Options When Facing Foreclosure

Options When Facing Foreclosure

Even though the housing market seems to be on the upswing and in recovery mode for most, some homeowners are still feeling the sting of adjustable rate and negatively amortized loans. When your home is about to be foreclosed upon, here are some options for you to consider.

1) Check out HAMP (The Home Affordable Modification Program)

Through HAMP, the United States Government will offers borrowers with loans that are Fannie Mae or Freddie Mac insured the opportunity to refinance into a lower rate loan. This can be a time consuming choice and can take up to one year to actually complete so the more you have your paperwork in order, the faster you can move your case through the system.

Make sure you at least have

• 30 days of paystubs or your most recent tax return if you are self-employed
• A personal debt report from one of the three major credit bureaus
• A hardship letter

2) Consider a Short Sale

A short sale is when you sell your home for less than what is owed on the mortgage. It is not as damaging to your credit as a foreclosure, but your score will be affected nonetheless. To sell your home as a Short Sale, your lender will see the amount of assets you have and whether you are already in default before determining if you are eligible. Make sure you are listing with a competent real estate professional that understands these types of sales.

3) Deed in lieu of foreclosure.

Instead of going through the foreclosure process, you are basically handing over the keys to your home. Your lender will then sell the property to try to recoup all or a fraction of the loan balance. This path is less invasive than a foreclosure but it will leave your credit as damaged as a true foreclosure.

4) Communicate with your lender

If you are having a hard time making your mortgage payment or if you have missed a payment, call your lender. If you can be honest about your situation before it gets out of hand, there will be more options than pretending like it isn’t happening.

Kim Suwa


Kim has served in many positions with our company and works diligently to answer any questions that you may have. Her proficient and vast set of skills is unique in that she is highly qualified in all areas of Leasing and Property Management. Kim gracefully manages all the accounting staff and functions, including coordinating rental tax, owner disbursements, move out accounting, trust account reconciliation, human resources and oversees all lease renewals for Amy Home Sales and Clear Property Management to ensure that our occupancy rate is maintained at the highest level.

Kim has an incomparable ability to solve problems and is meticulous about maintaining perfection. Should you ever have a question about anything, please let her know.

Anne Trear


CalDRE: #02096043


Anne Trear brings a passion for real estate and commitment to her clients to Beverly & Co, teaming up with Amy Weber as a buyer’s agent. She focuses on creatively finding solutions for her clients, embracing the opportunity to meet and develop relationships with a wide range of people, all while helping them make one of the most important decisions of their lives; she feels fortunate to get to be a part of such a monumental moment. She thrives in the exciting, fast-paced environment of real estate, where everyday is engaging and different.

Anne’s experience as a bartender and trail guide at an equestrian center have given her the opportunity to work with people from all walks of life, each bringing their own passions, emotions, and personalities to the table. She leverages this insight in her real estate career, always seeking to fully understand her clients–their desires, dreams, and needs—so she can best serve them. Enthusiastic, and motivated, Anne values honesty and integrity; her work ethic and hustle speak to her dedication to making sure her clients are completely taken care of every step of the way.

When she’s not serving her clients, she spends her time volunteering at The Union Rescue Mission and exploring her community.

Amy Weber


CalDRE: #01946366


Amy Weber brings Beverly & Co. a wealth of real estate experience and a keen competitive drive. After finding success investing in properties herself, Amy gained extensive knowledge of the industry before becoming an agent. She is an accredited home stager, broker associate and E-Pro Real Estate Agent as well as a Certified Real Estate specialist (CRS), a Buyer’s Real Estate Specialist (BRS), a Senior Real Estate pro (SRES) and Certified Probate Real Estate Specialist (CPRES).

A former actress, talent agency owner and veteran of the WWE, Amy is no stranger to the rigors of competition. She is a tireless champion for her clients and understands the importance of standing out in a crowded field. To help attract potential buyers to her properties, Amy calls upon her highly skilled network of photographers and drone video operators, who work to put each home in its best light. Amy has received numerous acknowledgements from past clients praising her polished performance and talent for closing deals.

In her free time, Amy loves cooking, reading, volunteering with the ASPCA and spending time with her twins, Madison and Levi.

  • Broker Associate
  • Certified Probate Real Estate Professional
  • Senior Real Estate Specialist (SRES)
  • Accredited Buyer’s Representative (ABR®)
  • Video Marketing
  • Client Negotiations