When a Short Sale is not a viable option, you may qualify for a Mortgage Release.
A Mortgage Release can help you resolve missed and late payments that are delinquent.
A Mortgage Release can also help you avoid foreclosure and offers you three (3) exit options.
When you cannot afford your current mortgage payment and you don't want to have a foreclosure on your credit history, a Mortgage Release can provide a solution.
A Mortgage Release occurs when a homeowner, voluntarily transfers the ownership of their home to the holder of the mortgage.
In exchange, the homeowner receives a release from the mortgage holder for all future and past, over-due payments.
There are many options available.
Some mortgage holders offer a financial incentive to help you leave the home immediately, stay in the home for up to three months without payment rent, or lease the home (at the current market value) for up to one year.
Depending upon your situation, you may be required to make a financial contribution to receive a mortgage release.
A Deed-In-Lieu of Foreclosure could provide a viable option for your participation in a Mortgage Release program with your lender.
This alternative to a foreclosure should be considered when: • You can no longer afford your home and you are ready to leave • You owe more on your home that it's worth • You are not eligible for a loan modification • You are behind of your mortgage payments or will fall behind in the near future • You are not eligible to refinance your loan • You don't want to sell your home • You have not been able to sell your home • You are facing a long term hardship A Mortgage Release program, like the Deed-In-Lieu of Foreclosure option can offer multiple benefits to assist you in moving forward.
You could eliminate your remaining mortgage debt and avoid the serious impact of a foreclosure.
Some Fannie Mae loans may be eligible for up to $3,000 in relocation assistance, depending upon your individual situation.
The foreclosure process takes a long time.
A suitable Mortgage Release program would allow you to start repairing your credit sooner than if you went through a foreclosure.
You may be eligible to obtain a Fannie Mae mortgage to purchase a home sooner (in as little as two (2) years) than if you went through a foreclosure process.
A foreclosure action will not allow you to purchase a home for up to SEVEN (7) years! Another major benefit of a Mortgage Release program are the three (3) flexible exit options: • You may leave your home immediately • You may stay in the home for up to three (3) months without paying rent • You may lease the home (at market rates) for up to one year To qualify for a Mortgage Release, you may want to contact a loss mitigation firm that is reputable, licensed and insured.
They can assist you in determining the value of your property and determining how much you still owe.
They will also assist you in presenting your current hardship information to your mortgage lender.
Choose the option that works best for you and communicate that information to your selected loss mitigation firm.
When your Mortgage Release is approved by your mortgage lender, you will be required to sign standard pre-closing documents as well as the actual closing documents at the final closing.
Lastly, this is an emotional process.
Please remember that when you vacate your home at the agreed upon date, you are required to leave the home - inside and out - in good condition.
The interior and exterior should be free of trash, debris or damage, and all personal belongings should be removed.
In some cases, you may be eligible to receive up to $3,000 relocation assistance to use toward your moving expenses and to make the transition to new housing easier.
A Mortgage Release can help you resolve missed and late payments that are delinquent.
A Mortgage Release can also help you avoid foreclosure and offers you three (3) exit options.
When you cannot afford your current mortgage payment and you don't want to have a foreclosure on your credit history, a Mortgage Release can provide a solution.
A Mortgage Release occurs when a homeowner, voluntarily transfers the ownership of their home to the holder of the mortgage.
In exchange, the homeowner receives a release from the mortgage holder for all future and past, over-due payments.
There are many options available.
Some mortgage holders offer a financial incentive to help you leave the home immediately, stay in the home for up to three months without payment rent, or lease the home (at the current market value) for up to one year.
Depending upon your situation, you may be required to make a financial contribution to receive a mortgage release.
A Deed-In-Lieu of Foreclosure could provide a viable option for your participation in a Mortgage Release program with your lender.
This alternative to a foreclosure should be considered when: • You can no longer afford your home and you are ready to leave • You owe more on your home that it's worth • You are not eligible for a loan modification • You are behind of your mortgage payments or will fall behind in the near future • You are not eligible to refinance your loan • You don't want to sell your home • You have not been able to sell your home • You are facing a long term hardship A Mortgage Release program, like the Deed-In-Lieu of Foreclosure option can offer multiple benefits to assist you in moving forward.
You could eliminate your remaining mortgage debt and avoid the serious impact of a foreclosure.
Some Fannie Mae loans may be eligible for up to $3,000 in relocation assistance, depending upon your individual situation.
The foreclosure process takes a long time.
A suitable Mortgage Release program would allow you to start repairing your credit sooner than if you went through a foreclosure.
You may be eligible to obtain a Fannie Mae mortgage to purchase a home sooner (in as little as two (2) years) than if you went through a foreclosure process.
A foreclosure action will not allow you to purchase a home for up to SEVEN (7) years! Another major benefit of a Mortgage Release program are the three (3) flexible exit options: • You may leave your home immediately • You may stay in the home for up to three (3) months without paying rent • You may lease the home (at market rates) for up to one year To qualify for a Mortgage Release, you may want to contact a loss mitigation firm that is reputable, licensed and insured.
They can assist you in determining the value of your property and determining how much you still owe.
They will also assist you in presenting your current hardship information to your mortgage lender.
Choose the option that works best for you and communicate that information to your selected loss mitigation firm.
When your Mortgage Release is approved by your mortgage lender, you will be required to sign standard pre-closing documents as well as the actual closing documents at the final closing.
Lastly, this is an emotional process.
Please remember that when you vacate your home at the agreed upon date, you are required to leave the home - inside and out - in good condition.
The interior and exterior should be free of trash, debris or damage, and all personal belongings should be removed.
In some cases, you may be eligible to receive up to $3,000 relocation assistance to use toward your moving expenses and to make the transition to new housing easier.