Jesse Gonzalez, Nashville Realtor, Facing Foreclosure – Act NOW!
As a Nashville Tennessee real estate market leader, Liberty House Realty LLC has helped many struggling homeowners facing foreclosure here in Nashville Tennessee and the surrounding communities.
We are a proud Better Business Bureau Accredited Business and we are committed to make your experience one you can tell your friends about.
First off, Liberty House Realty LLC is not a law or accounting firm. We are a real estate firm with extensive experience working with homeowners who are in distressed situations facing foreclosure. Situations like, loss of unemployment, divorce, or even the loss of a loved one. Our advice should not be considered legal or accounting advice and before anyone embarks on avoiding foreclosure, we recommend they speak with an Attorney and an Accountant to ensure they are choosing the best option for themselves.
When facing foreclosure or if you are worried you are going to miss next month’s payment, many will turn to their banks and ask for help while others will avoid talking with their bank. Talking with your bank is your best option and you should do this immediately. It’s important to understand that your bank has a process, has established procedures and these processes and procedures are drive by time. What I mean is, if you delay reaching out to them to resolve your delinquency, the options available to you to keep the home become very limited and in some cases, non-existent. One of the most difficult parts of my job is working with homeowners who waited till the bank set a foreclosure sale date before they ask for help. At this point, it almost becomes impossible to stop the foreclosure and save the home. Once again, this is because many of these banks have written down policies on what they will or won’t do to help you based on how far along you are in the delinquency. The sooner you act, the better. Do not delay contacting your bank, call today and ask for help.
As a delinquent homeowners, you need to understand your banks timeline and it’s also important to know, each bank is different. I am going to give you an example timeline here about what you can expect however, my timeline is generic and may not be representative of your specific bank. For example, if your payment is due the 1st of each month, most banks will give you a 15 day grace period so, they don’t start penalizing you till day 16 however, make no mistake, if the bank didn’t deposit your payment by the 1st, you are delinquent. If you still haven’t paid by the 16th, now you are delinquent and penalized. This is why sometimes you will get collections calls on day 2, even though you are still inside your grace period window. This is very true with Wells Fargo. Miss your payment even by one day, at they will start collection activity all most immediately, even though you have till the 15th before you are penalized.
So, let’s keep going with the example, let’s say you can’t make your payment because you lost your job and you are still unemployed but, your unemployment check is barely enough to feed your family, let alone pay your mortgage. Day 32 comes around…now, you have missed the first month but, you also can’t pay the 2nd month. Technically, with most bank, you will still be in Collections and yes, you will get the harassing calls, emails, text messages and mail but, don’t be afraid, be proactive. Call the bank, tell the your situations and see what they can do for you. During this phase, while you are still in Collections, the bank has programs that can help you. Programs like, Payment Plans, Forbearance, Special Forbearance, Cooperative Modifications, Government Modifications and possibly Cooperative Refinance, Government Refinance, etc…. My point is, CALL YOUR BANK! Don’t delay, act now because if you continue to delay, your options become limited, keep reading to find out exactly what I talking about.
Now, it’s day 90, you haven’t spoken with your bank, you haven’t answered their communication attempts, you are still unemployed, you still can’t afford your mortgage. You call the bank and say, we can make a payment….well, that may not be good enough now. Now, your file is no longer in Collections, it’s in Loss Mitigation and here, the bank is no longer concerned with helping you save the home, they are more concerned with reducing their loss when they foreclose you. This shift in mentality is why some of you tell me horror stories about how the bank won’t help you keep your home. It’s not because they can’t, it’s because at this point, they don’t want to. For them, it’s more of a financial decision in the best interest of the bank than it is about you. At day 90, with no plan in place, the bank starts considering the foreclosure and the options you have now are not to stay in the home but, how you end up leaving the home. Of course, you can just pack up, walk away but, that is never the best option, even at this stage, you have options and it’s on you to know your options. Of course, you can call us, we can talk to you about options or, you can visit several different websites but, most importantly, you need to speak with your bank. Sure, you may think I am crazy at this point but, I am not and let me tell you why. You bank will offer you incentives to leave the home gracefully, with their cooperation and provide you cash money. One of the programs we do all the time for our clients are short sales with cash incentives or moving allowances. That’s right, you can sell your home, less what you owe and, still get money from the bank to move on. In fact, Bank of America right now, is offering upwards of $30,000.00. Make no mistake, Bank of America isn’t the only bank offering short sale incentives, they almost all do. We did a Citi Mortgage short sale with incentive of $24,000 to a family of three and a Chase with an incentive of $8,000 for a single man. My point is, even though you may have to leave the home, want to leave the home or whatever your intentions are, the bank will still offer you incentives and by not speaking with them, working with them, telling them your intentions, you will never know. It’s on you to Know Your Options.
Now, you’re 120+ days past due, you haven’t called the bank or if you had, it’s been combative and you haven’t gotten anywhere with them. At this point, the bank will notify you of a foreclosure sale date and typically, it’s nothing more than a 30 day notice. You have no money to move, you don’t know what to do. You call me to help you and I will do all I can but, I can’t offer you any guarantees and tell you to prepare your family for the worst case scenario. We put the home on the market, we tell the bank you want to short sale, we discuss your incentive package,……but…….we just don’t have enough time to get an offer, get all required docs, submit it to the bank, get it approved and before you know, the foreclosure sale date is upon us and our hands are tied. The day of the foreclosure, I call the bank to confirm the sale completed, the bank’s Attorney lets me know it’s done and now I have to meet with you to inform you the bank https://www.bankofamerica.com/will proceed with forced eviction. You may not know this but, this happens all the time. If you don’t believe me, contact your local Sheriff’s department and ask them how many evictions they do a month. It’s staggering. As a REO / Foreclosure agent myself, who works with banks like, Bank of America, I can tell you that I have been on my fair share of assignments where I am knocking on the door, with the county Sheriff and a moving crew that goes in and moves everything to the front lawn. It’s not fun, it’s heart breaking and every time I do it, I feel like a little piece of me dies. The hardest part is when I am at the eviction and I ask the homeowner how it got to this point and they tell me, they didn’t know they had options.
As a real estate market leader here in Nashville Tennessee, Liberty House Realty LLC has helped many distressed homeowners and we can help you.
You can always find more information on avoiding foreclosure by visiting Google, Bing or Yahoo.
Jesus is a Real Estate agent at Liberty House Realty LLC (License Number: 00300859), covering the greater Nashville area.
Helping Nashville home owners avoid foreclosure with a short sale
Jesus Gonzalez specializes in short sales in Nashville.
I am your Nashville Short Sale Specialist Realtor
and Nashville loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.