Have you recently suffered some type of financial loss and can no longer afford your house note?
Have you already missed one or more payments and the mortgage company is stressing you out with harassing phone calls?
Do you need to sell your home, but you owe more than your home is worth?
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There may be relief for you. Below are some of the options available.
Option number one is catch up any past due payments, including penalties, in one lump sum (no partial payments will be accepted). All will be forgiven by your lender and your loan will be reinstated.
Option two is to ask for a payment modification. Your past due payments, plus interest and penalties, will usually be added to the principal on the back side of the loan, and you can start making payments again. This process will require that you provide the lender all your current financial information, including other accounts or assets. If they then deny you a loan modification (because you have no job or your income has dropped), they will at least have all your current financial information in the event they decide to foreclose.
Option number three is to do nothing. Throw the past due notices in the trash and hang up the phone when the lender calls. You can now be guaranteed that your lender will start foreclosure proceedings on your home. You will eventually be evicted, and after the bank has resold the property at a fire-sale price, you could be hit with a deficiency judgment for the difference between your current mortgage balance (plus foreclosure costs) and the fire-sale price.
Option four is to immediately call a Realtor who is experienced doing Short Sales, and try to get the home sold as quickly as possib
le. This often involves selling the home for less than the mortgage payout. In this case, the Realtor will step in to negotiate a settlement between you and the lender. And while it may be stressful at times, a Short Sale can be successful in stopping the foreclosure process and a subsequent deficient judgment.
Option five is a ‘Deed in Lieu' of foreclosure. The homeowner simply signs over his deed giving his home back to the bank. Only one problem: The bank doesn't want your home! They do not want to be in the home selling business! The only way banks will even consider doing a ‘Deed in Lieu' is if the homeowner can demonstrate that he has already made every possible effort to sell the home -including a Short Sale. Then whatever settlement terms were agreed to between the lender and the homeowner for the Short Sale, will carry over to the ‘Deed in Lieu' without the devastating risk of a deficiency judgment.
In short, there are no hard and fast rules guaranteeing everything will go exactly as planned. And there are no happy endings when you face losing your home. But if you are already one house note behind and see no way to catch up by the end of the month, get help. Call a Realtor immediately. If you let your lender know you are working with a Realtor and doing the best you can to resolve the problem, they will be patient - up to a point.
In summary, ending up with your property via foreclosure is absolutely the last thing any bank wants. But you must demonstrate you are taking action and not just ignoring their notices and phone calls. The clock is ticking. You do not have time to waste.
For a private consultation, call me at 504-451-8343.
Or visit my website at www.SlidellShortSales.com for additional information.
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