Loss Mitigation
Falling behind on a mortgage is stressful, and it is more common than most people think. The earlier a homeowner understands their options, the more of them tend to stay open. KW Default Solutions helps homeowners, and the servicers they work with, look at the full picture and choose a workable path.
Helping homeowners in default
If you are 30, 60 or 90 or more days behind, have received a notice of default, or are worried about your next payment, we start by looking at where you stand: what the home is worth, what you owe, how much time you have, and which options fit. Depending on your servicer, investor and situation, those may include reinstatement, a repayment plan, forbearance, a loan modification, a traditional sale, a short sale, a deed in lieu of foreclosure, or an online auction sale.
Helping homeowners with equity
Being behind does not always mean owing more than the home is worth. If there is equity, selling on the open market can pay off the loan, may avoid foreclosure if it closes in time, and can leave you with proceeds. A local Keller Williams agent handles the pricing, listing, marketing and closing. Our Homeowner Equity Solutions page has more.
Expediting short sales
When a home is worth less than the mortgage, a short sale may be an option. Short sales tend to move faster when the file is complete and the price is realistic: hardship documentation submitted up front, a list price supported by a sound valuation, and steady communication among the servicer, the homeowner and the buyer's agent. We work within each servicer's and investor's process to keep the file moving. Approval is always up to the servicer and investor.
Deed in lieu and other alternatives
We assist with short sales and with alternatives such as a deed in lieu of foreclosure, where the homeowner voluntarily transfers the property to the lender to satisfy the debt. Some servicers consider a deed in lieu when a short sale is not successful. Eligibility, terms and any release of the remaining balance vary by servicer, investor and state, so we help you ask the right questions before you decide.
How it works
First, a free, no-obligation Homeowner Options Review covering home value, equity, options and timing. Next, a local Keller Williams agent supports the plan, whether that is a traditional sale, a short sale or another servicer alternative. Throughout, we coordinate with the servicer and keep you informed at each step.
No pressure, let's talk
Homeowners can reach KW Home Solutions, powered by KW Default, at KWHomeSolutions.com or 888-870-0443. Servicers and asset managers can reach Joe Iuliucci at 888-980-9820 or joe.iuliucci@KWDefault.com.
This information is educational and is not legal or financial advice. Options, timelines and eligibility vary by servicer, investor and state, and outcomes are not guaranteed. Consider speaking with a housing counselor or attorney about your situation.
