Borrowers have options whether they know it or not !!!!!!!

By
Real Estate Agent with Keller Williams

Short sale, Forbearance Agreements, Rate and Term Adjustments, Deed in Lieu of Foreclosure and more options are available whether you know it or not. You no longer have to live in fear. You no longer have to live in a world of uncertainty. As an organization our number one goal is to minimize the damage this terrible real estate market is doing to families.
Here are the options.

Short Sale- When the lender agrees to accept less money on the sale of a home then it is actually worth. This is used when a borrower can no longer afford the home and has no equity. The borrower is in a situation where they can either sell or be foreclosed on.

Forebearance Agreement - When a lender agrees to forebear the missed mortgage payments, in other words add them to the back of the loan and allow the borrower to start their payments over. This is used when the borrower had a temporary hardship in which they fall behind on their payments. The borrower can make the payments month to month however they cannot make the lump sum payment of the back payments.  This is an excellent alternative to foreclosure.  

Rate and Term Adjustment - When the lender agrees to adjust the borrowers rate or terms of the mortgage making the payments more affordable. When the payments go up and the borrower can no longer afford the payments this is a great alternative to walking away and allowing a foreclosures. The lender can either adjust the rate or extend the terms.

Deed in Lieu or Foreclosure- The lender agrees to allow the borrower to deed the proeprty back to them and stop the foreclosure proceedings.

Orlando Shortsale is here to assist borrowers with their options. It has been our experience that borrowers either are unaware of their rights, bullied by their lender or tricked by investors into making decisions with out represenation. Those days are over for more information email us at orlandoshortsale@gmail.com

 

Comments (1)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

Good luck on your new venture into the world of short sales.  I hate them and the whole process up here in Michigan.  I hope it goes better there.

May 24, 2008 01:15 PM