The guidelines for a short sale cover homes associated with any of the following conditions: Financial Hardship on the part of the homeowner, Monthly Income Short Falls that limit viable cashflow, or Insolvency, meaning that your available liquid assets are insufficient to make substantial payments on your mortgage.
A mortgage modification is an option available to lenders that allows them to alter interest rates, the official amount of the principal through a reduction in the total owed, or the repayment terms, for example moving from a fixed rate to an adjustable rate. This process can enable homeowners to remain in their homes when they can no longer satisfy their monthly payments.
Many lenders have realized that in many cases working with the borrower is easier and less problematic on both ends than entering into the extensive process of home repossession. For this reason, lenders are often willing to create more favorable terms for their borrowers rather than pursue foreclosure, which can cost a company up to half the value of a home in processing fees.
If a major financier such as Fannie Mae or Freddie Mac manages your mortgage, you could be eligible for a Home Affordable Refinance. This allows you to refinance your property and lower your payments in many cases.
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Texas, seat (1838) of Galveston county, southeastern Texas, U.S., 51 miles (82 km) southeast of Houston. It is a major deepwater port on the Gulf Intracoastal Waterway, at the northeast end of Galveston Island, which extends along the Texas coast for about 30 miles (48 km), separating Galveston Bay and West Bay from the Gulf of Mexico.Gulf Intracoastal Waterway, Galveston Bay, Texas. U.S. Army Corps of Engineers The Spanish explorer Alvar N�nez Cabeza de Vaca was probably shipwrecked on the island in 1528. The French explorer La Salle visited the island in 1686 and named it St. Louis for hissovereign , but it remained unoccupied except by Karankawa Indians. In 1777 troops of Bernardo de G�lvez, Spanish governor of Louisiana (later viceroy of Mexico), temporarily occupied the island and named it G�lvez (whence Galveston). The pirate Jean Laffite made the place his headquarters from 1817 to 1821.Settlement of the island then began, and in 1834 Michel B. Menard organized the Galveston City Company and laid out a town site. During the Texas revolt against Mexico (1835 - 36), the four ships thatconstitutedthe Texas Navy ( Invincible , Brutus , Liberty , andIndependence ) were based at Galveston; the city briefly, before the successful outcome of the Battle of San Jacinto (April 21, 1836), served as the capital of the republic when the temporary president, David Burnet, arrived there with his cabinet. During the Civil War Galveston was an important Confederate supply port; it was captured by a Union fleet in October 1862 but was retaken by Confederates a few months later.Two factors dislodged Galveston from its leading commercial position:the rise of competitive Texas ports, notably Houston, and a destructive hurricane on September 8, 1900, in which more than 5, 000 lives were lost and much of the city was destroyed. After this disaster, a protective seawall 17 feet (5 metres) high and 10 miles (16 km) long was built, paralleled by a wide boulevard overlooked by hotels. The wall broke the force of a powerful hurricane in September 1961 and reduced flood damage. The seawall held back the worst of the storm surge when Hurricane Ike made landfall on September 13, 2008, but it failed to prevent large-scale flooding and widespread damage to homes and businesses.Shipping, oil refining, food processing, and resort business are major economic assets. Chief exports are cotton, grain, and sulfur; imports include sugar, tea, and bananas. Galveston offers ship repairing, including nuclear-service facilities. The island is connected to the mainland by causeways, and a superhighway gives rapid access to Texas City, Houston, and othercommunities . Access from the northeast is by ferry from Bolivar Peninsula across Galveston Harbor. The city is the site of the University of Texas Medical Branch (1881); a marine sciences and maritime resources branch of Texas A& M University (1962); and Galveston (junior) College (1966). Of historical and touristic interest is the Strand, a 40-block area of Victorian homes, art galleries, shops, and restaurants. Moody Gardens, adjoining the Galveston Island Convention Center, comprisesa pyramid containing an artificial rainforest, an aquarium, a paddle-wheel steamship, and other attractions. Inc. 1839. Pop. (2000) 57, 247; (2010) 47, 743.
The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.
Do I Qualify For A Short Sale?
The qualifications for a short sale include any or all of the following:
Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What Is A Mortgage Modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why Would A Lender Modify My Mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What Do I Need To Qualify For A Mortgage Modification?
According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)
How Do I Qualify For A Mortgage Modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).
For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What Is A Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.
A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What Are The Qualifications For A Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.
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Closely Related Topics: Discover Motivated Home Sellers.
Related Statewide Reading Topics: Galveston - Discover Motivated Home Sellers.
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