Discover Alternatives to Foreclosure - You are NOT Alone!

Knowing you can rely on a professionally licensed real estate broker who understands your unique situation AND can provide you valuable insight into strategies and options for a desired outcome.

We specialize in working with homeowners who need guidance and compassionate support through the sale of a home involved in a personal bankruptcy. There are several alternatives available for homeowners in a tight financial situation. We will familiarize you with choices and additional knowledge that can help you arrive at a decision you feel comfortable with.

Do Nothing - Lose home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information.

Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. New debt is normally at a higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there needs to be equity in the home.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments.

Loan Modification – Use the existing mortgage company to refinance the debt or extend the terms of the loan.

Partial Claim – This option comprises facilitating a loan from the lender for a second loan to include back payments, costs and fees.

Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payments and taxes must be current.

Bankruptcy – This option can liquidate debt and/or allow more time. Chapter 7 (Liquidation), Chapter 13 (Wage Earner Plan) Chapter 11 (Business Reorganization).

Sell Your Home – Homeowners may sell the home without lender approval for a conventional home sale, if the property has equity (money left over after all loans and monetary encumbrances are paid). 

Short Sale - At the other end of the spectrum, a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your real estate professional if what is owed is more than the property’s value. Call us for no-obligation consultation!

One very important thing to remember: Time is of the essence! So, take quick action in order to allow yourself enough time to complete the chosen process.

Now that you are educated about your options --- We are here to help you reach a desired end result! We have been helping homeowners achieve their goals through property sale and purchase for many years.

Call us for a personal, no obligation, educational consultation.