avoid foreclosure options short sale info CA
Foreclosure Avoidance Options
Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:p>
- Reinstatement - is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.
- Forbearance or repayment - plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.
- Mortgage modification - involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.
- Rent the Property - homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.
- Deed in Lieu of Foreclosure - a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.
- Bankruptcy - Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.
- Refinance - If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.
- Servicemembers Civil Relief Act (military personnel only) - If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.
- Sell the Property - Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.
- Short Sale - If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify.
This represents only a summary of some of the solutions available to homeowners facing foreclosure. Please contact us for an evaluation of your individual situation, property value, and possible options.
Sellers Real Estate Quick Info Request
Please fill out my quick real estate sellers request form and tell me about your situation. There is no obligation and your information will be used exclusively to provide you with superior real estate services.
Home Page | REO SERVICES | SHORT SALE INFORAMTION | Short Sale Application | Foreclosure Avoidance Options | Properties | Sellers | Buyers | What's My Home Worth? | ONTARIO, CA | CORONA - EASTVALE | FONTANA, CA | Free Real Estate Reports | Area Info | Free Property Updates | Real Estate and Consumer Info | Real Estate Tax Info | Free Real Estate Reports | 15 Reasons Why I Should be Your Real Estate Agent | Free Real Estate Newsletter | Request Info | What's My Home Worth? | Free Market Update | For Sale by Owner Real Estate Info | Why Select me to Help You Sell Real Estate | Sellers Request | Home Improvement | Home Buying Info | Selecting your next home | Dream Home Finder | Why Select me to Represent you when Buying Your Next Home | Buyers Request | Mortgage Information | How Much Real Estate Can You Afford | Home Improvement | Different Types of Real Estate Home Loans | Real Estate Mortgage Programs | Why Select Me To Help You Sell Real Estate? | Real Estate Refinancing Information | Real Estate and Mortgage Glossary | Additional Real Estate Info | My Real Estate Link Partners | Community Links | School Links | Helpful Links | Weather | General Request | Why Select Me To Help You Sell Real Estate? | Why Select Me To Help You Sell Real Estate? | Home Gardening Info | Home Gardening Info | Home Improvement | Home Moving Assistance | Tourism and Travel | Just for Kids | My Listings | Property Search (MLS) | Testimonials | About
Site Map | E-Mail
All Nations Realty & Investments
12505 N. Mainstreet Suite 240 • Rancho Cucamonga, CA 91739
Phone: (909) 802-3971 • Email: carlos@carlosraya.com
Fax: 909-494-3899
DRE Lic 01452324
Site Map | E-Mail
All Nations Realty & Investments
12505 N. Mainstreet Suite 240 • Rancho Cucamonga, CA 91739
Phone: (909) 802-3971 • Email: carlos@carlosraya.com
Fax: 909-494-3899
DRE Lic 01452324