Center for Foreclosure Alternatives

Center for Foreclosure Alternatives Facing Foreclosure? Behind on your mortgage payments? Lose your job or getting divorced but don't want to lose your home? We can help! The Center for Foreclosure Alternatives is a portal to assist in educating the public on how to avoid foreclosure.

Our representatives are Certified Distressed Property Experts (CDPE) and are well versed in providing information on the 11 different options to help people avoid foreclosure. Our Center is a not for profit agency and does not charge for providing the information that is available to homeowners. Our goal is to give out the information that is already out in the marketplace but organized here to give power to the homeowner. We have helped many families in staying in their home and although we cannot guarantee we can help guide everyone to avoid foreclosure, our goal is to give the options to help the public be more educated.

Forbearance can be a viable option depending on the specific terms, if proper planning is put in to place and it is full...
05/13/2020
Almost 4 million mortgages are in forbearance, MBA says - HousingWire

Forbearance can be a viable option depending on the specific terms, if proper planning is put in to place and it is fully understood. Contact us for more information.

#CFA #StopForeclosure #ShareThis

Almost four million mortgages are in forbearance as Americans struggle with the economic impact of COVID-19, according to the MBA.

05/02/2020
05/01/2020
04/29/2020

Good information on Foreclosures right now:

COVID-19 – CARES Act and Federal Foreclosures
April 28, 2020
On March 27, 2020 Congress enacted the Coronavirus Aid, Relief and Economic Security Act of 2020 (β€œCARES Act”), which provides for financial relief due to the COVID-19 Virus
Pandemic. Section 4022 provides a moratorium on residential foreclosures for borrowers with federally backed 1-4 family mortgage loans and addresses the right of a homeowner to request a forbearance from payment on these loans. The requirements only apply to federally backed mortgages which are loans insured or guaranteed by FHA, VA, USDA or loans that are owned or securitized by Fannie Mae or Freddie Mac. The moratorium does not apply to vacant or abandoned property or private bank loans. Under the Act, no mortgage servicer of any federally backed 1-4 family mortgage loan is permitted to do the following for a 60-day period beginning March 18, 2020 and ending May 17, 2020:
a) Initiate any judicial or non-judicial foreclosure process;
b) File a motion for foreclosure judgment or order of sale; or
c) Execute a foreclosure-related eviction or foreclosure sale.
Section 4022 also allows a borrower on a federally backed 1-4 family mortgage loan to request a forbearance from payment up to 180 days with the right to request an additional 180-day extension. Section 4023 allows a borrower on certain federally backed multi-family mortgages to request forbearance for up to 30 days with two 30-day extensions. During the term of forbearance, a tenant cannot be evicted or charged late fees. Section 4024 establishes a temporary moratorium on eviction filings for certain single and multi-family housing. During the 120-day period beginning on March 27, 2020, a lessor cannot initiate an eviction for nonpayment of rent. After the moratorium period, the landlord may not evict a tenant unless a 30-day notice is provided to the tenant.
Several states have also issued executive or other governmental orders or proclamations establishing their own moratoriums on foreclosures and evictions. These orders may be more expansive and prohibit judicial and non-judicial foreclosures of private and commercial mortgages.

#Cfa #foreclosuremoratoriums #forebearance #covid19

04/10/2020

If you or anyone you know may be unable to pay their mortgage in the future, please watch and share πŸ™πŸ™

Real help is free!

#CFA #StopForeclosure #ShareThis

04/02/2020

Hi everyone - a lot of people have asked us about mortgage forbearance. Here is what is being provided under the CARES Act.

Customers experiencing an immediate hardship due to COVID-19, including job loss, income reduction, illness or other related impacts preventing them from making mortgage payments are being offered a Forbearance Agreement on their primary residence, second home or investment property. This option may allow customers to temporarily suspend or reduce monthly mortgage payments. It is not a deferment and amounts owed cannot be skipped or added to the end of the loan.

As per guidance from Fannie Mae, Freddie Mac, and government loan agencies, most servicers are offering a 90 day forbearance plan and reevaluating for extensions in accordance with the allowable forbearance plan timelines of up to 180 days in accordance with the CARES Act.

Upon completion of the Forbearance plan, Servicers will work with customers if necessary to pursue long-term assistance options such as loan modifications or other payment workout options.

Credit Reporting:
The CARES Act requires Servicers to not report negative data to credit bureaus for customers actively performing on Forbearance plans. Servicers must report these customers to the credit bureaus as either Current on monthly mortgage payments or at the same status prior to the hardship.

The credit reporting protections described above will be in effect for impacted customers until the later of the following:
β€’ 120 days after the enactment of the CARES Act
or
β€’ 120 days after the National Emergency Declaration for Coronavirus is terminated

β€’ Fannie Mae and Freddie Mac are requiring servicers to suspend credit bureau reporting of past due payments for customers in Forbearance, Repayment Plans or Trial Period Plans

β€’ FHA, RHS and VA strongly encourage (but do not require) Servicers to suspend negative credit bureau reporting for customers impacted by COVID-19. As this is not required, there may be Servicers who do not put these suggested practices into place or who are slow to do so

Late Fees:
Servicers must not accrue or collect late charges from customers during the Forbearance plan. If customers default on the terms of the Forbearance plan, Servicers are authorized to accrue late charges from the date customers defaulted on the plan.

Foreclosures and Evictions:
Moratoriums are in place on the initiation of new foreclosures, foreclosure sales and evictions – except for vacant and abandoned properties. Under current guidance, the period of the moratorium extends 60 days from March 18, 2020. The Federal Government may extend this timeframe.

Investment Properties:
In accordance with the CARES Act, landlords with mortgages insured, guaranteed, supplemented, protected, or assisted by HUD, Fannie Mae, Freddie Mac, or certain other programs are temporarily prohibited for 120 days from eviction filings, assessing late fees or other penalties for nonpayment of rent.

Options that are not being offered / not available:
β€’ Add payments to the back of the loan (extension)
β€’ Defer payments
β€’ Skip payments
β€’ Waiving interest
Note: Deferments, skipping payments and adding payments to the back of the loan are not Forbearance options. Deferments permanently alter the terms of the original security instrument by adding missed payments to the back of the loan. Payments under a Forbearance remain due and payable once the time frame expires, and customers have to partner with their Servicer for long term Loss Mitigation options (repayment plans, modifications, etc.)

#CFA

Good info here!#CFA
04/01/2020
Stimulus Check Calculator 2020

Good info here!

#CFA

Stimulus Check Calculator: Find out how much your economic stimulus check will be using this handy tool.

03/22/2020

Freddie Mac Suspends Foreclosures, Offers Additional Crisis Support

Mar 19 2020, 9:50AM

Freddie Mac is invoking the same types of measures to protect homeowners in the face of the COVID-19 pandemic as it has previously taken in other natural disasters such as hurricanes. The company announced Thursday morning that it is suspending all foreclosure sales of properties securing its mortgages and evictions of borrowers living in homes owned by the company. That suspension is effective immediately and will extend to May 17, 2020. Freddie Mac said that period could be extended if the Federal Housing Finance Agency directs it.

It is also offering a package of relief options for borrowers having trouble making their mortgage payments because of the financial disruptions caused by the virus. Among the provisions:
β€’ Up to 12 months of forbearance.
β€’ Waiving of penalties and/or late fees.
β€’ Suspending the reporting to credit bureaus of information about delinquencies, forbearance, or trial and repayment plans.
β€’ Authorizing servicers to extend additional loss mitigation options including loan modifications.

These measures are effective immediately and apply to borrowers who are unable to make their mortgage payments due to a decline in income resulting from the impact of COVID-19, regardless of whether they have contracted the virus. Borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property.

"We are doing all we can to help those adversely impacted by the coronavirus, including by immediately suspending foreclosure sales and evictions during this challenging time," said Donna Corley, executive vice president and head of Freddie Mac's Single-Family business. "These eviction and foreclosure stoppages are just one part of the comprehensive assistance we're providing borrowers to help protect our communities. We are also expanding relief available through our well-known forbearance programs, allowing us to reach the majority of affected borrowers as expeditiously as possible."

Borrowers who may be experiencing financial challenges due to COVID-19 are strongly encouraged to contact their mortgage servicer - the company to which they send their monthly mortgage payments. Freddie Mac said it is instructing its servicers to work with borrower to make sure they are evaluated for appropriate assistance.

We assume a similar announcement will be forthcoming from Fannie Mae.

03/19/2020

If you, or anyone you know, is having problems paying your mortgage. Here is some helpful information. Fannie Mae and Freddie Mac have instructed the servicers (companies you make your payments to) to do the following:

β€’ Expand forebearance eligibility.
β€’ Evaluate borrowers for a modification plan after forebearance.
β€’ suspend credit reporting to credit reporting when the hardship is related to COVID-19.
β€’ Suspension of foreclosure sales for the next 60 days.

It's not a cure, but it is help... please reach out to us, we are here to guide

02/04/2020

We just stopped a foreclosure for another family, right before the sale date! #CFA

We wish everyone a happy and safe new year!  Know that in 2020 we will be here to help anyone who needs our services. #C...
12/31/2019

We wish everyone a happy and safe new year! Know that in 2020 we will be here to help anyone who needs our services. #CFA2020

12/23/2019

We just saved another family from Foreclosure! #CFA #HelpIsFree

We hope you have a very Happy Thanksgiving!
11/28/2019

We hope you have a very Happy Thanksgiving!

Thank you Veterans!
11/11/2019

Thank you Veterans!

Take a look at the average credit score after a foreclosure!#CFA #StopForeclosure
09/12/2019

Take a look at the average credit score after a foreclosure!

#CFA #StopForeclosure

Here is a chart showing how timeframes and more information on purchasing your next home after a hardship. Contact us fo...
09/11/2019

Here is a chart showing how timeframes and more information on purchasing your next home after a hardship. Contact us for more information!

#CFA #StopForeclosure

Foreclosure is something that should be avoided at all costs. Fortunately, we are here to help!#CFA #StopeForeclosure
09/10/2019
How Badly Does a Foreclosure Hurt Credit Scores?

Foreclosure is something that should be avoided at all costs. Fortunately, we are here to help!

#CFA #StopeForeclosure

New data shows that home buyers who went through foreclosure can resuscitate their credit scores in less time than traditionally thought.

If you are behind on your mortgage, we have resources and outlets to save your home for free! #CFA #StopForeclosure
09/06/2019

If you are behind on your mortgage, we have resources and outlets to save your home for free! #CFA #StopForeclosure

Did you know that if a member of the military is experiencing financial distress due to deployment, and can show that th...
07/24/2019

Did you know that if a member of the military is experiencing financial distress due to deployment, and can show that their debt was entered into prior to deployment, they may qualify for relief under the Service-members Civil Relief Act.

#CFA #StopForeclosure

07/23/2019

When dealing with the mortgage company, make sure you take notes on who you speak to. Some key pieces of information to jot down if you can get it are:

-Name of who you're speaking to (first and last if possible
-Their extension, phone number and email address
-Their physical location (some banks have different call centers across the country)
- Their direct supervisors name and contact information
- Their specific department
- The time and date of the call

#CFA #StopForeclosure

Did you know that if you are behind on your mortgage that some banks will allow a grace period where fees and penalties ...
07/23/2019

Did you know that if you are behind on your mortgage that some banks will allow a grace period where fees and penalties are paused? Contact us for more information. No cost. No obligation. Completley confidential.

Loan Modification Fact: A loan modification is when the mortgage company restructures your mortgage payments to somethin...
07/22/2019

Loan Modification Fact: A loan modification is when the mortgage company restructures your mortgage payments to something mutually agreeable. The balance is not waived or reduced, it is still owed.

Heres a few differences between a short sale vs a foreclosure.  Although there are many other options to avoid a foreclo...
05/23/2019

Heres a few differences between a short sale vs a foreclosure. Although there are many other options to avoid a foreclosure sometimes a short sale is the best one. If you have any questions about your particular situation we are available for a private, no obligation consultation. Please share this - you may help someone who is in need of this information and hasn't asked for help! #CFA #StopForeclosure #PleaseShare

03/01/2019

πŸ†˜πŸ†˜Going through a rough time? πŸ”ΉπŸ”ΉπŸ”Ή An option that will help avoid foreclosure is Forbearance. In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower to DELAY a foreclosure. The literal meaning of forbearance is β€œholding back.” πŸ“„πŸ“„

With this option, the mortgage company and homeowner would temporarily suspend or reduce your monthly mortgage payments for a SPECIFIC period of time.πŸ“†πŸ•šπŸ•˜ This option lets you deal with your short-term financial problems by giving you time to get back on your feet and mae your mortgage current. ⏳⏳⏳
#AvoidForeclosure #CFA

Here are some good facts on a short sale vs a foreclosure. #CFA #StopForeclosure
02/26/2019

Here are some good facts on a short sale vs a foreclosure. #CFA #StopForeclosure

01/28/2019

We just started the process to save another family for foreclosure! And it will cost $0! #CFA #StopForeclosure

Address

4090-B Lafayette Center Drive
Chantilly, VA
20151

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Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

(703) 951-7442

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