Your Source for Foreclosure Solutions
and Short Sale Answers
Weigh in on Your Options
Foreclosure Solutions
We all know how it goes. A difficult situation comes along, and the natural instinct of "fight or flight" kicks in. However, with a decision involving something as important as your home, there are essential ramifications and consequences with any of those decisions that must be considered. That is why it is essential you look at all the options and decide which is the best for you.
Here are some of the most common options when struggling to meet your financial obligations regarding your mortgage:
Reinstatement
Paying the total amount owed by a specific date in exchange for the lender agreeing not to foreclose.
Pro:
Con:
Forbearance
An agreement to reduce of suspend payments for a short period of time.
Pro:
Con:
Loan Modification
The lender may agree to change the terms of the original loan to make the payments more affordable. For example, missed payments can be added to the existing loan balance, the interest rate may be modified, or the loan term extended.
Pro:
Con:
Refinance
If the lender will not agree to a loan workout or modification, the honeowner may be able to refinance the loan with another lender.
Pro:
Con:
Deed-in-Lieu of Foreclosure
The lender may allow a homeowner to "give back" the property. This option may not be available if there are other liens recorded against the property.
Pro:
Con:
Short Sale
If a homeowner owes more on their property than it is currently worth, then you can hire a qualified real estate agent to market and sell your property through a negotiation process known as a short sale. Call (602) 569-2233 for more information on short sales.
Pro:
Con:
Foreclosure Solutions
We all know how it goes. A difficult situation comes along, and the natural instinct of "fight or flight" kicks in. However, with a decision involving something as important as your home, there are essential ramifications and consequences with any of those decisions that must be considered. That is why it is essential you look at all the options and decide which is the best for you.
Here are some of the most common options when struggling to meet your financial obligations regarding your mortgage:
Reinstatement
Paying the total amount owed by a specific date in exchange for the lender agreeing not to foreclose.
Pro:
Con:
Forbearance
An agreement to reduce of suspend payments for a short period of time.
Pro:
Con:
Loan Modification
The lender may agree to change the terms of the original loan to make the payments more affordable. For example, missed payments can be added to the existing loan balance, the interest rate may be modified, or the loan term extended.
Pro:
Con:
Refinance
If the lender will not agree to a loan workout or modification, the honeowner may be able to refinance the loan with another lender.
Pro:
Con:
Deed-in-Lieu of Foreclosure
The lender may allow a homeowner to "give back" the property. This option may not be available if there are other liens recorded against the property.
Pro:
Con:
Short Sale
If a homeowner owes more on their property than it is currently worth, then you can hire a qualified real estate agent to market and sell your property through a negotiation process known as a short sale. Call (602) 569-2233 for more information on short sales.
Pro:
Con: