Making the decision to sell your home is difficult. Facing a potential foreclosure is frightening. There may be options available to avoid foreclosure. The following information is provided to help you identify some options and additional resources to learn more.
What options might be available to a homeowner to avoid foreclosure?
Reinstatement
Homeowner requests the total amount owed to bring mortgage payments current and pays it.
Forbearance or Re-payment plan
Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time.
Sell the Property
Homeowner with sufficient equity lists their property with a qualified agent that understands the foreclosure process in their area.
Rent the Property
Homeowner with a mortgage payment low enough that market rent will allow it to be paid converts their property to a rental.
Mortgage / Loan Modification
Homeowner negotiates with lender to modify the interest on the loan, the principal balance, or any combination of these, resulting in a lower payment.
Home Affordable Foreclosure Alternatives Program (HAFA)
Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.
Short Refi
Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.
Deed-in-Lieu of Foreclosure
Homeowner returns the property to the lender rather than go through the foreclosure process.
Deed for Lease
Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.
Refinance
Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.
Bankruptcy
Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.
Servicemembers Civil Relief Act (SCRA 303)
A member of the military who is experiencing financial distress due to deployment (and can prove entered into debt before employment) qualifies for temporary relief under this act.
Homeowners Assistance Program
A member of the military or federal employee qualifies for this program which has a variety of assitance programs including private sales, government purchase, and/or foreclosure assitance.
Short Sale
Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed.
Call Dennis 602-908-2136 or email now to schedule a private and confidential consultation.