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Venture Realty Group
2001 Gold Ave SE Suite 18
Albuquerque, NM 87106
Office: (505) 255-5609
Fax: (505) 244-0424






FREQUENTLY ASKED QUESTIONS
 

  1. What are my options if I get behind on my payments?
  2. What is the value of my house?
  3. What if I do nothing at all, and tell the bank to just take it?
  4. What is foreclosure?
  5. Can the Bank Kick me out of my house?
  6. What is Equity?
  7. What is a short sale?
  8. How does a short sale affect my credit?
  9. How long will it take to sell my house?
  10. Does a foreclosure mean I have to file for bankruptcy?
  11. Can I do a loan modification?
  12. Can I sell my house without having to pay money out of my pocket?
  13. I don't want the responsibility of owning a home anymore, how can I get out fast without a foreclosure on my record?
  14. Can I rent out my house even if I am behind on the payments?


Answers
  1. If you get behind on your Mortgage payments you do have a few options, the one that is best for you will depend on what you think is best for you.  If you want to keep your home your first option is to talk to your lender and ask for to refinance or for a loan modification.    They may be able to re-work your terms and give you the opportunity to make lower payments.  If you would like to sell your home but think you may owe more than it is worth, you may want to ask your lender for a short sale.  A short sale will allow you to sell the home for an amount that is lower than what your mortgage amount is.  The important thing to remember is that it is always best to talk to your Lender.

  2. The value of your home is dependant all several conditions.  Location, overall condition, size, number of bedrooms and bathrooms can all add or subtract value in your home.  Most often the Market approach is used in determining the current value.  This is done be reviewing other similar homes that have recently sold in your neighborhood.

  3. If you fall behind on your Mortgage payments, and just give up, the bank will be forced to Foreclose on your Mortgage.  This means that the will file legal documents and force the sale of your home and your ownership will be transferred to the Lender.  You may also choose to file a deed in lieu of foreclosure.

  4. A Foreclosure is a legal procedure whereby property used as security for a debt is sold to satisfy the debt.  

  5. If the bank completes the foreclosure process, they will have taken or transferred ownership of your property and you will not longer have the right to occupy the property.
  6. Equity is simply the dollar value difference between what your property is worth and what the actual debt is.  For example if your home is worth  $150,000 and you owe $120,00 your gross equity is $30,000.

  7. A Short Sale is when the Lender agrees to take less than is what is owed against a property in order to allow the sale or transfer of ownership.

  8. Short sale will negatively affect your credit.

  9. Statistical averages can be calculated to determine what the average time period is for home sales are in your neighborhood.  But, there is no way to say for sure when your home will sell, it will all depend on the market, economy, price and condition of your home.

  10. If you are facing foreclosure, you are not required to file for bankruptcy.

  11. Yes, you can ask your Lender for a loan modification, It is common that you disclose to them all your income, debt, and bank statements.  They may choose to monitor your financials for several months before thy make a determination on your request.

  12. Yes, it is possible to sell your home without having to pay any money at all from your own pocket but that will all depend on your terms of sale and your equity position.

  13. You do have the option of performing a quick sale to wholesale investors that may be interested in acquiring your property.  They normally will make a below market value offer to buy the property.  

  14. Yes, you may be able to rent your property during a the sale or foreclosure process.