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May 27, 2019

 

The video puts this in more visual terms, but most importantly, talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.”

A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.

Fannie Mae does not deal directly with the borrower. They work with the lender to determine the loss mitigation program that best fits your needs.

Freddie Mac, like Fannie Mae, will usually only work with the loan servicer. However, if you encounter problems with your lender during the loss mitigation process you can call customer service for help.

In any loss mitigation situation, it is important to remember a few helpful hints: Explore every reasonable alternative to avoid losing your home, but beware of scams.

For example, watch out for:

  • Equity skimming: a buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.
  • Phony counseling agencies: offer counseling for a fee when it is often given at no charge.

Remember – don’t sign anything you don’t understand.

When you’re ready to start searching for homes visit www.TucsonHouseHuntOnline.com to search homes for sale just like a real estate professional.

If you have a home to sell in Tucson, visit www.GetMyHomeBuyer.com and Save $1000’s when you list and SELL pay ZERO commission.  List – SAVE $ Sell!

If you have questions or are ready to sell, call or text  at 520-428-1499 or email at John@JohnGSellsHomes.com

www.GetMyHomeBuyer.com List – SAVE $ Sell!

About the author 

JohnGiammarco

JohnG has been a licensed Real Estate professional for over 20 years in three separate states. He has a master's degree in business and has to many personal real estate transactions to count. With this much experience it's safe to say JohnG knows a thing or two about how to sell a home. He is dedicated to helping homeowners discover the truth about the real estate industry and the COMMISSION LIE, many agents and brokers perpetrate in order to earn an income at your expense.  He says "if your paying a commission to sell your house your paying way to much!"

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