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http://www.centralorproperty.com/y_key_44f119043f208591.html.
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Robert Page
20889 SE Westview Dr,
Bend, OR 97707
Office: 541-279-0250
Cell: 541-279-0250
Email: robert@centralorproperty.com
Building Long-Term Relationships!
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Foreclose or not to Foreclose?
Foreclosure doesn't have to happen and may not even be in your best interest. There are many options and in time many more will come. The decision to foreclose or not to foreclose is not an easy one. Nor should foreclosure be your only consideration. The decision to foreclose, file for bankruptcy or decide to sell the property short requires research and consultation from competent and honest professionals. As with all unfortunate events in our lives, the best time to correct the situation right now. My personal opinion is to start with your lender. Find out what they are willing to do and if their offer will result in the best possible outcome.
Resources
Consult with an attorney who is versed in Real Estate law, check for local and Federal government assistance programs in your area, consult with an accountant for current tax laws and you may even want to consult with a bankruptcy attorney. You may end up with conflicting advice which you will have to sort through and yet you may end up with a concensus recommendation from them all. I strongly believe in research followed up by one's own assessment of the situation leading to a final informed choice.
Visit this site for a quick glance at foreclosure law: http://www.westopforeclosureusa.com/foreclosure-law/
If you decide to sale short
Give me a call to schedule a no cost consultation. I will give you an honest assessment of your properties value and get you prepared for the process. Selling short can be a tricky process that I have navigated successfully through on many occasions. Remember, your lender would just assume not have to foreclose and would rather negotiate a short sale than go through the expense of the foreclosure process.
It Costs Lenders less to Negotiate
If a lender forecloses on your home they have to pay attorneys, third parties, contractors and even Realtors to get rid of the property. It costs them less money to negotiate with you to get the home sold before foreclosure!
Risk
Everything we do involves risk. Even doing nothing has risks and many times the risk associated with doing nothing is much greater than the risk of attempting to resolve the situation, even if the attempt results in failure. If at first you don't succeed...
Below is some information I have gleaned from multiple sources. I don't profess that the information provided will give you the golden answer nor do I promise you will find the best advice. The goal is simple, provide you with multiple sources of information so you can make the best and most informed decision. Always feel free to drop me a line and share your own findings with me. Doing so helps me provide you with as many resources as possible.
Update on Borrowers with foreclosures, short sales, bankruptcy
Recently, Fannie Mae made revisions to their guidelines for borrowers who want to buy a home, but have had a foreclosure, short sale or bankruptcy.
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Action
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Old requirements to get a loan to buy a home
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New requirements to get a loan to buy a home
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Short Sale
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No existing policy
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2 years from completion date. No exceptions.
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Foreclosure
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4 years from completion date.
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5-7 years from completion date with 10% down on personal residence and 680 credit score. After 7 years, no restrictions.
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Foreclosure with extenuating circumstances
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2 years from completion date
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3 years from completion date with 10% down on personal residence.
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Deed-in-lieu of foreclosure
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4 years from completion date.
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4-7 years from completion date with 10% down. After 7 years, no restrictions.
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Deed-in-lieu of foreclosure with extenuating circumstances
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2 years from completion date.
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2-7 years from completion date with 10% down. After 7 years, no restrictions.
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Bankruptcy (all but Ch 13)
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Eligible for new financing after 4 years from discharge
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4 years from either discharge or dismissal
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Bankruptcy Ch 13
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2 years from discharge
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2 years from discharge. 4 years from dismissal unless extenuating circumstances, then 2 years.
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Other Sources:
http://www.dfcs.oregon.gov./
http://www.bankruptcylawnetwork.com/2008/02/24/short-sales-foreclosures-credit-scores/
Mortgage Forgiveness Debt Relief Act of 2007
http://en.wikipedia.org/wiki/Short_sale_(real_estate)
What Next?
Give me a call, register below or drop me a line. Check back often, Laws are changing quickly and I expect the choices to grow.
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