WHY A SHORT SALE MAY BE THE OPTION FOR YOU
YOUR OPTIONS
Loan Modification: This is a permanent change to a condition of your mortgage such as lowering the interest rate, changing from an adjustable rate to a fixed rate, or lengthening the amount of years left on the loan. Typically all outstanding payments due and penalties will be added too.
Deed in Lieu: Borrower gives all interest to the property back to the bank which stops the foreclosure process. Lender may require that you pay a certain amount in addition.
Forebearance: This option is for borrowers who have experienced a temporary problem that has made them become behind on their payments. The lender will have to see that you are able to make the payments and have the steady income to do so.
Sell Your Home: This is possible if you have enough equity in your home or funds necessary to bring to closing. I can help you if this sounds right for you.
Short Sale Your Property: If you owe more than your home is worth you may negociate with the lender to sell it as a short sale. The lender will usually pay all of the closing costs and commission. You will not receive any money at closing. I can also help you with this process.
Reinstatement: The lender will reinstate your loan if you have the funds necessary to bring your mortgage up to date.
Refinance: This is only possible if you have sufficient equity in your home. Please contact me for a referall to a lender.
Why a Short Sale May Be Right For You
1. You will eliminate your mortage debt without having to do repairs.
2. You can stay in the home until the process is finished which may be well beyond your possible auction date.
3.There is no cost to you! The bank usually pays all the commision and might pay the closing costs for the buyer. The only cost to you is your time.
4. Effects on your credit score are less than a foreclosure.
5.Less stress knowing that you will avoid the effects of foreclosure.
