may be able to change the terms of your original loan to absorb your delinquent payments and make the payments more affordable. Your loan could be permanently changed by adding the missed payments to the back end of the existing loan balance, lowering the interest rate or making an adjustable rate fixed, or extending the number of years you have to repay your loan. CON: Because of additional debt such as credit cards, car payments, medical bills, and student loans, most people do not qualify for a loan modification. If you purchased your home with little or no money down or your home has depreciated in value at a rate at or near the national average, you may not quality. Short SaleIf you cannot bring your loan current, afford to make payments moving forward, or are unable to sell the property for the full amount of the loan, your lender may accept less than the amount owed as full payment. PRO: Under the terms of a short sale, your lender may forgive your mortgage debt in its entirety according to the terms outlined in The Mortgage Debt Relief Act of 2007. Fannie Mae has announced a reduced mandatory waiting period to establish credit history to 2 years after the completion of a short sale. This mandatory waiting period after a short sale is lower than the required 5-7 years following a foreclosure. CON: You must sell your home. Deed-in-lieu of foreclosureIf you are unable to bring your loan current or sell your home in a reasonable amount of time, your lender may agree to have you voluntarily transfer the deed to the property to them to help avoid the impact of a foreclosure on your credit rating. PRO: By voluntarily transferring the deed, you save your lender tens-of-thousands of dollars in foreclosure proceedings. If you are willing to do this, Fannie Mae has reduced the mandatory waiting period to establish credit history to a minimum of 4 years. This mandatory waiting period after a deed-in-lieu of foreclosure is lower than the required 5-7 years following a foreclosure.
CON: Although a deed-in-lieu of foreclosure may have less impact than and actual foreclosure on your ability to establish homeownership in the future, if you are going to cooperate with your lender and take a proactive approach, a short sale is generally the better option. |
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SELLERS: If you are at a point where a Short Sale or Foreclosure is in your mind with your own home, you should take the time to get the proper advice and counsel before you move forward ... OR if you just want to talk about your options, drop me an email at DVCongdon@aol.com or give me a call at 321-446-9440. Resource links that you might consider browsing are below:
- http://www.hud.gov/foreclosure - you can see foreclosure avoidance counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD); visit the HUD Foreclosure Web pages for more information concerning your options.
- http://www.foreclosurelaws.org - to determine the length of foreclosure proceedings in your your state.
- http://www.makinghomeaffordable.gov - Homeowners who are at risk of default may be able to take advantage of today's mortgage rates and keep their homes by refinancing to a 30 or 15 year fixed rate loan via Home Affordable Refinance, a component of the Making Home Affordable initiative launched in early 2009. Take a look.
- http://www.usfn.org - Attorney's who work with distressed owners may take into consideration the owner's current financial realities and allow for ways to navigate the process with little or perhaps no attorney fees upfront. Consider the U.S. Foreclosure Network (USFN) as a possible source for locating attorneys who specialize in bankrupcy and foreclosure processes and law.
I will continue to add resource sites for your ease of use as I run across them. If I can help in anyway... just ask. I have handled more Short Sales, Pre-Foreclosures both on the buying and selling sides than I care to think about these days .. unfortunately it is a way of life here in Florida for some time going forward. CALL or EMAIL if I can help in anyway.
BUYERS: If you would like me to send you a complete list of Brevard County area SHORT SALES, PRE-FORECLOSURES or BANK OWNED PROPERTIES.... just let me know and I will be happy to email you a targeted list that best meets your desires for a home. Please make sure that you are as specific as possible when describing what you are interested in. THERE ARE THOUSANDS, unfortunately, these days.... so please let me know the areas (or specific towns if possible) of Brevard County that you are most interested in, the age of the home that you are most interested in, how many bedrooms/baths, do you want a pool, how many garage spaces do you want, if you want waterfront (what kind of waterfront please, i.e. lake, canal, river, ocean), MAXIMUM price range you want to consider, and anything else that you can tell me. All of this will help me email you rapidly a targeted list of possible options for consideration. UNFORTUNATELY... be as specific as you can be... since the automated systems will only allow 70 or less at a time to be send.
If you have questions on the above... just drop me an email at DVCongdon@aol.com, or phone at nearly anytime, 321-446-9440. I hope to hear from you soon! CAN I HELP?
