SOBTEC REALTY, INC.

SELL YOUR HOME

Property Brokerage

For Sale / For Rent

International Realty

Foreclosure is NOT the only option!

If you have experienced a hardship and cannot make your payments and you owe more than your home is worth, I
can help. I will work with you and your mortgage lender to negotiate the sale of your home. This is a “Short Sale”
and I’m a Certified Expert in the Short Sale process

Your options should you be facing Foreclosure

Do Nothing - If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan
applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this
damaging information. Not the best option.

Payoff/Refinance – Completely paying off the entire loan amount plus any default amount, closing costs and fees.
Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and
there may be a prepayment penalty because of the recent default. With this option, there must be equity in the
home. Not easy to obtain this loan.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments
and fees. Not feasible or practical.

Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan.
This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you
have fixed the problem that caused the late payment.

Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation.
The lender may even be able to provide a temporary payment reduction or suspension of payments. Information
will be required from the lender to show that you are able to meet the new payment plan requirements.

Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally
require the home be well maintained, all mortgage payments and taxes must be current. Most loan applications
ask if this has ever happened. Most banks will not accept this and each state has different laws that may restrict
this.

Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy
attorney.

•Chapter 7 (Liquidation) To completely settle personal debt.

•Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.

•Chapter 11 (Business Reorganization) A business debt solution.

Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid). The
homeowner may sell the home without lender approval through a conventional home sale.

Short Sale – also known as a pre-foreclosure sale, if the property has negative equity, can be negotiated with your
lender by your Real Estate Professional if what is owed is MORE than the property’s value. We’ll go into that on the
next page What is a Short Sale

Contact us Today 954.251.0324

Copyright © 2005-2010 SOBTEC REALTY, INC.
Kevin Berman
Licensed Florida Real Estate Broker
P: (954) 251.0324
F: (954).251.0321
info@sobtec.net
8550 W. State Road 84, Davie, Florida, 33324

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