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Posted: Tuesday, May 2, 2017 9:28 AM


Are You Doing A Loan Modification And About To Kill Someone?

Why Should You Avoid Foreclosure

  • Utah is a "Deficiency State". After foreclosure, Utah homeowners can expect a deficiency judgment that includes money lost when your mortgage servicer sells your home, Attorney fees, Realtor fees, unpaid property taxes, late fees, unpaid interest, etc.
  • A major blow to your credit that may take years to recover.The new debt accrued from your deficiency judgment will also lower your credit score.
  • When the time comes that you can finally qualify for a new mortgage, you will pay a higher interest rate becasue of your previous foreclosure.
  • Credit Checks. Most future employers will run a back ground check that will also include a credit check. Current employers also have the right and will check credit regularly of all employees who are in sensitive positions, or have security clearances.

Selling Your Home May Be A Good Option

  • If you have equity in your home, sell your home. I am a real estate investor and can quickly purchase your home at a price acceptable to you. If you want to pursue all of your equity, we can sell your home on the MLS at a reduced commission rate.
  • If you have no equity, or not enough equity, you can short sale your home. It does not matter what your situation is or the condition of your home.

Why A Short Sale May Be A Good Option

  • No out of pocket fees. Your mortgage servicer will pay your Realtor fees and closing costs.
  • You can settle other liens with a short sale. If there are other liens attached to your home, such as a 2nd mortgage, Home Equity Line (HELOC), judgments, or HOA lien, these can also be wiped out in a short sale.
  • You can stay in your home another 3-6 months. If possible, your motgage servicer prefers you stay in your home until the short sale proicess is complete. You will not be requied to make payments or rent during the short sale process.
  • A short sale can be done on any home, in any condition. In any circumstance, your mortgage servicer would prefer to short sale your home than foreclose.
  • Most homeowners will receive $3,000 relocation money after a successful short sale.
Mark Yeates
The HomeOwnership Company
(801) 755-0490
Selling Utah Homes Since 2004

825 N. 300 W. #C427, 84103    google map | yahoo map

• Location: Salt Lake City

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