The following is a flow chart showing the professionals whom you may need depending on what you are facing
today and what you may be facing tomorrow. The following chart applies to someone who owns a home that has no equity
(you cannot sell it in today's market and receive enough to pay off all of the debt you have against the home).
The left column is a flow chart if you are in default on your mortgage. The right two columns are if you are current
with your mortgage. There are two main columns under this main column, the left is for those whose credit rating has
suffered while the right column is for those who still have good credit.
A
person could start in one column but end up in another column because of an unexpected event. For instance, you could
start in the column where you are current on your mortgage with a good credit rating, lose a job and end up switching to the
column where you are no longer current on your mortgage. Another example would be where your plan first tries to achieve
a loan modification but you either do not get a loan modification or the modification that you can get is not significant
enough to save the property. In that case you would switch to your back-up plan that may be selling the home with a
short sale.
The bottom line is that we will look at your situation and work with
you to come up with the best plan for you with back-up plans in case the unexpected happens. We will work with your
professionals that fit into your plans flow chart or will help you get a professional to fit into your Life Home Security Plan.
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Flow Chart of Professionals
-If No Equity
In Property- |
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NOT CURRENT ON MORTGAGE/S
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Copyright
2009 Nash & Lodge, PLLP
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