9 Ways to Avoid Foreclosure:
REINSTATEMENT: Bring the loan current
FOREBEARANCE: Temporary repayment plan
REFINANCE: New loan with reduction in monthly payments
LOAN MODIFICATION: Modify original loan terms
SELL THE PROPERTY: Use equity to payoff or pay difference
RENT THE PROPERTY: Must make loan current
SHORT SALE: Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”
BANKRUPTCY: Will stall foreclosure but not prevent it
WHAT IS A SHORT SALE ?
In this ever changing market, many homes are worth less than what is owed on them.
If circumstances in your life have changed, since you bought or refinanced your home, you may be eligible to sell your home and the bank will accept those proceeds as payment in full. There is other criteria that needs to be met in order to have a successful short sale.
I have a team of professionals, CPA's, attorney's and mortgage professionals that can answer any of your questions and put your mind at ease.
Not every real estate agent has the training or passed the certification process to be a CPPE, the professional standard that banks look for in an agent to negotiate short sales.