Short Sale Alternatives| What are your options? Before 
you consider a short sale, you must look at all of your options.I'ts important that you weigh each Short Sale Alternative against each other and an actual Short sale. Here are some options:
- Refinance | If you're current with your mortgage payments then this is a pretty good option. But typically speaking, distressed homeowner don’t have any equity in their home and their credit is shot so this not going to be an option for many.
- Do nothing or walk away | The Implication is clear here and the lenders only option will be to foreclose on your property.
- Lender Workout | Your lender may be willing to: 1.Add the missed payments to the existing loan balance. 2.Change the interest rate, including making an adjustable rate into a fixed rate. 3. Extend the number of years you have to repay.
- Sell And Bring Cash to Closing
- Deed in lieu of foreclosure | A Deed in lieu of foreclosure is when the home owner gives up title or deed to the lender to satisfy the loan. However, if the borrower owes more on the home that is owed, it is very unlikely the lender will agree to a Deed in Lieu of foreclosure.
- Foreclosure | Lender will recover the home through the foreclosure process.
If you think or believe you qualify for a short sale and are ready to take the next step please contact us immediately. There is no fee for a consultation.
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Copyright © 2010 By Stephen Munson,Munson Realty|Short Sale Alternatives| What are your other options?*Short sale alternatives,short sale alternative
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I am finding many people actually qualify for loan modification and even principal reduction. Alot of people can make a settlement on their second and a loan modification on the 1st and they can stay in the home and feel comfortable financially too.