YOUR Real Estate Consultant - Tonya

What's Your Equity Position?
You have options. I have answers.

Home values have increased substantially in our area. If you're in a situation where you have to sell your home because of a hardship (e.g. economic stress caused by the pandemic, divorce, death of a family member) know that you have choices. You may have equity in your home which can be leveraged to improve your situation. I can help find the best option for you.

Determining the Best Option Can Be Tricky
The first step is evaluating your home's current value. I can give you a detailed estimate based on numerous factors that an online estimate can't give. We can then identify how much equity you have to work with, if any.

The second step is identifying your options. This could include a loan modification, sale of your house for a profit, short sale, deed-in-lieu of foreclosure, or foreclosure.

The next step is a confidential consultation. Ultimately, my goal is to help you avoid foreclosure. Contact me today to get started.

Call/Text: 262-424-3138
Email: Tonya.TonyaHomes@gmail.com

Avoiding Foreclosure - Homeowners' Options
Homeowners' Guide (download)
Definitions Related to the Foreclosure Process
Redemption

Redemption refers to the borrower's right to:

  • Buy back the property, or
  • Bring the mortgage up-to-date while the property is being foreclosed on or after it has already been foreclosed on by the creditors.

The borrower is required to pay all charges or collection costs and make up all payments that are due. The length of time that a borrower has to redeem the property varies from state to state and can be for a period of years or months.

Notice of Default (NOD)

A notice sent from the financial institution to a borrower when their mortgage payment is past due and their mortgage is in default. The notice states the date at which the foreclosure proceedings will begin if the mortgage is not brought up-to-date.

Real Estate Owned (REO)

REO refers to real estate that is owned by the financial institution (bank or mortgage company), including real estate obtained through the pre-foreclosure process or foreclosure.

Bankruptcy

A legal declaration of an individual's inability pay their debts. This usually leads to financial restructuring that in some cases lowers the amount required to discharge the debt. Consequently, a bankruptcy filing halts the foreclosure process in most instances.

Deficiency Judgment

This is a judgment lien against a debtor whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. State laws vary on these amounts; some states do not allow deficiency judgments for this purpose.

Covenant

A promise or agreement to do or not do something. There are several covenants that are inherent with a mortgage, including:

  1. The promise to pay a debt
  2. The promise to insure
  3. The promise to maintain
  4. In the event of default, the balance will be due
  5. The property will be foreclosed if debt is not paid
Deeds of Trust

A legal instrument that creates a lien against a property, involving three parties:

  1. Borrower
  2. Lender
  3. Trustee
Judicial

The use of the courts of a state in order to receive a judgment that gives the right to foreclose on a property.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.

Creating Exceptional Communities by providing positive, loyal guidance through the many stages of Homeownership.