Avoid Foreclosure and short sale help

February 22, 2010

Press Release:

Michael Trinchitella of Re/Max Classic Realty launches website and marketing plan specific to homeowners facing foreclosure hardship in the Putnam and Westchester County real estate market

Are you behind on your mortgage payments? Think foreclosure is the only option? Afraid you will lose your home? Curious about Short Sales?  You can avoid foreclosure and preserve your credit.

Michael Trinchitella a Certified Distressed Property Expert has launched a new web site PutnamWestchesterShortSales.com that is focused on homeowners in Putnam County and Westchester County who are facing a foreclosure or are missing mortgage payments and fear they may lose their home to foreclosure. The web site is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process. As an expert in foreclosures and short sales, a real estate transaction option that banks will consider instead of foreclosure with specific guidelines, Trinchitella is determined to provide essential knowledge to homeowners in Putnam and Westchester County facing this unfortunate circumstance.

There are a myriad of ways that unforeseen hardships can change the joy of owning a home into an incredible burden. Maybe you’ve lost your job, or have unexpected medical bills beginning to pile up, or your monthly mortgage payments have increased beyond your current budget. No matter what the cause of your troubles, ignoring the problem won’t help, it will only make it worse. You must act quickly to resolve the issue. PutnamWestchesterShortSales.com gives homeowners the information regarding the foreclosure process, what effects it has on a homeowner and their credit and ways to stop the foreclosure process. Visitors will also learn what a short sale is and why so many homeowners are choosing short sales.  A short sale is an agreement in which a mortgage lender agrees to accept a payoff on the loan for less than what is owed. Short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved.

Visitors to PutnamWestchesterShortSales.com will find information regarding the process of foreclosure, what effects foreclosure has on a homeowner, and ways to prevent the foreclosure process from continuing. The web site features easy-to-understand informational tools such as a list of frequently asked questions, a glossary of terms and free reports as well as resources that allow the homeowner to get their questions addressed in a confidential manner. In addition, the web site offers the homeowner information regarding short sales, often a viable solution to foreclosure that can save a distressed homeowner from the damaging effects foreclosure has on their credit.

“I feel that it is important in today’s economic conditions for homeowners to know that they have options other than the foreclosure route,” says Trinchitella. “Statistics show that 50% of homeowners facing this stressful situation often ignore the issue and that doesn’t have to be. There are options such as a short sale, especially if the homeowner works with an experienced REALTOR® to provide them assistance in showing the lender the hardship situation and other real estate documentation.”

PutnamWestchesterShortsales.com provides visitors with a description of how the short sale process works, how it compares to a foreclosure, and how a homeowner may be able to qualify for a short sale. As a Certified Distressed Property Expert (CDPE), Trinchitella has taken the initiative to become an educated and prepared advocate on the behalf of a homeowner in distress. Earned by completing detailed and thorough coursework via the Distressed Property Institute, real estate agents with the CDPE designation are armed with the necessary tools and information to help distressed property owners avoid foreclosure and continue their lives.

For more information about foreclosures and short sales in Putnam and Westchester County, please feel free to visit the web site at PutnamWestchesterShortsales.com, or to contact Michael Trinchitella at (914) 403-4868 or by emailing [email protected].


Foreclosure alternatives and prevention

February 3, 2009

Are you or someone you know behind on their mortgage payments? Do you foresee having a hardship in the future that will prevent you from making your mortgage payments? Know your options…there are alternatives to foreclosure that can pay off your debt and preserve your credit.
Fact: Your bank does NOT WANT TO foreclosure (lots of costs involved for the bank, typically $60,000-$100,000 from the start of the process until the home is sold at public auction).
Fact: Your bank will DEFINITELY FORECLOSE and take your home unless you seek help before time runs out…..A Certified Distressed Property Expert (CDPE) can help and banks work with CDPE’s all the time!
Fact: Your bank will happily TAKE LESS than you owe them if a homeowner takes the correct steps to avoid foreclosure and the 1st step is to speak to a CDPE!
Have you already received a letter of noticed that your home is going up for public auction? A fact that most people do not know is that a CDPE can have the auction STOPPED even the day of the auction and have you stay in your home! But you must start the process right away before it is too late!
Check out our Foreclosure Prevention page to learn more. Do not wait any longer, time is running out.


Westchester and Putnam County Foreclosure Prevention

February 1, 2009

Are you a homeowner that is in distress? Are you behind on your mortgage payments? Did you lose your job and soon will no longer be able to make mortgage payments? Have you already received a call or letter from your lender that they have started the foreclosure process on your home?
Despite what you may heard a bank does not want to foreclose on your home but the bank absolutely will foreclosure on you if you did not seek foreclosure prevention options right away. Below is a list of options for homeowners in foreclosure:
In order to reinstate a mortgage, you must pay all missed payments, late fees, and legal fees that are due up until the date that the loan is reinstated

Forbearance or Re-Payment Plan
If you do not have the means to repay all of the missed payments and legal fees, then this is another option that also reinstates the mortgage.  The lender allows the homeowner  to pay the missed amount over a period of time or they place the missed payments at the end of the amortization of the loan

Sell the Property
If you have equity in your house, you can sell it and cure the foreclosure  A licensed real estate agent experienced in the foreclosure process can help a homeowner harvest from the home sale as much of your hard-earned equity as possible. When choosing a Realtor make sure to choose a Certified Distressed Property Expert (CDPE) who understands the foreclosure process and is aware of the foreclosure timeline and pricesyour property accordingly.

Rent the Property
In some cases, a homeowner facing foreclosure that has mortgage payments low enough to allow him to rent the property and keep up the mortgage payments.  This is usually a short-term solution since when taxes and insurance payments come due, many homeowners cannot afford them.

If the homeowner has sufficient equity and income and their credit has not been too badly damaged, you may be able to refinance.  This is also typically a short-term solution since payments on the property usually go up considerably due to the refinance.

Mortgage Modification
In some cases where homeowners do have the means to afford their mortgage payments or very close to their mortgage payments, the bank may qualify them for a mortgage modification.
This relatively new phenomenon shows just how far some mortgage companies and lenders are going to avoid foreclosing on properties.  This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well. The homeowner will have to apply for this process both in showing a hardship as well as demonstrating the ability to pay the new mortgage through a fully documented qualification process.

Deed-in-Lieu of Foreclosure
This option is sometimes referred to as a “friendly foreclosure” since you essentially give the deed to your property back to the bank. If owner has equity in the house, this is not a good option since they give up any right to the property and any equity when using Deed-in-Lieu as a solution

A bankruptcy may stop a foreclosure and allow a homeowner to reorganize his debt and keep his property.  The reality however, is that most of the time this is not the case and the bankruptcy only stalls the foreclosure.  If the homeowner is not to make payments after bankruptcy, the house will foreclose anyway.
The other major drawback to bankruptcy is that it makes it very difficult for the homeowner to sell his property once he enter the process. 
Servicemembers Civil Relief Act (SCRA)
Signed into law on December 19, 2003, the SCRA provides certain protection to military personnel that are in foreclosure in specific situations.  The law also provides Servicemembers other protections
It is important to note that this relief is only temporary and in many cases the most prudent course of action for a Servicemember is to sell their property. 

*** Short Sale ***
When a homeowner owes more on a property than it is currently worth and one of the above solutions do not apply to their situation, there is an option of pursuing a short sale.

A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing.  A buyer closes on the property and the property is ‘sold short’.
In the past it was rare that a bank or lender would accept a short sale however due to overwhelming market changes lenders have become much more negotiable when it comes to these transactions.  Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher!
In some areas as may as 50% or more of the properties that are selling are related to a short sale or a banked owner property. According to the database on Foreclosures .com, there are currently over 1.8 million pre-foreclosures (owners who are behind on payments and have been reordered publicly), over 1 million auctions and over 1.4 million REO’s (properties already taken over by the bank after foreclosure.
In order to start the short sale process a homeowner will need to seek the services of a Realtor who works with banks on a regular basis helping homeowners. There are only 1000 Certified Distressed Property Experts (CDPE)  in the United States and a CDPE is one of the best chances a homeowner has to complete a successful short sale. There are NO FEES involved or costs to the homeowner, the bank pays all fees including closing costs, late fees and attorney fees!
If you would like a no obligation free phone consultation about your options to help prevent your home from going into foreclosure call me at 914-403-4868 or email [email protected]


Westchester and Putnam Short Sale Properties.


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