Sometimes unfortunate things happen to good people. Millions of good people are currently in SIGNIFICANT financial trouble, or will soon be. The current housing situation afflicts homeowners all over the country, from the inner cities to luxurious gated communities. For informational tools including an on-line qualifier, visit www.WorkItOutAmerica.com.
Your options include the following:
Special forbearance: Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
Mortgage modification: You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). To find out more information about loan modifications, visit www.WorkItOutAmerica.com
Pre-foreclosure sale: This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.
Short Sale: This will allow you to sell your property if you owe more than its worth and have your lender forgive the balance owed.
Deed-in-lieu of foreclosure: As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it will help your chances of getting another mortgage loan in the future.
Rebecca Austin is the Author of "Work It Out, a Tactical Guide To More Affordable Home Payments". Rebecca works with Home Owners throughout America and counsels in Loan Modification, Short Sale, Credit Improvement, and Debt Consolidation. Visit http://www.workitoutamerica.com/
Comments(1)