Homeowners

For Homeowners in Indianapolis and Central Indiana: We are real estate investors interested in helping homeowners who have little or no equity in their primary home and/or are enduring a financial hardship, avoid foreclosure through a variety of options. These options include but aren't limited to: reinstatement, loan modification, principal/payment reduction, short sale negotiation & property buyouts. There are no fees to the homeowner for our service.

Your Right to a 30 day extension of time to respond to a "Complaint to Foreclose"

If your mortgage lender has filed to foreclose on your home, their attorney will file a Complaint to Foreclose at the county court house. You will have about 20 days to respond and answer each of the complaints listed. You can extend this time automatically by filing a "Request for extension of time to respond to Complaint to Foreclose". Doing this will buy you some time and delay the process for another month, while you figure out what you are going to do. You will need to prepare that document in the same format as the complaint you received. Contact us and if needed, we can help you with this.

Your Right to a Settlement Conference

If your mortgage lender has filed to foreclose on your home, you may be entitled to a court-ordered settlement conference with your lender to negotiate an agreement that could allow you to avoid foreclosure. Look for the notice of your right to a settlement conference in your foreclosure papers. To take advantage of this right, YOU MUST NOTIFY THE COURT that you desire a settlement conference within 30 days after receiving your notice.

At the settlement conference, you have the right to be represented by an attorney or assisted by a mortgage foreclosure counselor, either in person or by telephone.

Answering the "Complaint to Foreclose"

There will be several numbered assertions listed in the Complaint, and you will need to answer each one individually in your response. Your response will be formatted the same way the complaint is, and your answers will be either

  1. "Defendant(s) admit(s) allegation listed in paragraph 1" or
  2. "Defendant(s) deny(ies) allegation listed in paragraph 2" or
  3. "Defendants have insufficient knowledge to admit or deny the allegation, therefore I/we deny the allegation listed in paragraph 3"

Denying the allegations will slow the process down some more, while the attorney prepares a response. Once you receive a response from the attorney, you will want to contact a competent real estate attorney to lead you the rest of the way, as it gets much more complicated from here.

How do I qualify for a short sale?

  1. You are upside down - This means the home's market value has dropped below the value of the loan.
  2. You are near or in default status on your loan.
  3. You are in financial or economic hardship.
  4. You have requested to be considered for a Home Affordable Modification Program (HAMP) modification and other retention programs.

    5. Time Line of a Short Sale for the Homeowner

    1. Talk to Homeowner: Discuss property and situation and arrange for a review of the paperwork / Submit the Financial Information worksheet

    2. Meet Agent: Have our Real Estate Agent meet at the house with the homeowner to go over options and sign the purchase option contract and disclosures.

    3. Complete Short Sale Package: Finalize and deliver all required financial information to Mortgage Mitigation (MMLLC)

    4. File & Record: MMLLC files and records all required disclosures with the county, to effectively put all parties on notice.

    5. Title Search: MMLLC orders, receives and reviews preliminary title search report for outstanding liens and judgements.

    6. Submit Short Sale Package: MMLLC mails all necessary documentation to the lender(s).

    7. List Property: Real Estate Agent lists property for sale on the Multiple Listing Service.

    8. Maintain Property: Seller continues to maintain and make all utility payments in a timely fashion. Seller does not make any further mortgage payments, unless they have the financial ability and willingness to contribute further.

    9. Bank Appraisal: Within 30-90 days of your first meeting with us, you will be contacted by MMLLC or the banks contracted BPO Agent to schedule a time for the BPO Agent to come out and take pictures and assess your property. You do not need to "clean up" the property.

    10. Bank Approval/Closing: Once the deal is accepted with the bank, (typically an additional 30-90 days) we will schedule a closing. You will need to finalize your arrangements for vacating the property 3 days prior to closing.

      11. For answers to many important common questions, please see our "FAQ" section.

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