Facing Foreclosure?

If you are facing foreclosure and are not sure what options you have, you are at the right place. There is a section that will help you understand the terminology and process of Foreclore, Short Sale and other options that may help you make an informed decision.

If you stop paying your mortgage, you could lose your home and damage your credit rating!

If you have any confidential questions, I am here to help and it is free! Please contact me via email cjoralmon@russlyon.com or my phone (928) 607-1813 We are all in this together and that is truly why I do want to help.

What is HAFA? and How can it help me?

Home Affordable Foreclosure Alternatives Program (HAFA)

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012.

Foreclosures and Terminology and Process

Pre-foreclosure The period beginning with initial mortgage default up to when the distressed property is sold. The length of what is considered pre-foreclosure varies depending on state laws

Notice of Default Notice of default is an official notice from the lender that the borrower has defaulted on the mortgage. The Notice of Default formally begins the foreclosure process.

Reinstatement Period   The time stipulated in the Notice of Default in Which the borrower may reinstate the loan making required payments and bringing ones account into good standing.

Short Sale    situation in which the seller owes more money on the loan than the sale of the property will likely produce on the market and is unable to bring money to closing. The seller may or may not be in pre-foreclosure.

Foreclosure Sale   ”Also known as the sheriff's auctions, sherif™'s sale, or trustee'™s sale, this is when the property is auctioned for sale to the highest bidder.

REO  Acronym for real estate owned, REO is the status of the Property when the foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.

More Resources :

Avoiding Foreclosure  

Who Should I Contact When Facing Foreclosure?

 Tax and Debt Relief

Russ Lyon Sotheby's International Realty and its agent is not associated with the government, and our services is not approved by the government or your lender; and even if you accept this offer and use our service, your lender may not agree to change your loan.