How to stop Foreclosure…..
There are a myriad of ways that unforeseen hardships can change the joy of owning a home into an incredible burden. Maybe you’ve lost your job, or have unexpected medical bills beginning to pile up, or your monthly mortgage payments have increased beyond your current budget. No matter what the cause of your troubles, ignoring the problem won’t help, it will only make it worse. You must act quickly to resolve the issue.
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Possible options to discuss include:
- Deed in Lieu of Foreclosure- In this option, your lender may accept the return of the title to your home, but beware that the lender may still sue for loss and report any uncollected funds due to loss to the IRS as taxable income to you. This option may have negative effects on your credit report.
- Claim Advance – If you have a private mortgage lender, they will often provide a cash advance to bring your loan payments up to date. Sometimes this money is interested free may have to be repaid for years.
- Re-Amortization – In this option the payments you have missed are added to the balance of the loan, making your account current. Your debt will increase and your monthly payments will be higher unless the lender also agrees to extend the term of the loan.
- Short Sale – Considered by many one of the best options available to avoid foreclosure, the short sale is an increasingly popular option. In this option, the lender accepts less than what you owe on the property, relieving the homeowner of debt. Lenders are often willing to accept a short sale because it greatly reduces the expense and time involved in foreclosure proceedings. In most cases, a short sale does less damage to your credit than a foreclosure. A qualified REALTOR® will be exceptionally helpful in completing the short sale process with you.
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