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But here it is in plain english-
The banks don't want to foreclose and take back your home. They don't want to own and manage property. Their business is to loan money and the more property they own, the less money they can lend
Here are some potential options-*
•1) Loan Modification- This is a voluntary program, but the banks are starting to participate.
•A) The bank reviews your financial documentation (tax returns, check statements, paystubs)
•B) They determine your attainable monthly payment.
•C) They dermine the current appaised value of the property
•D) If your attainable monthly payment and appraised reduced value match then the bank will agree to the modification.
Note that upon the sale of the home, if the there is a profit, the bank splits the profits with you.
Loan modification would be the ideal solution but sometimes the bank won't or can't agree to conduct a loan modification. The next alternative would be a short sale.
•2) Short Sale-
Example - Your Loan balance is $250,000 but the home is now valued at $200,000.
The bank might agree to let you sell the property and they will forgive the amount left over that you still owe.
A) The bank reviews your financial documentation (tax returns, check statements, paystubs)
B) Your real estate agent lists the home for sale and once an offer is received that is acceptable to the bank then the home is sold and the remaining deficiency is forgiven by the bank.
Help U Sell Real Estate can help you conduct a loan modification or a short sale. Call me at 702-491-9601
*We are not financial advisors. We recommend you seek financial advice from a tax advisor and/or attorney.