Empowerment is the process of becoming STRONGER , more CONFIDENT and CONTROLLING one’s own life. If you are struggling with your mortgage, empowerment starts here because knowledge is power.

Hello, I understand that these are challenging times for you, and I want to offer my support. Please take a few minutes to explore the information below. If we do talk in any way, please know, everything we discuss will remain confidential, and I am here to assist you.

In the meantime, remember that I'm just a click, phone call, or text away.

Take care,

Christy CJ Pace

Broker, Owner, Distressed Property Specialist

Pace Probity Asset Management   

(a dba of Pace Probity LLC)

112 Glenleigh Court #3

Knoxville TN 37934

865.357.1537 - o

Visit Consumer Finance - Housing for up to date relief options, protections, and deadlines.

CFPB Rules for Foreclosure actions visit CFPB Rules

Empowerment is the process of becoming STRONGER , more CONFIDENT and CONTROLLING one’s own life. If you are struggling with your mortgage, empowerment starts here because knowledge is power.

As with all things in life, this too shall pass.

it all depends on you, right now.

Will it be pushing you or will you be pushing it?

What is the difference between

FORBEARANCE and DEFERMENT?

• Interest continues to accrue during forbearances.

• Interest sometimes accrues during deferment.

• Forbearance mostly requires payment in a lump sum at the end of paused payments.

• Deferment mostly allows repayment over a period of time.

• Some may add at the end of the loan. Some may add monthly.

Make sure you are clear on which program you are involved in by asking the lender or servicer to put it in writing.

MODIFICATIONS

Modification is not refinancing. A Modification will change the terms of your current financing loan typically lowering your monthly payment. It could affect your credit score as well as the amount of interest you will pay. The negative affect on your credit score will still be much better than a foreclosure, however.

Modifications vary with some of the options as followings: extending the amount of time to repay, changing from an adjustable to a fixed interest rate, lowering the interest rate or a combination of these, depending on the offering from your lender after reviewing your represented case to them.

Some modifications are temporary then adjust back to the original terms and some are permanent.

Not everyone will qualify for a modification. The final decision is up to the lender or sevicer who will review your individual circumstances. Some of the reasons individuals apply for consideration of modification could include a loss of a job, underemployment, divorce or health issues of the mortgagor or immediate family member, just to name a few.

It can be a tedious task to gather and supply all the information requested for review, however, it is vital that you take the time to read the requests thoroughly and supply all that is requested. If you are overwhelmed in the process be sure you reach out to the lender or servicer of your mortgage and keep them updated on your progress as you reach out for assistance from a trusted family member or friend.

If you are denied a modification after application, you do have a right to file an appeal. It might be a good idea to work with a HUD -approved housing counselor as well.

Modifications can be a great relief and an opportunity to turn things around for all involved. This is the area where the owner has to be honest with themselves and ask some hard questions. Is this going to be enough to give me the relief each month or am I prolonging an uphill battle that will only add to the casualties I am already facing? Is this my best option?

The truth is it is okay to admit defeat. Sometimes it is the only way through to the next level. This is where you ask yourself - is this going to empower me for my future? If the answer is no then it is time to consider a short sale.

SHORT SALE

A short sale is a negotiation that occurs between the mortgagor and the lender, backed with data from your Realtor, an independent review and opinion by a second or maybe even third Realtor or appraiser, agreeing to sell the property for less than what is owed due to a hardship of the current owner. Often times it is the last ditch effort to avoid foreclosure and can end up being the best win-win for all parties involved.

You typically remain in the home while cooperating with your lender or servicer and your Realtor during the marketing phase of the property. We will either negotiate with your lender on your behalf or line you up with a third party negotiator to so. The negotiator goal is to get all sides on the same page - a sale of a property to a ready, willing and able buyer, at a fair price and avoid foreclosure for all.

A short sale will affect your credit but not as much as a foreclosure. If you work on rebuilding your credit, you will be eligible for a mortgage in two years after a short sale as two years is the longest a short sale can be used against you for a mortgage. It also looks better that you worked WITH your previous lender instead of against them when applying for a new mortgage in the future. Remember the ol’ adage of not burning your bridges!? Definitely applies here.

Our firm has dealt directly with lenders, servicers, investors and asset managers for many years handling default properties. We understand their ways better than most in our market. This is a distinct advantage of having us on your Short Sale team.

If you are in need of more information that what was found here or you wish to discuss your personal situation, please give us a call or fill out our contact us form. Let us help you find the best road to your own personal empowerment in these difficult times.

DEED IN LIEU

Deed in Lieu of Foreclosure is another option. It has to be approved by the lender prior to facilitating. Instead of going through any of the above processes or foreclosure, one would sign over the deed and walk away.

With all options, it is always wise to discuss the decision with a CPA and Attorney to assure you have all information you need to make an informed decicsion.

As with all things in life, this too shall pass.

it all depends on you, right now.

Will it be pushing you or will you be pushing it?