Complete Realty, LLC is attempting to assist homeowners’ that are facing possible foreclosure.  There are more options:  Short sale or Deed in Lieu.

Short Sale

Homeowners who are upside down and can no longer make their mortgage payment, up to now the only option was bank foreclose. That’s not a good option since a foreclosure sticks on your credit record for at least 10 years. Experts are now advocating a “short sale.”  You sell the house for a loss, and the bank agrees to take a loss (although they could still demand the homeowner make some kind of payment or share the loss). Posted by: Dean Foust on March 05, http://www.businessweek.com

Put another why,

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.   http://www.nolo.com/definition.cfm/Term/51715E63-5BC5-4DCE-B5E96F71DFF3D5AB/alpha/S/

A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.  Please see the following website for more information.  http://www.hud.gov/offices/hsg/sfh/nsc/faqdil.cfm  The lender is not required to accept the Deed in Lieu and can show his/her refusal by filing a Notice of Non Acceptance with the County Recorder. In any event, a decision is required whether to accept the Deed in Lieu. Usually the owner is submitting the Deed in Lieu when he/she is unable to meet his/her obligations and the property equity has gone to zero.  http://www.wealthnetwork.com/products/prod_foreclose/deed_lieu_foreclose.htm  Your bank will tell you if they will allow the Deed in Lieu.

To start either process the home must be listed with a licensed real estate agent in most cases.  The client will need to sign an authorization for the creditor to speak to the listing real estate agent.

You may not need this information personally, but you may know someone who needs this information.  Please tell them to give us a call.  We are helping people save their credit.