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Is Foreclosure Right For You?
Filed Under foreclosure
If you are facing or considering foreclosure, you’re not alone.
The foreclosure rate is up 60% in February and homeowners nationwide are struggling to make ends meet. The most common options are 1) Hang on and hope, 2) Sell if you have equity, 3) Foreclosure, 4) Bankruptcy, 5) Short Sale, and 6) Deed In Lieu of Foreclosure.
Depending on the state you live in there may be another option that is very appealing. For example in Arizona there is a way to walk away from a property without a foreclosure and without damaging your credit.
Warning: There are many scams and rescue programs out there dealing with foreclosure, this is not one of them. Be sure to complete your own due diligence for any such program or claim.
The Arizona Foreclosure Away Program
Is a program based on state and federal law that allows a property to be returned to the lender that prevents a foreclosure or deed in lieu from ever happening. Basically, a foreclosure never takes place so no foreclosure can be reported. The program cost is about 1.5 times a mortgage payment.
We’ve actually gone up against Fannie Mae and although they first protested our program once the laws were explained to the them they accepted the property and stated in writing the transfer to the lender would be reported to the credit bureau as a ‘voluntary conveyance’, would not mention foreclosure, and that no 1099 would be issued!
If you have Arizona property check out this site. If you are in other states similar programs may exist.
Author: Gerald Romine
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Gerald,
Now the Governor is advising her constituents about foreclosure yet not even a mention on contacting investors like yourself.
When she says: “I spoke with all the major lenders,” did she chew their asses out for their unregulated sub-prime loans that are at the root of all this suffering?
One wonders . . .
See for yourself:Friday, March 21, 2008
Dear Friends,
Foreclosure rates are high in Arizona and across the country – many Arizonans have family or friends in fear of losing their homes. A feeling of powerlessness is common among these homeowners, who may feel there’s nothing they can do if they start to fall behind on their mortgages.
Help us get the word out: This isn’t the case. If you or someone you know is in this situation, please take a minute to learn about steps that can be taken.
First and most importantly, people falling behind should call their mortgage lender to talk to them about possible options. Many borrowers are afraid to call their mortgage lenders when they start falling behind. They shouldn’t be. Calling one’s mortgage lender is probably the most important step a borrower in trouble can take to help avoid losing a home to foreclosure.
I have spoken to all of the major lenders in Arizona, and most of the time, they would rather re-negotiate a mortgage to find a fixed rate that allows a borrower to pay what he or she owes, rather than force a borrower into foreclosure. This way, the mortgage lender continues to be paid, and the homeowner stays in his or her home. We have seen a high success rate when borrowers take the initiative and call their lenders – so it’s important that those falling behind take this critical step.
There is some other help available to borrowers falling behind. There are credit counselors at the HOPE NOW program who are available through the hotline at 1-888-995-4673. These credit counselors can talk to homeowners about their situation and their options.
Of course, people who take these routes will still have to pay their mortgages. But they may be able to find help in keeping their mortgage rates affordable, and therefore keeping their homes.
You can always call my office 602-542-1318 for any of this information, or if you have questions or thoughts. Information on HOPE NOW is available at http://www.hopenow.com. Also, you can visit my Web site at http://www.azgovernor.gov for information and news in state government.
Yours very truly,
Janet Napolitano
Governor