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10 Ways to Alleviate the Stress of an Unaffordable Mortgage...

 
 
Know all Your Options
As a CDPE, I can navigate a homeowner through a variety of
options. Below I’ve listed some of the most common alternatives
to foreclosures that homeowners can choose from:
Reinstatement:·Benefit: Does not require the mortgage company or lender’s approval.·Drawback: Requires that a homeowner be able to pay all back payments and fees.
Forbearance or Repayment Plan·Benefit: Allows the homeowner to make back payments over time.·Drawback: Requires that a homeowner be in a financial position to pay not only their current mortgage, but also a portion of the back payments owed.
Mortgage Modification·Benefit: Reduces the payment a homeowner is required to make on a monthly basis and may reduce the principal balance of the loan·Drawback: Requires that a homeowner qualify for the new payment and will often require full documentation.
Rent the Property·Benefit: Allows homeowner to keep property indefinitely.·Drawback: The issues that can arise with a rental property are many, and rent often may not cover the full cost of property ownership and maintenance.
Deed in Lieu of Foreclosure·Benefit: Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgment.·Drawback: Requires that a homeowner vacate the property, and ... more

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