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Short Sale Quiz
The Mortgage Reality Check
a Quiz for distressed homeowners
In recent months, you have probably read, seen or heard about the gloomy mortgage crisis, as roughly two million homeowners now face possible increases in their mortgage payments throughout the remainder of 2007 and 2008.
As a homeowner, you may be concerned about your own ability to meet your mortgage payments, either now or in the near future. You may be frightened or feeling pressure from your mortgage company or other creditors. You may be at risk of jeopardizing your credit score, facing foreclosure or even bankruptcy. Or, you may just be curious about your financial wellbeing since you may have an adjustable mortgage rate that is likely to increase soon.
Homeownership is the American Dream - a dream everyone is entitled to and one we want to preserve. But what's your financial reality in light of a rising mortgage payment that may be hundreds of dollars more a month? What can you do to make things better if you are already in trouble or think you will be?
Many homeowners with financial problems, especially those who are at immediate risk of losing their homes, are overcome with fear and denial. In many situations, recognizing the warning signs, facing the reality, and taking action can make the difference that enables you to stay in your home and protect your family. The sooner you can get ahead of potential problems the better. If foreclosure or even bankruptcy seems inevitable, there are always alternatives and options that we can help you with, depending on your particular circumstances.
Please feel free to participate in the following little Homeowners Mortgage Reality Check to determine whether you need to take immediate action or whether you just need guidance about your options and where to turn for help: The Short Sale Center will be happy to provide either.
The Short Sale Center Quiz is designed to help you better understand your own situation while it's supposed to help us, identify problems, and subsequently enable us to provide you with the correct answers and advice. If your answer is YES to three or more of the questions in any of the following two categories, then you are definitely a candidate for our Short Sale and or Loss Mitigation programs.
The Implode Meter:
Since late 2006, more than 259 major U.S. lending operations have "Imploded": for the complete "Ailing Watch List of Lenders" as well as "Imploded Lenders", please click on the Implode Meter
Short Sale Quiz:
(Non-Retention Options)
Loss of Income? Yes □ No □
Divorce? Yes □ No □
Illness or injury? Yes □ No □
Being hospitalized? Yes □ No □
Death in the family? Yes □ No □
Military Service? Yes □ No □
- Have you been experiencing a decline in your household income during the previous 3 months and is it going to remain like that?
Yes □ No □
Yes □ No □
- Are you concerned about the long term consequences of the present mortgage meltdown and what effect it's going to have on your future equity. (As a result of the negative effect of foreclosures and short sales in your particular neighborhood - how long will it be until property values are restored?)
Yes □ No □
- Are you behind on any of your mortgages?
Yes □ No □
- Have you received collection letters and/or phone calls from debt collectors, creditors, mortgage bankers, or a foreclosing lender?
Yes □ No □
- Have you received a NOD or Foreclosure notice on your home?
Yes □ No □
- Have you applied for, and been denied new credit in the past three months?
Yes □ No □
Have you tried to obtain funds to bring your loan current without success?
Yes □ No □
- Is your lender refusing to accept your payments?
Yes □ No □
- Do you have an adjustable rate mortgage and are you concerned about not being able to make your future mortgage payments once your interest rate goes up?
Yes □ No □
- Are you presently current with your mortgage but you know that you will not be able to make your future mortgage payments?
Yes □ No □
- Are you concerned about protecting your credit score and the negative effect that a foreclosure will have on your credit rating for the next 10 years?
Yes □ No □
- Would selling your house for less than what you owe the bank and don't owe a dime be of any interest to you?
Yes □ No □
Are you an owner occupant for more than two years on the subject property?
Yes □ No □
- Have you refinanced your property you have bought it?
Yes □ No □
- Have you acquired a equity line or loan on your property for reasons other than remodeling or home improvements?
Yes □ No □
Loan Modifier Quiz:
(Retention Options)
Yes □ No □
- Are you concerned about not being able to make your future mortgage payments once your interest rate goes up?
Yes □ No □
Yes □ No □
- Would a Loan Modification by extending the time to pay back your loan be of any interest to you? (A loan modification may be necessary if you are facing a long-term reduction in your income.)
Yes □ No □
- Would negotiating a Loan Modification to put your past due payments in to the balance of your loan or putting it on to the end of your loan be of any help to you? (A loan modification may be necessary if you are facing a long-term reduction in your income.)
Yes □ No □
- Would giving the house to the bank or the government in exchange for what you owe be appealing to you?
Yes □ No □
- Would a negotiated Repayment Plan help in your situation (Where we negotiate a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment - This option may be appropriate if you've missed only a small number of payments.)
Yes □ No □
- Would a Reinstatement plan possibly be in your best interest? (You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to - This option may be appropriate if your problem paying your mortgage is temporary.)
Yes □ No □
- Would a Forbearance plan be the solution for you? (Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current - Forbearance may be an option if your income is reduced temporarily (for example, you are on disability leave from a job, and you expect to go back to your full time position shortly - Forbearance isn't going to help you if you're in a home that you can't afford.)
Yes □ No □
Remember problems don’t just go away, if you are looking for a realistic long term solution to your financial problems, apply to Short Sale Center today for: a free no obligation consultation on how we can help you stop foreclosure, save your home and preserve your credit history, call or click on the link below before it is too late. Problems don’t just go away, you will have to make it go away and chances are good that we can help you with making the write decision, so please feel free to contact us today for immediate help.
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We have programs to help stop foreclosure regardless of your situation:
With the right help, virtually any foreclosure situation can be successfully resolved. We have helped thousands of homeowners and we can help you too. When facing foreclosure Time is of the Essence. You MUST act fast to protect your rights and stop foreclosure. Many people who need foreclosure assistance simply do nothing and hope for a miracle. Don't fall into that trap!
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