Short Sales-Home Foreclosure Alternatives

Short Sales-Home Foreclosure Alternatives
Avoiding home foreclosure can be stressful. Distraught homeowners facing foreclosure are not alone. Today, 1 out of 7 homeowners is delinquent on their mortgage or in the process of foreclosure. Knowing your home foreclosure alternatives and where you stand can greatly reduce that stress and help you form a game plan that will help you avoid foreclosure..

Let's talk about Home Foreclosure Alternatives, what are the options?

Lender Loan Modifications or Lender Workout | Of course the best course of action for the distressed home owner is to stay in their home and avoid any other alternatives. With that in mind a Lender Loan Modification or Workout should be vigorously pursued. With this as an option your lender may be willing to:

• Add the missed payments to the existing loan balance.
• Change the interest rate, including making an adjustable rate into a fixed rate.
• Extend the number of years you have to repay.

When the lender can work out terms that lower the monthly payment and bring the principle balance closer to today's market value, this is the best choice.

Unfortunately, this is often only a temporary fix and ultimately stretches out the ultimate conclusion of the home owner having to give up their home.

Why is that? Often the new terms are still not enough to justify the homeowner staying in the home. For example: The principle balance is still way above market value or because of financial hardship there is simply not enough income to sustain even the new terms of the loan

So then What?

• Sell And Bring Cash to Closing- Of course is a ridiculous option for most because their resources have already been drained.
• Deed in lieu of foreclosure-A Deed in lieu of foreclosure is when the home owner gives up title or deed to the lender to satisfy the loan. However, if the borrower owes more on the home that is owed, it is often unlikely the lender will agree to a Deed in Lieu of foreclosure.

• Short Sale- A short sale can is often the best solution for home owners who are upside down. In the past, it was rare for a bank or lender to accept a short sale. Now, however, due to overwhelming changes in the market, banks and lenders have become much more flexible when it comes to approving short sales. Recent changes in many corporate policies and the Obama administration have also greatly improved the chances of getting many short sales approved.

In California, you have approximately 90 days (may vary from lender to lender) from the Notice of Default filed by your lender for property to be sold at property auction.

Getting the short saleprocess started now can stop foreclosure. If your intention is to stop foreclosure through a short sale then it is important that you start the short sale process sooner rather than later.

Contact us to schedule a free evaluation. We will never ask you for a single dollar to short saleyour home. Your lender, not you, pays our fees. In fact, there is a very good chance we can negotiate $3,000 in relocation expenses on your behalf.

Contact us at: 1-877-636-0444 or Follow this link.

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