We all know the local economy is bad--about the worst any of us have seen in our lifetime. As a result, many homeowners have begun to feel the pinch and are facing some difficult decisions.
Whether you live in the City of Monroe, Newport, Carleton, Lasalle, or perhaps Bedford Township, either Lambertville or Temperance, you need to know if you are struggling there are options out there for you.
The first is that your bank may be willing to renegotiate your mortgage to a payment you can afford. To do this, you usually must be behind a couple of months in payments, and need to speak to the loss mitigation person handling your property.
Secondly, if you know you just won't be able to hold on to your home, you may talk to the bank about a cash for keys program or taking a deed in lieu of foreclosure.
Lastly, and frankly the most common remedy of late, is the short sale. This is a procedure where you list your home for sale, and try to sell it. (I know you're thinking "my house isn't worth what I owe on it"--keep reading). With a short sale we work at getting the bank to accept a payoff that is LESS than what you owe, and they release the mortgage--most times they do this without you paying a cent more--there are a few instances that they try to work out an unsecured loan with you. By doing this your credit suffers less, and you're out of the mortgage...it also happens faster than the foreclosure process which usually works out better for all the parties involved. If you have any questions on short saling a property, contact me anytime at thompgroup@gmail.com
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