STOP YOUR FORECLOSURE TODAY
Options to Save Your Home
Are you presently at odds with your lender and you don’t know where to turn? Have you exhausted all possibilities with your lender for saving your home? Mioym Equities is your solution. We are not a loan modification company, we are not a debt resolution company and we are not a refinance company. We are Investors that CARE ABOUT YOU AND YOUR HOME!
We have the ability to get you back-on-track to save your home... that you've worked so hard to keep! Finally, an alternative for distressed homeowners is here WITH NO UPFRONT FEES! Whether you are in Foreclosure, Pre-Foreclosure, Default, or in Bankruptcy… WE CAN HELP!
FORECLOSURE/FORBEARANCE (REPAYMENT) PLAN
Our experienced executives may be able to get you additional time, for a period of three to six months, to catch up on past due payments under a Forbearance (Repayment) Plan Agreement. We may need your current financial information to determine whether you are eligible for this option.
LOAN MODIFICATION PROGRAM
We have established a comprehensive Loan Modification Program for borrowers who meet specific criteria. You must be able to evidence, through full documentation, that you will be able to make payments over a long term on the proposed modified loan. We may consider one or more of the following:
A change in the repayment terms reflected in the Mortgage Note
An extension to the period of the loan term
A reduction in the interest rate
A reduction of the principal balance
PRE-FORECLOSURE SALE (SHORT SALE)
Sometimes the best tactic to avoid foreclosure is the sale of the property. You have the right to sell the property to someone else up until the foreclosure sale date. If the potential buyer's offer is not sufficient to pay off your loan, we may be able to get your current lender to agree to accept less than the total amount due under certain conditions. This situation is commonly called a "short sale".
DEED-IN-LIEU OF FORECLOSURE
If you are unable to afford the current contractual payment and there are no other liens reflected on title to the property, or do not wish to retain ownership of the property, we may get your current lender to allow you to surrender the property back to them to avoid the time and expense of a foreclosure action.
The type of documents we may request from you, whether you are in foreclosure or are engaged in an option to avoid foreclosure, typically include, but are not limited to:
A letter stating the request for loss mitigation assistance and detailing the circumstances surrounding your current financial situation (Hardship Letter or Hardship Affidavit)
Most recent two (2) years of tax returns – Signed and dated IRS forms 4506T or 4506T-EZ
Most recent two (2) years of Forms W-2, 1099, and K-1
Most recent two (2) months of paycheck stubs or Most recent quarterly or year-to-date Profit & Loss Statement (if you are self-employed)
Most recent two (2) bank statements
A copy of your utility bill, dated within 60 days of your hardship letter
Declaration page or a copy of current hazard insurance policy
Bankruptcy stops foreclosure dead in its tracks. Once you file a bankruptcy petition, federal law prohibits any debt collectors, including your mortgage lender, from continuing collection activities. Foreclosure is considered a collection activity, and so the day your lender becomes aware that you have filed for bankruptcy, the foreclosure process will effectively be frozen. But here’s the rub; once you get to court, the bankruptcy trustee’s role is simply to play referee or mediator between you and your creditors. Bankruptcy really just buys you more time to replace your lost job or recover financially from a temporary disability; it doesn’t let you off the hook for your debts. The law requires your mortgage company and other creditors to work in good faith with you to formulate a reasonable repayment plan so you can get back on track. Consult with a bankruptcy attorney regarding whether filing for bankruptcy is a good strategy for you.
ASSUMPTION / LEASE - OPTION
Most loans these days are no longer assumable. The average mortgage now contains a “due on sale” clause by which the borrower agrees to pay the loan off entirely if and when they transfer the property. However, if you are facing foreclosure, you might be able to persuade your lender to modify your loan, delete this clause and allow another buyer to assume your loan. The lender may want to assess the new buyer’s qualifications, but it can be a win-win-win option for all. You might be able to negotiate a down payment from the buyer which you can use to pay off your outstanding past due mortgage balance.
In a lease-option scenario, the buyer becomes your tenant, and you continue owning the property until the buyer has saved enough down payment money, improved their credit sufficiently or sold their other home. In some situations, the buyer will make a one-time, lump option payment upfront, paying you to obtain the option to purchase your home. You can apply the option payment to bringing your mortgage current. Then, the buyer will make lease payments monthly which you, the seller, then apply to your mortgage. To successfully use a lease-option to stop the foreclosure process, you must negotiate lease payments that cover most or all of your mortgage payment, property tax and insurance obligations -- enough that you can make up any difference and still pay to live somewhere else.
** Foreclosure Costs include but are not limited to title search and update fees, legal filings, serving of defendants, court/referee costs, sale publication, tax search, departmental/municipal lien search, recording of deed, and transfer tax.