Avoid Foreclosure! Your Baltimore Short Sale Expert can help.
Knowing and understanding foreclosure alternatives is a must for all homeowners in distress. No matter how difficult the situation may seem, please remember that you do have options!
To learn more about how you can avoid foreclosure and to see how my team of experienced professionals can assist you, contact us today. We are here to help.
Your Options To Retain Your Home and Avoid Foreclosure
When remaining in your current home is a priority, as is the case with many Maryland homeowners who are under financial distress today, please know that the following are alternatives to more drastic measures.
Reinstatement: The homeowner makes a lump-sum payment to the lender for the entire delinquency and returns to making regular monthly payments.
Repayment Plan: The homeowner agrees on a repayment schedule with the Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.
Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, which will be increased at a later point to repay the delinquent amount over a specified period of time.
Mortgage Modification: The homeowner works with the lender to change the terms of existing mortgage loan. For more detailed information about this retention option, please download our FREE report The Truth About Mortgage Modifications.
HUD Partial Claim: On an FHA insured loan, the lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring the mortgage loan current with payments.
Refinance: Homeowner uses the equity of current home to pay the delinquent amount. Depending on the interest rate of the new loan, monthly mortgage payments might be reduced. Refinancing can be explored with existing lender as well as with any lender of choice.
Options To Dispose Of Your Home
In cases where ownership retention is not possible, homeowners should consider the following disposition options instead of foreclosure. These options will most likely affect your credit rating less than foreclosure.
For more information on how foreclosure might impact your credit score, please download our FREE report: Foreclosure Threatening Your Credit Score?.
Sell The Home: If there is sufficient equity in the property, homeowner may be able to receive more for your property than what is due on the mortgage loan.
Assumption: If the loan is assumable, homeowner signs over the property to another person. That person would then take possession of the home, and take over making the mortgage payments.
Short Sale: Homeowner sells the property for an amount less than what is necessary to pay off your mortgage loan. For more information, please download our FREE report: Short Sale Vs Foreclosure.
Deed In Lieu Of Foreclosure: Homeowner voluntarily “gives back” the property to the lender without further damaging the credit history.
If you are a Mayland homeowner in distress, you can also visit a state-sponsored website, MDHope.org
Where Do I Start?
Regardless of your current situation, you must speak to an experienced real estate professional immediately. All of the above options are time sensitive and time might be running out. Contact us and get the help you need today.