Deed in Lieu of Foreclosure...
As the economic conditions worsen and mortgage markets dwindle,
mortgage borrowers are not left out of the challenges. You realize that
nobody wants to face foreclosures, but this event may happen if you do
not take action early. Whether your lender has executed foreclosure proceeding or the foreclosure seems unavoidable, remember that you still
have other numerous options that you can use to offer sustainable
solutions. Often many people are unaware of some of the options that
have worked well for homeowners with challenges of repaying their
mortgage loans.
Although you have several options, each of these options has its benefits and downsides. However, they are better alternatives to foreclosure.
A Deed in Lieu of Foreclosure is one of the creative real estate
strategies that you as the homeowner can use to avoid foreclosure on
your home. You can decide to deed the home back to the mortgage lender
(the bank) as a last resort where you do not foresee chances of saving
your home. If you decide to go for a deed in lieu of foreclosure, you
are allowing your lender to take possession of the home and to avoid the
hit to your credit scores. Although you still lose your home with deeds
just as you will with a foreclosure, the advantage of a deed is that
you can re-establish your credit. A person who has allowed a lender to
proceed with a foreclosure leaves a huge dent on his or her credit and
may have problems borrowing in the future.
Even though losing your home is a very emotional and traumatic experience, a Deed in Lieu of Foreclosure might be a good option if your mortgage is seriously underwater. It is smart to cut your losses and at least save your credit so you can continue on with your life.
If your current lender is hesitant to refinance your mortgage, you can research another lender who may be willing to buy off the loan through a refinancing program and avoid having to sell short or giving into foreclosure. However, you will need to prove that you can pay the proposed amount before the lender grants you the request.
A helpful link:
We came across a site that we’ve found useful and thought it was worth sharing as a reference – www.CountyOffice.org. It seems to be a pretty exhaustive resource of local and state government contact info and directions and has helped alleviate the headaches we’ve experienced looking for contact information. No more searching through 50 different sites on Google to find what you are looking for. We hope you find this useful!
No matter what condition your house is in; no matter what situation or time frame you’re facing…
Enter your info to Get a FAIR ALL CASH offer NOW and get access to our brand new FREE special report, "The 10 Fastest Ways
to STOP Foreclosure in Less Than 7 Days."
Although you have several options, each of these options has its benefits and downsides. However, they are better alternatives to foreclosure.
Deed in Lieu of Foreclosure
Even though losing your home is a very emotional and traumatic experience, a Deed in Lieu of Foreclosure might be a good option if your mortgage is seriously underwater. It is smart to cut your losses and at least save your credit so you can continue on with your life.
Loan Modification Procedures
Before you wake up to the realities of a foreclosure, you should consider re-negotiating your loan repayment with the lender. This is an option that every borrower has whose income has reduced, but is willing to continue paying the loan. This process involves reducing the monthly repayment and extending your loan repayment term. With this alternative, your lender may decide to eliminate charges for late fees and other costs associated with failure to pay full installments. Although extended term of the loan will raise the overall loan interests, the additions are less than the costs of foreclosure.Refinancing
One can seek to refinance his or her mortgage loan as a strategy to lock out foreclosure proceedings. If you are behind on mortgage repayments, you may consider refinancing, especially if you foresee challenges of repaying the current monthly installments. Nobody wants to taint his or her credit and some lenders are willing to help their clients.If your current lender is hesitant to refinance your mortgage, you can research another lender who may be willing to buy off the loan through a refinancing program and avoid having to sell short or giving into foreclosure. However, you will need to prove that you can pay the proposed amount before the lender grants you the request.
A helpful link:
We came across a site that we’ve found useful and thought it was worth sharing as a reference – www.CountyOffice.org. It seems to be a pretty exhaustive resource of local and state government contact info and directions and has helped alleviate the headaches we’ve experienced looking for contact information. No more searching through 50 different sites on Google to find what you are looking for. We hope you find this useful!
No matter what condition your house is in; no matter what situation or time frame you’re facing…
Our goal is to help make your life easier and get you out from under the property that’s stressing you out… while still paying a fast, fair, and honest price for your house.
Get An Offer AND Your FREE eBook Here
Enter your info to Get a FAIR ALL CASH offer NOW and get access to our brand new FREE special report, "The 10 Fastest Ways
to STOP Foreclosure in Less Than 7 Days."
Or Give Us A Call Now At: (561) 303-0334
with any questions regarding a short sale on your home.
with any questions regarding a short sale on your home.
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