SHORT SALE ALTERNATIVES

November 22, 2008

Short Sales aren’t the only alternative to avoiding foreclosure. These below options may not be available to every homeowner, but it is important to consider the advantages and disadvantages of each.

Repayment Plan:

A homeowner may choose to work with the lender directly to stablish a repayment schedule for the delinquent amount; this usually includes making a samll payment towards the delinquent amount in addition to the full mortgage payment each month over the specified period of time.

Special Forbearance Plan:

This may provide a temporary reduction or suspension of payments to repay de delinquent amount; the regular mortgage payment would then be increased at a later point to make up the difference

Mortgage Modification:

A lender may allow a borrower to refinance the debt, permanently changing the terms of a borrower’s loan and allowing the loan to be reinstated at a payment the borrower can afford

HUD Partial Claim:

If the loan is an FHA insured loan, the lender may be able to obtain a one time payment from the FHA-Insurence Fund to bring the mortgage loan current with payments

Banruptcy:

Bankruptcy stops al civil proceedings against the debtor while the debtor is in bankruptcy. By law, a mortgage lender has to suspend all legal actions including a foreclosure action. While bankruptcy does stop foreclosure, it does not allow a debtor to keep a house without paying the mortgage lender

Refinance:

This option may allow a homeowner to use the equity in the home to pay the delinquent amount. Depending on the interest rate of the new loan, monthly payments might be reduced. The loan could be refinanced with the existing lender or with any lender of choice

Sell The Home:

If there is equity in the property, a homeowner may be able to sell the home and receive proceeds from the sale to cover what is due on the mortgage loan.

Assumption:

With this option, the homeowner signs the property over to another person; the third party person would then take possession of the home and take over the payments

Deed In Lieu Of Foreclosure:

This option maay allow the borrower to voluntarily “give back” the property to the lender without actually going into foreclosure

Si no puede dar los pagos de su mortgage, no deje que el banco se quede con ella tan facilmente, actualmente hay muchos programas que le pudierar ayudar a quedarse con su casa, no se de por vendido tan facilmente y recuerde que en ets vida todo tiene solucion, escribame o llameme si tiene alguna pregunta (este articulo es cortesia de Placer Title company)

The golden Team,

(916) 919-1861

Graciella valle

Posted by Graciella Valle | Filed Under Mortgage Info | 4 Comments

ComprarCasaEnSacramento.com seeks to ensure that all content and information published at this Web site is current and accurate. The information at ComprarCasaEnSacramento.com does not in any way constitute legal or professional advice and ComprarCasaEnSacramento.com cannot be held liable for actions arising from its use. In addition, ComprarCasaEnSacramento.com cannot be held responsible for the contents of any externally linked pages.