Save Your Home

Welcome to Link Realtor, your source for information to help home owners keep their home.

Foreclosure Process

Borrower gets behind. Sometimes the bank proceeds without borrower being behind

Bank attempts to contact Borrower to find out why they are behind

Borrower get a specific number of months behind. this may vary

Lender sends a note demanding payments be caught up to date

Lender sends notice of pending Sheriff Sale

Sheriff sale is held at county building

Borrower has 6 redemption period to pay off entire amount owed on house. If the house is on 3 acres or more, the redemption period is 12 months.

Borrower may sell the house during redemption period. This may include the possibility or a Short Sale.

Lender will have someone drive by home to monitor occupancy status of home. Lender may shorten redemtion period if home is determined to be vacant.

When redemption period is up, borrower no longer has the opportunity to sell home and will have to give up the home.

Lender may offer Cash For Keys if home is left in good condition, no damage, and Broom Clean.

Lender will have a company secure the home, winterize if necessary, and trash out if required.

Realtor will perform a BPO and tell the bank what they feel the house may sell for in a short period of time. This includes comparable homes on the market and sold homes.

Lender will assign an Asset Manager to the property.

Asset manager will assign it to a Realtor and tell Realtor the listing price

Realtor will list the property and market it

Realtor will update Asset manager on a regular basis

Price may be reduced until property is sold.

Home Retention

Home Owner gets behind on the mortgage

Lender sends mail and phone calls trying to establish contact with borrower.

Borrower may try to talk to lender but gets discouraged after sitting on hold for long periods of time and many times, gives up.

Borrower may spend a lot of time on hold trying to talk with lender.

• Lender tries to talk to borrower
• Lender may send mail to try to establish contact
• Lender will not talk with anyone that is not on the mortgage.
• Lender may send a Home Retention Consultant or Loss Mitigation Consultant to talk with borrower. This person has been trained specifically for working with borrowers and all information is required to be kept confidential. Many times this person is a local Realtor.

Actions Borrow should take

•  
• Borrower needs to ask for the "Workout Department" not "Collection Department". in fact, collection department may not be aware lender has a workout department. Ask for Workout Department.
• Locate 3rd Party Authorization Form in Forms page on this website. Fill in all blanks and send into lender.
• Call lender daily until lender confirms 3rd Party Authorization has been received and uploaded to account. This may take a few days or even a month.

TERMS

REO - Real Estate Owned, Bank Owned, Foreclosed

FORECLOSURE - Bank has started the process of taking the house back

Asset Manager - The person who handles the property for the bank. The Realtor seldom deals directly with the lender

Lender - May be a local bank. May be servicing for another entity that actually holds the note.(collecting payments, paying taxes, confirming insurance is kept on the property)

Trashout - Cleaning out everything left behind by previous occupant

Winterize - drain and blow out waterlines, put antifreeze solution in drian lines to pervent damage from freezing.

Secure - Change door knobs and lock building to prevent unauthorized entry.

MLS - Multiple Listing service

Short sale

BPO

HRC

LMC

Titanium Solutions

Redemption

Sheriff Sale

Cash for Keys

Deed-In-Lieu

Repossessed

Lockout

Eviction

Court Order

Trott & Trott

Reinstatement

Loan Modification

Work Out

Sheriffs Deed

Upside Down

Debt Forgiveness

1099

1031

Don't think for a moment that you are any different than many of your neighbors. You don't want to know who is behind on their mortgage.

This site is under construction and is not ready for consumers use at this time.

Please browse my website for information to help home owners keep their home. Give me a call if you do not find what you are looking for and still have questions.

Remember, everything is kept 100% confidential. You can count on that.