Often times borrowers who are behind on their payments don't realize there are other options besides a short sale that they can explore. While these options are offered less commonly by banks than a short sale you should always ask your bank or your real estate professional about these options.
- Deed in Lieu of Foreclosure - this is where the bank agrees to take the title of your home back in exchange for not foreclosing on the property. Banks
- Loan Modification - This is where the bank modifies your loan without creating a new one or having you re qualify. They may lower your interest rate, fix the interest rate so it doesn't adjust, or waive part of your balance.
- Repayment Plans - The bank may take the amount that you are behind and spread the payments over a longer period of time so you can catch up on your behind payments. They may stretch the payments over 5,10, or more years depending on the bank.
Make sure you investigate all your options prior to proceeding with a short sale and understand what each can do for you.
0 comments:
Post a Comment