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Short Sale Amarillo TX | Stop Foreclosure 806-359-7653

Tuesday, July 8th, 2014

The number of foreclosures in Amarillo has dropped dramatically.  That is great news for our housing market and for home owners in general.  Of course, if you are currently facing foreclosure, this news is of little comfort to you.

We have been helping people avoid foreclosure for 10 years.  There are several ways that a person can avoid a foreclosure.  One way is to work a short sale with your bank.  In the past when a home owner called me I had to explain to them exactly what was involved with working a short sale.  But not any more!  People have become more educated than ever.  It seems like just about everyone is at least familiar with a short sale.

A short sale is basically where a home owner works out an agreement with their lender for their payoff amount to be lowered.  This will help get the house sold.  The bank avoids costly attorney fees and the home owner  keeps a foreclosure off of their record.  Win-win.

The problem is that short sales are difficult and they can take several months to complete.  The bank requires that your house be listed with a Real Estate Agent in order to start the process.  Many times home owners list with an agent who is not familiar with short sales and they are never successful.

In my opinion the number one key to a successful short sale it to work with the right team!  We have a unique approach that makes us very successful at negotiating short sales.  First we have an agent who understands how to properly market these properties.  This is extremely important.  The second thing we do is send in an offer immediately.  Since I am an investor I just send a cash offer with all the short sale paper work.  This causes the file to be marked ‘urgent’ and moved to the front of the line.  Even if the bank does not accept my offer it will cause them to at least give us a lower number.  The final and probably most important thing we do is hire a professional short sale negotiator.  This makes all the difference in the world.   She does an amazing job negotiating with the bank to get your short sale approved.   She is only paid if the deal closes.  We pay her so you still will not owe any money.

If you are behind on payments and facing foreclosure give us a call.  We are short sale specialists.  When you call us you get a top-notch agent, a seasoned investor, and a bull dog negotiator all in one!  Call us today and let me see if you are a good candidate for a short sale.  The call is confidential and it doesn’t cost you a dime.  Call 806-359-7653 or visit us at Short Sale Amarillo.

Stop Foreclosure Amarillo! | 806-359-7653

Wednesday, February 5th, 2014

It simply amazes me how people react when they are facing foreclosure.  It’s like they become zombies and just ignore the facts.  They just won’t take the action needed to save themselves!

Last week a man called me on January 2nd and told me that he was facing foreclosure.  The bank was going to auction his house on the February 4th.   He told me that he was trying to get the house refinanced but wasn’t sure if he could get approved.  I told him that it is very rare that anyone gets approved for a refinance when they are behind on their payments.  I also told him the same thing I tell everyone else.  Make sure you have a good back up plan.

I went and met with him and made him an offer on his house.  He was fortunate enough to have enough equity to be able to sell if he wanted to.  But he wanted to wait and see if he could get the house refinanced.  I warned him that if he wanted to sell we would need to allow about two weeks before the sale date just to give ourselves plenty of time.  But he didn’t seem concerned.

As the sale date approached I kept contacting him to remind him that he needed to do something.   I told him that waiting until the last minute was very risky.  In order to buy a house in foreclosure you have to get the bank to send you a payoff.  Banks usually drag their feet and take anywhere from 3-7 business days to get it to you.  This presents a real problem.

Finally he called me 8 days before the sale and said he wanted to sell.  We immediately sent a payoff request to the bank.  This was on a Monday and the sale date was on the following Tuesday.  The bank responded to our request on Tuesday and told us that it would take 4-5 business days to get the payoff.  So now we were hoping to have it by Friday or Monday.

Finally we received the payoff Monday at 4:45.  The bank informed us that they would not accept a wire transfer.  They had to have a cashiers check on by 5:00 that same day or they would foreclose.  We called the bank and begged and pleaded but they just did not care.  The following morning at 10:00 the bank foreclosed on his house.  He didn’t get a dime.  To make matters worse he received an eviction notice the next day.  I wish I could say that this was an isolated event but it is not.  I see this all the time.  If he would have just listened to me and taken action he would have had money in his pocket and plenty of time to find a new place to stay.

If you are facing foreclosure call me.  You may have more options than you think.  Call 806-359-7653  or visit me online at StopForeclosureAmarillo.com

How to stop a foreclosure in Amarillo. Amarillo home owners facing foreclosure fight back against greedy banks.

Wednesday, July 28th, 2010

A new day has dawned in the land of bank foreclosures.  Homeowners are arming themselves with information and fighting to prevent foreclosure and keep their homes.

In the past, many homeowners simple ignored letters from their bank and watched helplessly as their house was auctioned off.  Well not any more.  With all of the free information available on the internet, homeowners now have turned the tables on banks.

As it turns out, homeowners now have more rights than ever before.  A great majority of those who fight back actually achieve some level of success.  Many are able to keep their homes and avoid a foreclosure all together.  Foreclosure help is just a click or phone call away.

We work with people facing foreclosure in Amarillo and Canyon.  What we have seen lately has been amazing.  People are educating themselves and fighting back.  And they are getting great results.  It has made our jobs so much easier.

We start out by helping educate homeowners on their foreclosure rights.  In the past, we had to really try to educate people and then get them to take action.  Now we just point them in the right direction.

We help people avoid foreclosure in one of two ways.  First we show people how to do a loan modification or a forbearance agreement so that they can keep their house.  We don’t charge anything for this.  If that doesn’t work we can then offer to buy the house so that the homeowner doesn’t end up with a foreclosure on their credit.  Even if they owe too much we can usually still work a short sale with the bank and get it done.

When it comes to stopping a foreclosure, the creative possibilities are endless.  Where there is a will, there is a way.  It is important to start by understanding the foreclosure process.  This is a very important first step.  In the end, most experts agree that homeowners have 5 basic options to choose from.

1. BRING THE LOAN CURRENT

This is also known as a reinstatement.  It means that the loan is brought current by paying the total amount past due.  Most banks will help you find a way to do this if you are able to start making payments and can afford to pay extra towards the amount you are still behind.

2. WORK OUT A FORBEARANCE PLAN.

Think of this as pressing a giant pause button.  A forbearance agreement is a formal, written agreement between you and the bank to reduce or suspend monthly payments for a specific period of time.

3.  WORK OUT A LOAN MODIFICATION WITH THE BANK.  A Loan Modification is when the bank agrees to change the original terms of the loan.  This gets the loan reinstated and lowers the monthly payments.  If the mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or even lower the rate.  A lender might also extend the amortization period.  Loan Modifications are a great way you to permanently lower their house payments and keep their house.

4. SELL THE HOME

If you have enough time to work and there is equity in the property  you can sell your house to a homeowner.  If there is not enough time or equity you can sell your home to an investor.  Many times it may be necessary to do a short sale.  In a short sale transaction, a bank agrees to allow a homeowner to sell a house for less than the balance of the note.  In return, the homeowner is released from any liability.

5. FILE FOR BANKRUPTCY

It is important to understand that a bankruptcy does not prevent foreclosure by itself.  It only delays the foreclosure process.  If you cannot resume making regular payments then a bankruptcy just buys you more time.  This option is only good if your financial situation is about to improve.  Make sure to find a good bankruptcy attorney if you choose to file for bankruptcy.  Even then, proceed with caution.  Many bankruptcy attorneys who are out to make a fast buck will often recommend bankruptcy even though other options are available.   Homeowners sometimes end up losing the house in the end any way because they still can’t afford the payments.  Now they have a foreclosure and a bankruptcy on their credit.

If I could tell homeowners one thing, it would be to just take some form of action.  There are still a lot of people who just wait until there is no time left.

Amarillo homeowners looking to stop foreclosure, or wanting foreclosure assistance can call us at 806-359-7653 for a free consultation. We offer solutions such as loan modifications, short sales, aggressive listings, cash offers, and a variety of other services.  We educate homeowners on the foreclosure process.  To learn more about how you can avoid foreclosure and save your home and credit get a copy of our free report “5 Fastest Ways to Stop Foreclosure” at http://sellmyamarillohouse.com/foreclosure.php Or better yet, just pick up the phone and call us today!

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Contact Information

4105 SW 34th St, Amarillo, TX 79109 | 806-359-7653

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com