Michelle L Mitchell

Short sales
Residential sales
First time home buyers
Distressed properties
Relocation

Century21 Norris Valley-Forge
Royersford, PA
(610) 731-7551 (Phone)
License #RS319001

MRP

Home Buyers
Home Sellers

Single Family Home
Condo/Townhome
Multi-family

Foreclosure Avoidance Options Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many
including but not limited to short sales. Following is a brief explanation of these solutions: Reinstatement A reinstatement is the simplest solution for a foreclosure
however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale. Forbearance or Repayment Plan A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe. Mortgage Modification A mortgage modification involves the reduction of one of the following: the interest rate on the loan
the principal balance of the loan
the term of the loan
or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage. Rent the Property A homeowner who has a mortgage payment low enough that market rent will allow it to be paid
can convert their property to a rental and use the rental income to pay the mortgage. Deed-in-Lieu of Foreclosure Also known as a "friendly foreclosure
" a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option
and the homeowner must also vacate the property. Bankruptcy Many have considered and marketed bankruptcy as a "foreclosure solution
" but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts
this may be a viable solution. Refinance If a homeowner has sufficient equity in their property and their credit is still in good standing
they may be able to refinance their mortgage. Servicemembers Civil Relief Act (military personnel only) If a member of the military is experiencing financial distress due to deployment
and that person can show that their debt was entered into prior to deployment
they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief. Sell the Property Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area. Short Sale If a homeowner owes more on their property than it is currently worth
then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase
job loss
divorce
excessive debt
forced or unplanned relocation
and more. This represents only a summary of some of the solutions available to homeowners facing foreclosure. Understanding your options now could mean all the difference in the world. I can help.

Quality Service Award 2013

Michelle's success is attributed to her passion & commitment to outstanding service, professionalism, and a desire to help homeowners. Michelle decided to join the Century 21 Norris-Valley Forge team to work with some of the top Brokers in the state. Prior to joining Century21 worked in the Banking industry for almost 10 years, with experience in not only Business Banking, but also Managing a team of Financial Specialists covering the Chester County Market. Michelle will say her greatest successes are her children; she managed to raise a daughter who has for 4 years and continues to teach High School Chemistry, a son who has served 5 years as a Marine, is in the reserves and currently attending college, another son who is also attending college and finally the youngest still in middle school. Now as a CDPE Designated Realtor and has extensive knowledge of the real estate industry and our local marketplace. This combined with a past successful banking career, makes her a great fit to serve present and future homeowners. She has an endless attention to detail and puts all her efforts into understanding the needs of her clients. When not working with a client, or with her family, it is likely you will find her in a class or webinar seeking further education to stay in the top of her field and serve her clients.

Buyer's Agent
Listing Agent
Relocation

Century21 Norris Valley-Forge
18 Nutt Road, Phoenixville, PA 19460
(610) 933-8600 (Office), (610) 731-7551 (Cell)

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