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New improvements to rules regarding second loan modification and short sales

by the zac team @ RE/MAX Greater Atlanta

Good news! The government is now allowing loan modifications on second mortgages, lines of credit, etc., thereby enabling previously ineligible homeowners a second chance to relieve financial stress. These second loan modifications can be done in one of a few ways, such as reducing the interest rate and extending the life of a loan, or by automatically reducing payments on a second loan when the primary loan is modified.

Additional short sale options are also becoming available! Below is an excerpt from an article on Realty Times:

Under the new short sale incentive, lenders can receive a $1,000 payment from the U.S. Treasury for allowing the owner to sell the house for less than the amount owed on the mortgage and for accepting the proceeds as full repayment, rather than treat it as a short sale.

Lenders can also receive $1,000 for accepting a deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.

Homeowners who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs. To help stop second mortgages from blocking the deal, the Treasury will pay second lien holders up to $1,000 to relinquish their claims in such transactions.

Read more about the stipulations and details here!

Are or someone you know you facing possible foreclosure? You are not alone! And we can help. Zac is a Certified Distressed Property Expert, which uniquely qualifies him to work with homeowners who are struggling to make their mortgage payments. One option is a short sale, where, due to extenutating circumstances, your bank will let you sell your home in exchange for whatever sale price you can on your property. Our office is currently working with a number of short sales and has the resources to help our neighbors and community avoid foreclosure. For more details, please visit our website www.SavingFamiliesFromForeclosure.com!

"What are the most common mistakes that can prevent a short sale from happening?"

Short sales are very viable alternatives to foreclosure and can save you and your family a lot of heartache. However, you need to ensure they are done absolutely correctly or else you risk the deal falling through. One of the most common short sale mistakes is that the proposal is incomplete. Most agents do not understand the short sale process and what your lender will be looking for.

As a Certified Distressed Property Expert, Zac understands the short sale process in detail and will work with you to present a complete and cohesive proposal to your lender (in fact, he is working on a few short sale proposals today).

Not sure what constitutes a "financial hardship" that you would submit in your proposal? Click here for our blog on qualifying for a financial hardship for the short sale of your Atlanta or Decatur home.

For a free report with the seven most dangerous short sale pitfalls, please visit the zac team online at www.SavingFamiliesFromForeclosure.com and indicate which report you would like. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

"What consitutes a financial hardship and how do I qualify for a short sale of my Atlanta home?"

Many Atlanta, Decatur, and Buckhead residents are asking themselves this question and our phones have been ringing with these and other foreclosure prevention inquiries.
The simple definition for financial hardship is as follows:

A material change in between the day the mortgage was signed and today that has affected your ability to pay.

Financial hardship leading to a short sale can include issues such as:

  • Mortgage payment adjustment
  • Job loss
  • Too much debt
  • Business failure
  • Divorce or death of a co-borrower

First and foremost, a financial hardship is a verifiable issue that has or will cause you to miss payments or have financial difficulties.

For a free report with the other two must-have qualifications for a short sale, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Foreclosure Versus Short Sale: Homeowner Consequences

by the zac team @ RE/MAX Greater Atlanta

Many Atlanta and Decatur homeowners don’t realize that a successful short sale is a feasible way to avoid foreclosure. Did you know that your current employment could be at stake if your home goes into foreclosure? Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. However, a short sale is not reported on a credit report and is therefore not a challenge to employment.

 

For your FREE REPORT with a side-by-side comparison chart of short sales versus foreclosure with this information and more, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

 

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: The 7 Most Common Short Sale Pitfalls

by the zac team @ RE/MAX Greater Atlanta

A short sale on your home can be a viable option to avoiding the heartache of foreclosure. You want to ensure that you and your family avoid seven common traps that agents and homeowners fall into during this process!

The most common pitfall is pricing a property incorrectly, resulting in more expired and unsold properties. So how do you solve this issue?

For your FREE REPORT with the solution to this and the other six most common pitfalls, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

You don’t have to go another day living with the stress and fear of foreclosure! There are options such as a short sale, which can help you sell your home without the damaging and lasting effects of foreclosure!

 

A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and it is important you understand the reality of this process if this is a solution that you feel meets your current needs.

Some of these myths are:

You must be behind on your mortgage in order to negotiate a short sale

Listing my home as a short sale is an embarrassment

There is not enough time to negotiate a short sale before my foreclosure

Find out the truth behind these and four other common short sale myths with your FREE REPORT from the zac team. Just visit us online at www.SavingFamiliesFromForeclosure.com to request your copy. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Options and Solutions for Homeowners in Foreclosure

by the zac team @ RE/MAX Greater Atlanta

The current US housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. Don’t wait another day! The options for foreclosure are many and this FREE REPORT gives you a brief explanation of these solutions.

Did you know that you may be able to take advantage of a forbearance plan that could temporarily suspend your mortgage payments? Or a repayment plan that allows you to pay back portions of back payments over time?

Find out more about these and other foreclosure avoidance options with our FREE REPORT,Options and Solutions for Homeowners in Foreclosure.” Just visit us online at www.SavingFamiliesFromForeclosure.com to request your copy. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Three Must-Have Qualifications for a Short Sale Homeowner

by the zac team @ RE/MAX Greater Atlanta

While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple. Don’t wait for another day or another missed payment to go by! Find out if you qualify for a short sale and save your home from foreclosure!

In this FREE REPORT, we will explain the three major items that most lenders are looking for to see if you will qualify. The first thing a lender is going to look for in a short sale is that you qualify for a “financial hardship.” This is a verifiable issue that has or will cause you to miss payments or have financial difficulties. These issues can include mortgage payment adjustment, job loss, business failure, etc.

For your FREE REPORT with the definition of “financial hardship” (and to find out the other two must-have qualifications for a short sale), please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Displaying blog entries 1-8 of 8

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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