Steve Dean & Eddie Rangel

RE/MAX ALLEGIANCE
220 7th St SE
Broker: 202-338-8900
Washington, DC 20003
Phone: 202-525-6499




    Having Trouble Making Your Mortgage Payment?




    9 Ways to Avoid Foreclosure:

    Reinstatement: Bring the loan current
    Forbearance: Temporary repayment plan
    Refinance: New loan with reduction in monthly payments
    Loan Modification: Modify original loan terms
    Sell the Property: Use equity to payoff or pay difference
    Rent the Property: Must make loan current
    Deed in Lieu of Foreclosure: " friendly foreclosure"
    Bankruptcy: Will stall foreclosure but not prevent it
    Short Sale: Negotiate with bank to accept sale under loan amount

    The Federal Government has a hotline. Homeowner's HOPE Hotline: 888-995-HOPE


    Have you suffered any of these hardships?

    • Loss of job
    • Business Failure
    • Damage to Property
    • Death of a Spouse
    • Death of Family Members
    • Severe Illness
    • Inheritance
    • Divorce
    • Mandatory Job Relocation
    • Medical Bills
    • Military Service
    • Payment Increase or Mortgage Adjustment
    • Insurance or Tax Increase
    • Reduced Income
    • Separation
    • Too Much Debt
    • Incarceration


    If so, you may qualify for a short sale



    Short Sale vs. Foreclosure

    Short Sale
    • Property is sold and lender accepts proceeds as payment
    • You may be released from any deficiency judgment liens filed against you
    • No foreclosure reported on to credit bureaus
    • Reflects on your credit reports for approximately 2 years
    • FICO score may drop between 75 - 125 points


    Foreclosure
    • Lender takes ownership and forces the sale of the property
    • Lender has the ability to file a deficiency judgment against debtor and any other properties owned
    • A foreclosure will be reported to credit bureaus
    • Reflects negatively on your credit report for up to 10 years
    • FICO score may drop between 200-280 points potentially causing loss of security clearances




    Documents needed for a short sale
    • Two months most recent mortgage statements (all mortgages)
    • Two months checking account statements (all borrowers if separate)
    • Two months saving account statements (all borrowers if separate)
    • Two months other account statements (all borrowers if separate)
    • Last two paycheck stubs (all borrowers)
    • Two years tax returns
    • Hardship Letter
    • Financial Worksheet


    To discuss selling your home call Eddie Rangel & Steve Dean at 202-525-6499



    Both Eddie and Steve are Certified Distressed Property Experts with extensive training in foreclosure avoidance and short sales. Eddie and Steve are well versed professionals with extensive experience in co-operative and condominium sales. Despite the tough housing market, Eddie & Steve remain in the Top Ten RE/MAX Teams in Washington, DC based on closed sales in 2008 and 2009.

    RE/MAX Allegiance is not associated with the government, and our service is not approved by the government or your lender.

    Even if you accept this offer and use our service, your lender may not agree to change your loan.

    myDCagent.com specializes in SW DC real estate.


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Non-mls website content: Copyright 2001-2012 Steve Dean

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