FAQ’s

  What is an REO?  - A REO is a banking industry acronym that stands for Real Estate, Owned.  This refers to property a lender has taken possession of by means of foreclosure, deed in lieu of foreclosure, voluntary action etc.... Once this has occurred, an Asset manger can assign the property to a local broker to list for sale. 

 What is a Short-Sale? - A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender has the right to approve or disapprove of a proposed sale.

  What is a BPO? - A BPO is a Brokers Price Opinion of what a realtor/broker would suggest as a list price for the property.  A seller's mortgage company may order a BPO if a property is in default, so they would know what the market value of a property is in the event they have to take back a property by means of foreclosure. There are several other reasons a mortgage company may order a BPO.  Some examples: to remove mortgage insurance, to verify comparable sales, or a suggested list price for a quick sale.  It is important to understand that it is not an appraisal and shouldn't be used as one.

  What is a CMA? - A CMA, also known as a Comparative Market Analysis, is an informal assessment of a property's market value, usually done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that are currently listed or have sold in the area within the last six months. A CMA, like a BPO, is also not an appraisal.  To order a FREE CMA for your property  Contact Us at http://www.FreeRapidCityMarketAnalysis.com

              
The bank is about to foreclose on my home. 

   What are my options?  

  Know the facts:

• Once a foreclosure is filed, you have 90 days to cure the default (there is no 30 day eviction).
• You will not be forced out of your home before the foreclosure date stated on your notice of trustees sale.
• You can payoff or re-instate your mortgage at anytime prior to the foreclosure date; you can re-pay the back payments plus any late fees and attorney fees that may apply.  
• You can verify that your home is or is not in default by contacting your mortgage company and/or the trustee (attorney) to verify the facts.
• Delaying is a bad idea - not dealing with the situation lessens your chances of correcting the situation.
• Home values are high - The Rapid City market has many buyers and investors looking for property.
• Be realistic with what you can afford to do. Is it worth it to keep your home or sell your home. Make an informed decision on how to save your credit.
• Refinancing can be difficult at a better interest rate when you show late payments. Contact a lender to see if this option is still available to you.
• Contact our licensed Realtor's - if you do nothing else, talk to a professional who has your best interest at heart. As a realtor I have the obligation to be loyal, honest, and fair as well as ethical. A good agent should be able to assist you with resources regarding foreclosure, HUD guidelines, contacting your mortgage company, and evaluating your home's worth and marketability.

For more information on how to protect yourself and/or selling your home, please call the Rapid City Foreclosure Question & Answer Hotline at 605-431-3720 
                                  - No cost, No obligation Consultation -