IS A SHORT SALE FOR YOU?
If you are no longer able to make your home payments, and you owe more on your mortgage than your home is worth, you’re in good company. An estimated one fourth of all U.S. homeowners are Upside Down on their mortgage—meaning they owe more on their home than they could get from selling it in today’s market. Often the best solution for homeowners in this situation is a short sale in which the bank agrees to accept less than is owed on the mortgage.
If you would like to stay in your home and have fallen behind on payments due to a short-term financial setback such as an unexpected expense or a temporary loss of income:
• A Forebearance allows you to suspend payments for a specified time period. At the specified period, the missed payments are either repaid in full or added on as an extension to the term of the loan.
• A Repayment Plan is similar to a forebearance, although the past-due loan amount is spread out over a specified time frame, increasing the existing mortgage payment until the mortgage
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