Foreclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure?

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1 inside >>> The Foreclosure Process Your Options: - Negotiate a Loan Modification - Work out a Forbearance Plan - Obtain A Deed in Lieu of Foreclosure - Refinance Your House - File for Bankruptcy - Sell with a Short Sale - Sell Your Home to a Cash Buyer Turning Point Home Solutions, Inc. is your Cash Buyer! Stop Foreclosure in 48 Hours or Less Foreclosure Rescue Brought to you by Turning Point Home Solutions, Inc. Are You at Risk of Losing Your Home in Foreclosure? If you re seriously behind on mortgage payments you are at risk of losing your home. Foreclosure in Johnson County, Kansas is a 120-to-140 day process. When that has run its course, the negative impact on your credit rating can last up to ten years, making it harder and more expensive to get credit, and possibly forcing you to pay cash for everything you buy. Waiting until the 11th hour to try to avoid losing your home is a dreadful mistake. Act now! You Have Options! Inside: Powerful Strategies to Avoid Foreclosure Negotiate with Your Lender: Work out a loan modification plan that requires a lump sum up front and increased monthly payments, or a forbearance plan that may reduce, suspend or pause some of your monthly payments. Request a Short Sale From Your Lender: If your house is worth less than the amount owed on your mortgage, this is usually your best option. File for Bankruptcy and Seek a Stay on Foreclosure: Whether you go with the Chapter 13 or the Chapter 7 forms of bankruptcy, this option will seriously harm your credit. company, with possibly less damage to your credit than a full foreclosure. Refinance: Debt restructuring reduces your monthly repayment obligations, with the result of taking longer to pay off your debt. If you are in foreclosure, it will be very difficult refinance. Sell Your Home to a Cash Buyer: If your house is worth more than the amount owed on your mortgage, a quick sale to a cash buyer may be prudent, even ideal. The foreclosure is halted as soon as the title is transferred, making this the option with the least impact on your credit rating. Voluntarily Give Your House Up: A deed in lieu of foreclosure is a default move that signs your house back over to your mortgage Consider Turning Point Home Solutions, Inc. as your Cash Buyer!

2 Negotiate a Loan Modification You can be current, late, in default, in bankruptcy, or in foreclosure at the time you make an application for a loan modification. If you don t have the full amount needed to bring your mortgage current, you may be able to work out a loan modification. This option provides for a permanent change in one or more of the terms of your loan. This allows your loan to be reinstated and results in a payment you can afford. Loan modifications are rare. A loan modification may consist of any of these things: A permanent change in the interest rate. Capitalization of delinquent principal, interest or escrow items. Possible extension of the loan term. If you are able to get a loan modification, the following conditions will apply: All loan modifications must result in a fixed rate loan. The loan modification must fully reinstate the loan. Subsequent defaults are to be treated as a new default. the foreclosure process >>> 30, 60, and 90 day delinquency notices are sent to you from the mortgage lender Once you receive the Notice of Suit, it is usually followed within 90 days by a Notice of Sale. The Sale Notice indicates that your house will be sold within 30 days. This 120 day window is your only opportunity to do something about the situation. Once the house is sold on the courthouse steps, you will not be able to get it back. The house will either sell to a bidder or be rebought by the mortgage holder. Work Out a Forbearance Plan A forbearance plan is a formal written agreement between you and the bank that may reduce, suspend, or pause some of your monthly payments for a specific period of time. At the end of the agreed-upon period, you would be required to resume regular monthly payments, as well as pay additional funds to make up for the past due amount. During the time that the payments are either suspended or reduced, you would have the opportunity to resolve the financial hardship you are facing. This agreement leads to reinstatement of the loan. There is no maximum duration, but the maximum arrearage due may not exceed 12 months of arrearage of principal, interest, taxes and insurance. The bank may consider making this option available to you if you have recently experienced a drop in your income due to unemployment or illness. Lenders can agree to wait before taking legal action against you and let you work out a repayment plan that is affordable to you. Forbearance is usually for temporary financial problems. If you have more serious financial problems, then forbearance is usually not a solution.

3 Obtain A Deed in Lieu of Foreclosure Under no circumstance should you be encouraged to default on your mortgage for the purpose of qualifying for this strategy. A deed in lieu of a foreclosure is when you voluntarily sign your house back over to your mortgage company. Although the loan default would be entered on your credit record, it may not do the damage that a full foreclosure would do. Under no circumstance should you be encouraged to default on your mortgage for the purpose of qualifying for this strategy. A deed in lieu must be completed or foreclosure may be initiated within 6 months of the date of You would usually undertake debt restructuring if you are in financial difficulty. A refinance may reduce your monthly repayment obligations, with the penalty that the obligation will take longer to pay off your debt. Some advantages of refinancing your mortgage include: Consolidation of your other Refinance Your House If you are already in a foreclosure situation, it will be very difficult to find a lender or to get financing. debts into one loan. Reduction of your monthly repayment amount. Freeing up cash. default. If the deed in lieu follows a failed special forbearance agreement or the preforeclosure sale program, then the deed in lieu must be completed or foreclosure will be initiated within 90 days of the failure. A deed in lieu can only be done when you have one mortgage on your house. If you have a first and a second mortgage, you cannot do a deed in lieu. You may experience income tax consequences as a result of the deed in lieu of foreclosure. All of these strategies are geared toward making your debt, including your mortgage, easier to handle. You will be able to pay off the total debt over a longer period of time. You may experience income tax advantages for refinancing, particularly if you do not pay Alternative Minimum Tax. Foreclosure Facts In Johnson County, Kansas: The median sales price for a house is $213,000 The median foreclosure sales price is $159,000, that is more than a 25% reduction in sales price On average 1 in every 1,129 housing units is in foreclosure There were 200 new foreclosure filings in May of 2013 The top 5 cities with the most foreclosures are: Gardner, Olathe, DeSoto, Edgerton and Shawnee The Unemployment Rate is 4.5% The percentage of vacant Homes is 5.35% Per RealtyTrac.com, June 2013

4 File for Bankruptcy Bankruptcy is a temporary solution and you should only use it as a last resort. Whether you choose to go with the Chapter 13 or the Chapter 7 form of bankruptcy, this option will seriously harm your credit. Filing a bankruptcy is the only adverse event that lasts longer on your credit report than a foreclosure action, 7 to 10 years. In rare instances, you may be able to successfully use a Chapter 13 bankruptcy as a way of restructuring your other debts in such a way that you they can free up enough cash to make your payments, such as your house payment. Be warned: Less than 10% of all people who file a Chapter 13 bankruptcy ever successfully make it through to the end of the procedure. In instances where you know that you will be unable to make your mortgage payments because your financial situation has changed for the worse, you would be wise to wait to file a Chapter 7 bankruptcy until after the foreclosure process has come to a final conclusion. bankruptcy types >>> Chapter 13: Repayment Plan Essentially, Chapter 13 is a courtsupervised and court-monitored repayment program usually lasts on these kinds of debts. The typical repayment plan where you provide between 48 and 60 months. the court with a listing of all of your Many times you may not want to debts and a budget for your monthly include your house payment in the needs. The typical plan sends your Chapter 13 plan. Talk to the attorney wages to the Court appointed you hire to get a good trustee who pays all of your creditors recommendation on this point. according to a plan. The plan is presented by you and agreed to by Even if your house is not included in the your creditors. Chapter 13 bankruptcy, the bankruptcy does protect your house by filing a stay One of the benefits of a chapter 13 on the foreclosure action. That stay repayment program is that a lot of remains in effect as long as the you get the late fees, interest rates, and and remain current on your house other charges can no longer apply payments. Chapter 7: Discharge Debts still intending to keep the house. In this Chapter 7 bankruptcies provide for case, you must stay current on the the total discharge and liquidation of mortgage payments while the other your debts. debts are being discharged. Your situation may be such that you can discharge your other debts which would free up enough available cash to get caught up on your house payments and stay current. Even if your house is not included in a Chapter 7 bankruptcy, the stay granted by the filing of the bankruptcy will apply to your mortgage and the foreclosure In Chapter 7 bankruptcy, you list the action. If you can then bring the debts you are trying to get rid of and mortgage current, the foreclosure your mortgage may be one of them. action goes away. If this is the case, it is a clear intention that you have abandoned all hopes Most of the time, you will find it difficult of saving your house. to bring or keep the mortgage current. In this case, your bank then files a If you choose not to include your motion for relief of the stay and they house in the bankruptcy, then you are take possession of your house.

5 Sell with a Short Sale This is the best option if your house is worth less than the amount owed on your mortgage. If your house is worth less than the amount owed on your mortgage, a short sale is your best option. You sell your house for less than the outstanding balance of your loan, and turn over the proceeds of the sale to your lender in full satisfaction of your debt. Your lender has the right to approve or disapprove of a proposed sale. This negotiation is all done through your lender s loss mitigation department. Avoidance of having a foreclosure on your credit history is one advantage of this option. Additionally, a short sale is typically faster and less expensive than a foreclosure. Certain conditions must be satisfied in order for you to qualify for a short sale: Your house must be occupied by you. Your mortgage must be 31 days or more delinquent at the time of the pre-foreclosure sale closing. You must provide documentation of a reduction in your income or an increase in your living expense. Your documentation verifies your need to vacate your Method Price Time Frame Realtor Highest Uncertain CASH YOU YOU BUYER CHOOSE CHOOSE Auction Lowest Certain Sell Your Home to a Cash Buyer This is the best option if your house is worth more than the amount owed on your mortgage. If your house is worth more than the amount owed on your mortgage, a quick sale to a cash buyer may be prudent. The foreclosure is halted as soon as the title is transferred, which means your credit score will not be as badly affected. Cash buyers are usually real estate investors who will buy your house in an as is condition. Often, you can negotiate a move out date with a cash buyer, giving you time to find a new home. If you are working under a deadline, selling your house with a Real Estate Agent can take an uncertain amount of time. Selling your house at auction almost always results in a sale. But, the price you get is usually much less than the market value. Selling your house to a cash buyer gives you the certainty of knowing when the sale will be and of knowing exactly how much money you will receive. This in turn minimizes the stress and worry you may have with the selling process. Consider Turning Point Home Solutions, Inc. as Your Cash Buyer!

6 Turning Point Home Solutions, Inc. Wants to be Your Cash Buyer Turning Point Home Solutions, Inc. was founded by Jim Kasper and Beth Bernier. We found a mutual interest in renovating homes and helping people find options or opportunities. As part of our residential redevelopment process, we buy houses in any condition and any situation. Turning Point Home Solutions, Inc. is able to offer cash for a quick close on the sale of a house. Jim Kasper is using his business owner experience, construction knowledge and his knowledge of technology systems to ensure that every project is performed professionally, precisely and with integrity. Jim s passion is to redevelop homes and provide a warm, welcoming and updated environment for first time home buyers. Beth Bernier is using her business owner experience, accounting knowledge and marketing savvy to help complete every project on time and within budget. Her passion is to assist people who are in a tight spot and need to get out of their houses...for whatever reason. Are You Ready to Take Action? legal notice : While attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, investment or accounting advice. The purchaser or reader of this document assumes all responsibility for the use of these materials and information. Copyright 2013 Turning Point Home Solutions, Inc. copyright notice : All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical. Any unauthorized use, sharing, reproduction or distribution is strictly prohibited.

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