Ed and Allison’s Options
As a homeowner, sometimes your situation changes and you need to get out of your property quickly and without the stigma of a foreclosure impacting your life and credit score for years and years. Like Ed and Allison, you have several alternatives to foreclosure. Let us help advise which option is best for you!
Option One:
Do a re-finance and/or restructure your mortgage. Do not pay someone to help you do this! We will recommend a trustworthy lender to you if you qualify to re-finance. Some lenders will re-structure your loan by adding more time to the loan and/or lowering your interest rate. A moratorium on the adjusting of your mortgage merely delays the inevitable. If you need to get out, now is the time to consider your other options!
For more information about refinancing or restructuring your mortgage,
call FREE RECORDED MESSAGE at 1-888-886-2949 ext. 415.
Option Two:
Do a short pay. If you don’t qualify for a “short sale” (when you are “upside-down” on your mortgage—owing more than the current market value of your home), perhaps we can help you with a short pay. For example, you owe $500,000 on your home. With taxes, commission and fees, the total amount that you need to sell for to break even would be $540,000. You can only sell if for $525,000. You are short $15,000. You borrow $15,000 from your IRA or parents and your credit isn’t affected (as with a short sale or foreclosure). A short pay will work for you if you are unable to prove financial insolvency and have the funds available to make up the difference. Even if you don’t, sometimes, you can owe the amount short to your lender and pay it back as an unsecured loan at a low interest rate over 10-15 years.
Option Three:
It is not your fault that the economy is horrible and you will lose money on your home. One in ten homeowners is in the same situation. We are short sale experts and will help you out of your cumbersome mortgage. Let us help you determine the current value of your home and look at what you owe. If you owe more than what we can help you sell you home for, this is a short sale. Our years of experience will guide you through this difficult process and help you save your credit and avoid foreclosure. Hopefully, in a few years, we can help you buy a home again.
Option Four:
If all else fails, the worst choice is foreclosure. We want to save you from doing so as this will make your life difficult for the next 7-10 years. We strongly recommend that you speak with an attorney if you are considering either foreclosure or bankruptcy and will be glad to refer you to someone who can help.
Disclaimer: None of this is to be construed as legal advice. We strongly recommend that you seek competent legal or financial advice from a licensed professional.
