Help Selling My Home

You can sell your home even if you owe more than it is worth or are current on your payments. Your financial crisis is most likely long term and Selling is most likely the right decision if any of the following situations apply to you:

1. You can no longer afford your current mortgage payment and will not be able to in the immediate future (1-2 months)
2. Your income has decreased or expenses have increased and the change is not temporary (1-2 months)
3. You are experiencing the Warning signs of foreclosure
4. Adjusting your budget has made little or no difference in your ability to make your mortgage payments
5. Your mortgage company will not workout your loan or delay foreclosure
6. You have equity in your home that you don't want to lose. Remember, the longer you delay the sale, the less equity you will have left.
7. Your money crisis is not temporary and you do not see your circumstances improving in the immediate future (1-2 months)
8. Your mortgage payment is scheduled to go up and you are already having difficulty making payments.
9. You are concerned about preserving your credit. Foreclosure stays on your credit report for 7 years and will most likely prevent you from purchasing another home for at least 5-7 years. Late payments and short sale only affect your ability to purchase another home for 24 months and are considered much less critical.
10. You no longer want to keep your home. This may be because you owe more than the home is worth or feel burdened by the home. Please email or call us now. We can help by starting the shorts sale process below.

Contact help@utahforeclosure.com for questions/comments.

The Short Sale Process

A short sale is paid for by the lender, and should never cost the homeowner a single penny! Foreclosure is a harsh legal process that can happen very quickly. You may feel that things are out of control and there is very little you can do. The opposite is true. The most important thing you can do to help yourself is act now! Fear of making the wrong choice and denial of what is really happening often stops homeowners in their tracks. Don't let fear stop you. There is no charge for our services unless we sell your home. We won't take advantage of you in your time of crisis. More information on scams and predatory practices.

Hiring a qualified professional-- As professional Realtors, we can help you through the confusing and often intimidating process. Our years of experience helping distressed homeowners makes the process quicker and easier. Most importantly, you have a resource you can count on for answers. Realtors provide valuable services to the homeowner and lenders:

• Determine "fair market value" for your home
• Protect distressed sellers from predatory practices
• Prolong foreclosure by working with your lender

Marketing your Home Our first priority is to get your home on the market ASAP! The sooner we start marketing your property the better. This is a race against time. We have an extensive marketing plan, which lists your home on nearly 50 of the most popular Real Estate websites. In addition to multiple photos we will create a flyer and virtual tour for your property, send out Just Listed postcards in your area, complete aggressive targeted marketing, market your property to our database, email local Realtors, etc. We will gladly share our entire marketing plan with you. Just ask.

Begin Negotiations with Bank We contact your bank and submit a full short sale package to them as soon as we list the property if they allow. Some banks will begin researching the property before receiving a contract, which allows us to receive approval faster! We will work with you and your lender to resolve the situation as quickly as possible and with as little headache for you as possible. Most sellers feel much more relieved and optimistic once we step in.

Offer Received Once an offer on your property is received we re-submit a full short sale package to your lender and aggressively follow up. We call on every short sale file several times a week to ensure that things never slip between the cracks. We will negotiate on your behalf to make sure that the bank accepts any fair and reasonable offer and we back up all offers with extensive comparable sales and strong market data.

Bank Approval Once we receive bank approval we are ready to close on your home! This generally takes 30-45 days but can take up to 90 depending on your lender and availability of all financial information.

Contact help@utahforeclosure.com for questions/comments.

Time line for default and foreclosure

Few people think they will lose their home, they think they have more time. Here's how it happens. Note: Timeline varies by lender.

• First month missed payment - your lender will contact you by letter or phone. A Counseling agency can help.
• Second month missed payment - your lender is likely to begin calling you to discuss why you have not made your payments. It is important that you take their phone calls. Talk to your lender and explain your situation and what you are trying to do to resolve it. At this time, you still may be able to make one payment to prevent yourself from falling three months behind. A Counseling agency can help.
• Third month missed payment - after the third payment is missed, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. You still have time to work something out with your lender. A counseling agency can still help.
• Fourth month missed payment - now you are nearing the end of time allowed in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount or worked out arrangements you will be referred to your lender's attorneys. You will incur all attorney fees as part of your delinquency. A Counseling agency can still help you.
• Sheriff's or Public Trustee's Sale - the attorney will schedule a Sale. This is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In Utah it can be as quick as 3 weeks. This is the move-out date. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.
• Redemption Period - Utah does not have a redemption period. Foreclosure is final.

Important: Stay in contact with your lender and get assistance as early as possible. All dates are estimated, and vary according to your mortgage company.

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