Your Options

Whether you are currently delinquent or anticipate you will become delinquent, once you have fallen behind on your mortgage payments you will be bombarded by people who want to take advantage of your situation. Some will propose a solution which requires you to pay money upfront or possibly deeding your home to them.

It’s important you don’t do anything in haste, without understanding all your options. These include:

Selling Your Home

If you have some equity left in your home, then sell it at today’s fair market value and put the money in your bank account. Our team can help you sell your home for top dollar.

Do a Short Sale

If you no longer have equity in your home and currently owe money than your home is worth, then our team can negotiate with your mortgage company on your behalf to get you approved for a Short Sale. In a short sale, you pay nothing. Your lender will pay all the sales costs including title and escrow fees, commission and property taxes. Since the short sale approval process can take 30 – 180 days depending on your lender, we can help keep you in your home for as long as possible while you make other housing arrangements.

Forbearance Agreement

If you have experienced a temporary set back that has caused you to fall behind on your payments, a Forbearance Agreement with your lender is an option. In order to qualify for a Forbearance the lender will look at two things

1. Why did the mortgage become delinquent? If it was something out of your control like a serious illness or injury, or a one time disruption to your income the lender will be more likely to agree to your request.
2. Have you corrected the financial issue? Your lender wants to know you will be able to continue to make your payments as original agreed. In some cases, the lender will also ask your payments include additional money to pay back the delinquency.

Do Nothing

Many people feel the situation is too overwhelming and decide to do nothing. However, with so many options out there, please contact us to discuss possible solutions that will help you avoid foreclosure