ResortQuest Real Estate

Take Action! The worst possible thing you can do is nothing. Be aware that you don’t go straight into foreclosure by missing a payment. Foreclosure is a process and happens in stages.

Communication is Key!

Contact your lender as soon as you have a problem or as soon as you think you have an upcoming problem. Don’t ignore their mail or avoid their phone calls.

No matter what your situation is, you have options

Short Term or Temporary – contact your lender immediately and see if you can defer a real estate mortgage payment or two. They may add the shortage to the back end of your mortgage. Most lenders are willing to help you by developing a plan to help you stay current.

Permanent or Long-term - For hardships that will exist for an extended period of time, your lender will require proof of your situation; the hardship you are experiencing and if and when you feel things might change for you. When you contact your lender, have your Loan Account Number and a Hardship Letter giving a brief explanation of what material change has occurred that has made it impossible to pay your mortgage.

	Hardships Include: See details about Financial Hardships
	Loss of Job Business Failure Damage to Property Death of Spouse Death of Family Members Severe Illness Inheritance Divorce Separation	Relocation Military Service Insurance or Tax Increase Reduced Income Too Much Debt Incarceration Payment Increase or Mortgage Adjustment

Expect to have several conversations with your lender. Working out solutions is a process and is different with every lender. Most lenders will mail a “Loan Workout “ Package to you. This is part of the process. To be considered for assistance, you must complete the forms fully and honestly and return it to your lender as soon as possible. Your lender will review your package before talking with you about which options are available to you.

Recent Income Documents:

• Pay Stubs
• Tax Returns
• Unemployment, Retirement, or Public Assistance
• If self-employed, Year to Day Profit/Loss Statement
• A list of Household Expenses
• Documentation of any other income – benefits such as Social Security, Disability, Unemployment, Retirement or Public Assistance
• Too Much Debt
• Incarceration
• Payment Increase or Mortgage Adjustment

Article written by ResortQuest Realtors Sissy Carroum, Jim Hibbard and Walter Michalke.

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For more information about ResortQuest Real Estate’s Distressed Property Sales Division, call 800-846-7962.

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What Can the Distressed Properties Division Do For You?

For Buyers: Information and explanations of the current market climate.

For Sellers: Find possible solutions to avoid foreclosure.

Commercial Investors: Vital Information for informed decisions.

Asset Managers: Services and resources of ResortQuest.