Foreclosures: 9 Options available to you!
1. Renegotiate: A) Forbearance Agreement – You must have a job and 3% equity in your home.
B) Loan Modification – Unpaid payments and late fees are tacked on to the end of the loan. You must have a job and 3% equity in your home.
2. Refinance: IF 90 days in arrears, it is very difficult. Reads next to impossible!
3. FISBO/Investor: Investor needs at least 30% discount off current market value of property.
4. Declares Bankruptcy: 95% of homeowners who declare BK still lose their home through foreclosure! Then you have BOTH foreclosure and bankruptcy on your credit record. Additionally, 2-4 years after discharge before you will be able to buy a new home.
5. Friends/Family/Lotto: It could happen! Most friends and family members aren't interested in helping out at this point.
6. Deed in Lieu of Foreclosure: Still shows up as foreclosure on credit reports. (Just no judgment. Quick results for the lender.)
7. Do Nothing: Not a good option! Foreclosure means you will have 5-7 years before you can buy a home through conventional lenders.
8. Lease Option with Buy Back: Investor buys at 30% discount. (Short Sale) You lease property back from Investor.
9. List property for sale with RE Broker: Can prevent Deficiency Judgment.
Deficiency Judgment: Lender can come after you. Short Sale can come after you too. (Anything but Term Life Insurance.) Lender can go after your IRA’s, 401K’s etc.
B) Loan Modification – Unpaid payments and late fees are tacked on to the end of the loan. You must have a job and 3% equity in your home.
2. Refinance: IF 90 days in arrears, it is very difficult. Reads next to impossible!
3. FISBO/Investor: Investor needs at least 30% discount off current market value of property.
4. Declares Bankruptcy: 95% of homeowners who declare BK still lose their home through foreclosure! Then you have BOTH foreclosure and bankruptcy on your credit record. Additionally, 2-4 years after discharge before you will be able to buy a new home.
5. Friends/Family/Lotto: It could happen! Most friends and family members aren't interested in helping out at this point.
6. Deed in Lieu of Foreclosure: Still shows up as foreclosure on credit reports. (Just no judgment. Quick results for the lender.)
7. Do Nothing: Not a good option! Foreclosure means you will have 5-7 years before you can buy a home through conventional lenders.
8. Lease Option with Buy Back: Investor buys at 30% discount. (Short Sale) You lease property back from Investor.
9. List property for sale with RE Broker: Can prevent Deficiency Judgment.
Deficiency Judgment: Lender can come after you. Short Sale can come after you too. (Anything but Term Life Insurance.) Lender can go after your IRA’s, 401K’s etc.
Labels: Foreclosure Information
posted by Unknown | 3:13 PM
0 Comments:
Post a Comment
Thank you so much for your comment. Your views are very important to us and we will be sure to post them as soon as possible.
We just want to make sure your comment content is not incitant or vulgar. Otherwise, look for your response to be posted here soon.
We always encourage opinions and ideas even if they are not the same as ours. How else will we prevent ourselves from becoming "milk toast"?
Once again, thank you.
Cliff
http://www.StopForeclosureInSanCarlos.com
Subscribe to Post Comments [Atom]
<< Home