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Homeowners guide to the short sale of real estate 

Other options/alternatives to the short sale. Mortgage reinstatement and other ways to save your home.

Options you need to consider to avoid foreclosure.

There are several options that your lender may offer you if you miss a payment and want to avoid foreclosure:

A revised repayment plan. If you suffer a short-term financial setback (expensive car repairs, a medical emergency), your lender may provide some flexibility by agreeing to let you pay off your deficiency in several installments over the next several months.

Loan modification. Many mortgage servicers can adjust the terms of your loan -- most often by lengthening out the amortization schedule of your loan, lowering the interest rate or rolling the deficiency into your loan and reamortizing the new balance, all in an effort to bring your loan current. No lender wants a mortgage in default.

Short sale. The subject of this site, the lender may allow you to sell your home for less than the outstanding loan amount, takes the proceeds and forgive you of any remaining debt.

Short refinance. The lender may release you of your existing debt and refinance the outstanding balance into a new loan.

Refinance with a "private money mortgage" loan. You may not like the high rates and fees for this type of loan, one from a private lender, but it may allow you to buy time to sell your home in an orderly fashion and avoid default or foreclosure.
 

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