Welcome to FightTheBank.org!

Meet Susanna Kunkel, Certified Distressed Property Expert, who has dedicated herself to helping home owners avoid foreclosure since 2007. You’ll get to hear her story and why it’s her passion.

She has successfully helped owners save their credit and stop foreclosure in all kinds of situations – including luxury homes and investment properties. Solutions are available and at no cost to the owners.

If you’re at risk of foreclosure, anywhere in the country, please contact Susanna right away! She's part of a national network of agents dedicated to helping homeowners with options to stop foreclosure, save their credit and resolve a difficult situation.

There's a lot of misinformation about short sales. For more insights;

• The Truth About Short Sales
• COVID Forebearance Homes with Equity Facing Foreclosure

Many homeowners facing foreclosure actually have equity but are stuck in an impossible situation post-forbearance. Equity with no liquidity. Loan programs during COVID that seemed to help have put many families at risk of losing their homes and their equity. Don't let that happen to you! 

You may actually have equity and options to avoid foreclosure, save your equity and your credit.

• Start with an instant home value estimate. 

Then we will be connect you with a HUD counselor to help you communicate with your lien holders, sort out what’s going on and find best options for you.

Options to Prevent Foreclosure

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. In the chart below are highlights from a summary of short sale vs. foreclosure and the impact on your credit, and ability to get a mortgage again soon.

Options for residents facing 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 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.

As a result of the COVID19 crises, many lenders have proactively approached home owners offering a forbearance. As noted above, a forbearance is not a fit for every situation. There are risks and complications. For instance, it can impact your ability to refinance into a more favorable loan.

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.

Service Members 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 service members 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 relocation, and more.