Life After A Loan Modification
Research suggests that homeowners would benefit greatly from working with a housing counselor AFTER being granted a loan modification. An independent study by the Urban Institute found that counseled borrowers were 67 percent more likely to be current on their mortgage payments nine months after a modification than non-counseled borrowers.
Part of a borrower’s success in keeping up with their monthly payments after a modification hinges on their ability to manage all of their expenses, including non-mortgage related finances.
The FAIR Counselors have helped homeowners assess their entire financial picture after securing a modification, and develop a realistic budget and personalized debt reduction plan for all of their obligations. This type of assistance is called Post Modification Counseling and consists of a homeowner engaging with a housing coach over a period of 6 months to ensure their entire financial situation has been addressed.
Our unbiased guidance is of the utmost importance in helping homeowners remain current on their modified loans, and better prepares borrowers for long-term financial success.
"Great things will happen when you get up, dust yourself off, and go after life with determination and courage."
- Billy Cox
A Loan Mod Denial is Not the End...
It's the Beginning!
If your loan modification has been denied, be assured: you're not the first person to experience denial, and you certainly won't be the last. After denial, your next step depends on the reason why you were denied, and where your home is in the foreclosure process. Your FAIR Counselor can explain everything to you, and make sure you are set up for success and know what your next steps should be.
Pay it Forward
Our Couselors do not charge a fee for assisting you with your loan modification. All we ask in return is that you give us a review, so homeowners in silimar situations will know that help is out there, and we are here when they need it. Click on any of the links below to give The FAIR Program a review!
The Courage To Start Over
After a financial crisis, families are taking deliberate steps to recover from the experience. Crises can force you to make rapid changes in your life. This can be difficult, but it also can lead to new opportunities.
Change is stressful, whether it’s positive change or negative change. Managing stress during times of change is vitally important. Employment loss and foreclosure are among the most stressful occurrences people experience. Learn to express your feelings.
Our FAIR Counselors are prepared to assist you with the transition you will be experiencing.
"The first step towards getting somewhere is to decide that you are not going to stay where you are."
Complimentary Relocation Assistance
We know that moving can be very stressful, especially when the circumstances are challanging. We are here to help! At anytime during the process you are able to work with our in-house Relocation Coordinator to assess your current financial situation, find a new place to call home, and get prepared and organized for your relocation.
Learn from Other Homeowners...
The FAIR Program helped us with our house. The people at the FAIR Program were very helpful. They were there from start to finish. I’d like to thank Gio and Haili for all the help they gave us. They were always there when... Wendy HamashitaLong Beach, CA
I want to tell you that having the opportunity to work with the program has helped me and my family come out of the nightmare we were in. FAIR has helped us return to our normal life, today we do not have the... Angel MartinezLos Angeles, CA
First of all, we were on a roller-coaster that was going down. This is because what we owed on the house was too high, and the value had gone down. The monthly payments were almost $3,000 dollars. With the help of Sean and... Alfonso AlonzoLos Angeles, CA
LISTING YOUR HOME FOR SALE
The Short Sale: For those who can’t qualify for a mortgage modification, a short sale might be an option. In a short sale, instead of losing a home to foreclosure, the seller accepts a lower bid for the property in the hope that it will increase his or her odds of selling quickly. Based on that offer, the lender agrees to accept less money than what is owed on the mortgage loan.
The Equity Sale: If you cannot afford your payments, and you're looking down the road at a trustee's sale, it is usually in your best interests to get the property sold before that happens. The lenders will generally be as accommodating as they reasonably can if you ask them and keep them in touch with what is going on. They don't make money on foreclosures; they don't want to foreclose. Thanks to California's Home Equity Sales Contract Act, once the Notice of Default hits, you are unlikely to be able to do business with investors except on an "emergency sale for 60% of value" basis (that being about what the those "Cash for houses" folks offer), so the sooner you act, the more money you will likely come away with.
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What Would You Do with $10,000?
The U.S. Department of the Treasury has announced that it will increase the amount of relocation assistance offered through the Home Affordable Foreclosure Alternatives (HAFA) program from $3,000 to $10,000. Effective February 1, 2015, a borrower participating in a HAFA short sale or deed-in-lieu of foreclosure (DIL) may qualify to receive $10,000 at closing to assist them with paying relocation expenses. A borrower, tenant, or non-borrower occupant living in the property may be eligible for the relocation assistance.
If your mortgage is a Wachovia Bank loan or an original Golden West Financial or World Savings, you are a prime candidate to receive a cash incentive. Although Wachovia Bank is now owned by Wells Fargo Bank, it continues to pay sellers for short sales, providing certain criteria is met. For example, in a Wachovia short sale, the bank might insist that the seller close by the contract date to earn the cash bonus.
The California TAP (transition assistance program) pays California residents up to $5,000 to do a short sale. To qualify, a seller must meet income restrictions and the seller's lender must participate in the TAP program.