Avoiding Foreclosure Checklist - Homeowners’ Option
Posted by Lisa Barton in Short Sales & Foreclosures, on Thursday, March 25, 2010 | 1 Comments
Recently I attended a very informative real estate class, Short Sales & Foreclosures: Protecting Your Clients’ Interests, which was sponsored by the Council of Residential Specialists. I found this class to be full of very helpful information for me as an agent, and also for my clients who are buying or selling distressed properties. Falling behind on your mortgage can be very anxiety producing, and potentially losing your home is devasting. There are some basic things homeowners can do to protect their home from foreclosure.
Bring your loan current and maintain regular payments in a timely manner.
Work out a repayment plan with you lender.
Refinance your home with better rates and terms.
Modify your current loan with your lender.
Rent your home and make the mortgage payments to your lender.
Sell your home and pay off the loan amount due.
Borrow money from a relative or friend to bring your payments current.
Get protection under the Service Members Civil Relief Act (SMCRA).
Enter into a Deed in Lieu of Foreclosure or “friendly foreclosure”.
File for Bankruptcy protection to stall the foreclosure process.
Sell you home in a “short sale” if the lender will accept a discounted payoff for the outstanding mortgage due.
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