HOW TO AVOID FORECLOSURE
What It Means and How to Avoid It
9 Ways to Avoid Foreclosure
REINSTATEMENT: Bring the loan current
FOREBEARANCE: Temporary repayment plan
REFINANCE: New loan with reduction in monthly payments
LOAN MODIFICATION: Modify original loan terms
SELL THE PROPERTY: Use equity to payoff or pay the difference
RENT THE PROPERTY: Must make loan current
SHORT SALE: Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE: "Friendly foreclosure"
BANKRUPTCY: Will stall foreclosure but not prevent it
We have Agents with the Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. Agents with the CDPE designation have valuable training in short sales that offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating.
Short sales allow the cash-strapped seller to repay the mortgage at a price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
For information, contact us at (888)322-1802 and ask for one of our Certified Distressed Property Experts!