avoid foreclosure in Salt LakeCity

We understand that Bad things happen to Good people. In most cases homeowners we work with have had a situation on their life happen that in most cases they have little or no control over. These events or situations start a spiral effect on homeowners that lead to them missing a house payment. Some of these situations include:


Unemployment

Many companies are cutting back and trying to spend less. We have many clients that have become victims of layoffs. Job loss is not only hard on the person but also on the family. There is no way to make house payments if you don't have any income.


Mandatory pay reduction

Some companies have cut pay across the board due to the current financial economy we are in. One of our clients company cut everyones pay by 10%. That way they did not have to fire anyone but everyone was making 10% less. That 10% can hurt a family budget and make it difficult or impossible to keep the house payments current.


Under-employment

If you were forced to be cut back on your hours at work, or if your overtime that you where consistently getting has now gone away. You are just making less than you could be making if you had the opportunity.


Death

Accidents happen and some of those are fatal. We recently had a client that lost her husband. She has not been in the workforce for years as she was raising their daughter. She is not making even close to the income that he was making. This could be the death of someone on the loan or even someone in the family. The passing of a loved one has effects on welling being for the whole family.


Decline in business earnings for a self employed person

Many businesses are really struggling. With the economy everyone is trying to cut back. We have had clients that their business has been doing well for year after year, but the last year or so there business have been cut down drastically. It is not anything they could prevent or see coming whatsoever.


Incarceration of a spouse or co borrow

If someone on the loan makes a mistake and is incarcerated it is going to be difficult to keep the payments current on their home.


Permanent or short term disability

Disabilities can take many forms. It can take away your ability to walk or even to see making it a permanent disability. Or it can be like one of our clients that had onset migraines where they had to go into a dark room any time they got one for 1-2 days without any light whatsoever. This was considered a short term disability however he never knew when it would happen. He could go for months without a problem or he could have two in the same week.


Serious illness of a household member

This could be something like cancer that may or may not be fatal, or it could even be like one of our clients that was snowmobiling at Strawberry Reservoir and hit a boat doc doing 40 miles an hour. He broke both his legs and was not able to walk. His job required manual labor so he was out of work.


Divorce, legally documented separation

If your marriage contract has change your whole world changes, even if you had decided to take a few months away from each other and see where things go from there increases living expenses and makes it hard to keep a house payment current.


Natural or man made disaster impacting a borrowers place of employment

Every so often you will see on the local news about a place of employment that suffered a disaster. The last one I recall was an office down town Salt Lake that had a fire. The building was damaged in the amount of 40% and was eventually just torn down. There is a lot of down time and some companies would go out of business if a tragedy like this happened.


A disability or illness that results in an increase in uninsured major medical expenses

It is very common for our clients to have medical expenses. Many have insurance and the insurance has choosen not to cover the bills. Or they did not have any insurance at all and the bills are just not affordable. Sickness is something that we can not control. One of our clients kids had a rare illness and required lots of treatments and testing. The insurance covered some of it but in the end there was a very large bill left over.


Natural or man made disaster damaging the property

The most drastic situation to illustrate this example comes from Southern Utah several years ago. There where many homes on a river bed that every year would get a marginal amount of water. Several years ago this marginal amount or water turned into a large amount of water that rushed at a very rapid pace. Many homes on the river bank where washed away. That is a natural disaster but man made damage could also happen to the property.


An unanticipated capital expense for property maintenance that, if not performed, would result in sufficient deterioration to the point of affecting the property value as security for the mortgage, or its habitability

This could include having to put a new roof on a property, or fixing a major water leek that was not covered by insurance. One of our clients left out of town for Christmas, when they came back much to their surprise when they walked in the door they could hear water running. The downstairs of the home had 6 inches of water. To add to the problem the insurance company decided that a part was installed incorrectly so they where not going to cover the expense for the damage. They said they where not responsible but the person that put the part in was responsible.


Overextended credit caused by the borrower having to use credit to pay his or her monthly mortgage payments, medical obligations, food expenses or utility bills.

Many of our clients have gotten overextended on credit. Credit companies have been giving credit so much and made it so easy to get credit many clients thought they could afford things because the lenders said they could afford it. After some time it was nearly impossible to keep up on the payments.

The good news is that if you fall in any of the above hardships we can help you! The above reasons are all allowable reasons that Fannie Mae, Freddie Mac, FHA and all other lenders consider Allowable Hardships. That means that we can work with you in helping you resolve your problem with the lender. If you have any of the above hardships. Please give us a call for a FREE confidential Conversation.