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New Start Initiative
Certified Foreclosure Prevention Specialist
"Foreclosure Prevention - Helping Communities "1" at a Time to Stop Foreclosures"

Q - Why choose New Start Initiative to assist you with foreclosure prevention? 
A - We're the licensed specialist in California.  Knowledgeable of the foreclosure process.  We work with the banks as your advocates to help you prevent foreclosure by receiving a modification or a short sale and allowing you more time for you and your family to make an intelligent decision.

(a)  Help homeowners avoid foreclosures by informing them of their rights and options when facing foreclosure.
(b)  Help homeowners save their credit from the effects of public foreclosure.
Q - How can New Start Initiative not charge any upfront fees?
A - New Start Initiative is a division of 1st Priority One Real Estate, Inc.  1st Priority One Real Estate, Inc sponsors New Start Initiative, therefore they can help and assist the communities who are struggling with a foreclosure.
Q - Why do I need to complete a TPA, (Third Party Authorization)? 
A- TPA gives your Bank / Loan Servicer authorization to speak with representatives from New Start Initiative to help and assist with foreclosure prevention.  Without it, the bank will not let us discuss and be your advocate to assist in a foreclosure prevention.
Q - What is a loan modification on a mortgage?
A- is a permanent restructuring of the mortgage where one or more of the terms of a borrower's loan are changed to provide a more affordable payment. With a loan modification, the lender may agree to do one of more of the following to reduce your monthly payment: reduce the interest rate.
Q- What is NOD, (Notice of Default)?
A-  a notification given to a borrower,(homeowner)  stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (and sometimes an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property
Q - What is a foreclosure and how does it happen?
A- Person or business buys a building or other property from a bank or other creditor.
The creditor requires a security interest in the property, in case the borrower fails to pay. The purchase agreement contains a clause that allows the creditor to take back the property if the borrower defaults. In some cases, an acceleration clause is included in the agreement, which means the borrower may owe the entire amount if the loan is in default.

The credit sends notice of default to the debtor, who is given a period of time, usually called a redemption period, to cure the default. The debtor can make the loan current, including penalties and interest, work out arrangements with the creditor, (which is set by state law). If the debtor is not able to cure the default within this time period, the property is seized and sold, with the proceeds going first to the primary lien holder and to others who hold liens on the property, with any remaining balance, if any, going back to the borrower.

Some states allow the creditor to place a personal judgment on the debtor for the balance owed after the sale.
Q - What is a Short Sale (Real Estate)?
A-  Short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.
Q - What is the difference between a Short Sale and Foreclosure?
A-  Short sale is a deal that can be arranged before the property goes into foreclosure, at a time when both the lender and the borrower agree that this kind of sale(one that generates proceeds that are less than are owed on the property)is preferable to a default on the mortgage.
Q- Why would you do a short sale?
 A-  Short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the home by a financially distressed owner. The lender forgives the remaining balance of the loan.
Q - How does a short sale affect your credit score?
 A- Occasionally, a lender will agree to report a short sale as “paid,” which will not affect a credit score negatively
Q - Can you negotiate the price of a short sale?
A- Realize that short sales are negotiated between sellers and their bank – Buyers mistakenly believe that they are negotiating with the bank on a short sale. In reality, short sale approval is a process that occurs only between the seller and their lender. ... Their banks will approve short sales only on an “as-is” basis.
Q - Can you buy a house after a short sale?
A- Typically the short sale wait time is 3 years after a short sale for FHA loans (minimum 3.5% down payment), 4 years after a short sale for Conventional Loan (minimum 5% down payment), 4 years after a short sale (Fannie Mortgage Home Ready with 3% down payment) and 2 years after a short sale for VA loans (zero down)....Revised Jul 17, 2017


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