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Overcoming Foreclosure: Free Workshop on Homeownership Solutions

Are you struggling with your mortgage payments or facing foreclosure? Join our free workshop to learn about the options available to you, including loan modifications and short sales. Discover how to navigate financial hardships, understand your rights, and find strategies to keep your home or minimize your losses. Given the alarming foreclosure rates in California, we aim to provide valuable insights and resources to help you make informed decisions. Don’t face this challenge alone—register now for one of our upcoming sessions.

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Overcoming Foreclosure: Free Workshop on Homeownership Solutions

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  1. Hope Against Hope Free Workshop

  2. Free Workshop • When you owe more on your house than its worth… and don’t know what to do about it… • When you can’t afford the payments you have… and don’t know what to do about it… • When you just want to know what’s going on with your home today… and what to do about it…

  3. The Truth

  4. In California 1 out of every 34 families are in Foreclosure = 361,000 Filings First 6 months of 09 (Nationally 14% in Default)

  5. According to the OCC (Office of Controller of the Currency statistics) Loans modified in the 1st half of 2008: • 36% had re-defaulted in30 days • 56% after 6 months • 58% after 8 months

  6. Option 1:Staying The Course

  7. Option 2:Loan Modification

  8. What is a Loan Modification? • When your lender modifies the terms of your existing loan

  9. The Benefits: • Get to keep the house (markets cycle) • Lower Payments to Affordable • Principle Reduction

  10. What Must You Have?

  11. What Must You Have? • Hardship demonstrated by a letter & financial documents • Your package- “Insider Secrets” • Ability to repayunder new terms

  12. Obama’s ProgramMaking Home Affordable

  13. 1st Mortgage P.I.T.I Gross Incomex31%

  14. #1 Factor • Surplus vs. Deficiencies • Ideal DTI: 5-10% (- or +)

  15. Obama’s Program Expanded • Foreclosurealternative program

  16. The Two PartConversation

  17. Option 3:Short Sale

  18. What is the Cost? Intended VS. Unintended

  19. Intended: • Customary Cost of a RealEstate Transaction (Commissions, Escrow, Title, Transfer Taxs Etc.) • Your lender is “paying for the sale”(at their discretion)

  20. Unintended Cost: • Tax Liability • Special Provision: • Mortgage Debt • Forgiveness Act 2007

  21. The Reality • Success Rates: • National Average 10-20% • CDPE Average: 70-80%

  22. The Difference?A Winning Formula

  23. Top 5Benefits of a Short Sale

  24. Top 5Benefits of a Short Sale • Future Purchasing Power • Fannie Mae / Freddie MacGuidelines 2 Year • Credit History • Tax Break - MDFA 2007 • Current / Future Employment • Credibility

  25. Your Next Best Steps

  26. Next Workshop • Sacramento 2/25 12:00 - 1:00PM • Online 3/16 7:00 - 8:00PM • Santa Clara 3/25 6:00 - 8:00PM

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