Options and Solutions for Homeowners in Foreclosure

The current US housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options for foreclosure are many; following is a brief explanation of these solutions. To download a complimentary report on foreclosure solutions click here.

Note: The information privied is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area.

Repayment Plan, Reinstatement, Forbearance, Loan Modification, Short Sale, Deed in Lieu of Foreclosure, and Bankruptcy are all foreclosure alternatives.

Selling your home: Selling your home may provide the funds you need to pay off your current mortgage debt in full, plus the expenses connected to selling the home. Services must postpone foreclosure proceedings in you decide to sell your home.

Repayment Plan: The loan provider gives you a fixed amount of time to repay the amount you are behind by adding a portion to your monthly payment.

Reinstatement: You pay your loan provider in one lump sum plus any penalties. This may be useful if your financial hardship is temporary.

Forbearance: Your mortgage payments are reduced or suspended for a period of time. At the end of that time, you resume making payments as well as a lump sum or partial payments to bring the loan current.

Loan Modification: Your loan provider agrees to permanently change one or more of the terms of your mortgage contract. Modifications can include lowering your interest rate, extending the term of the loan, and/or reducing the loan principal.

Short Sale: Your loan provider may allow you to sell your home before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. Short Sales are very intricate and an experienced negotiator is recommended. The Distressed Property Experts leverage the expertise of The Short Sale Gurus LLC to successfully negotiate their short sale transaction.

Deed in Lieu of Foreclosure: You voluntarily transfer your property title to the servicers in exchange for cancellation of the remainder of your debt. This can be less damaging than a foreclosure on your credit report.

Bankruptcy: Personal Bankruptcy is a legal procedure that can offer a fresh start for people who can’t satisfy their debts. This should be your last resort because the results are far reaching and long-lasting. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit or life insurance. Always consult an attorney when facing a potential bankruptcy.

To download a complimentary report on foreclosure solutions click here.

Our team has specialized training on helping homeowners who may be facing foreclosure. Please call us today for a no cost confidential consultation. We can be reached at: 850-259-1788

If you or someone you know is looking at buying or selling distressed property…rely on the experts, Team Baranowski – The Distressed Property Experts!

Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area.