Distressed Properties 101

After the global economic crisis of 2008, many people have lost their jobs, their savings, and are in peril of losing their homes.  Many homeowners find themselves in a position where they are struggling to stay in their homes, or conversely, struggling to get out from under their homes.  There are many solutions available either way.  I work with a team of agents who have loss mitigation experience that assist distressed homeowners every day.  People wanting to stay in their homes have numerous avenues to pursue such as refinancing their loan.  Lending criteria however has tightened and refinancing the note(s) may not be an option.  The next step is to try a lender workout through forbearance, reinstatement, repayment plan or loan modification.  Those who are underwater but have liquid assets may chose to sell and bring the deficiency amount in cash to closing.  Then there is the Deed-in-Lieu option although many lenders will not accept the deed if there are other liens on the property.  Doing nothing and walking away will surely end in foreclosure.  The best option when all other courses have been exhausted is the SHORT SALE.  Please call me right away to discuss this option as time is of the essence to find a buyer for your home!  Your inquiry will be kept strictly confidential.