This past week I spent several days learning all of the in's and out's of what really can happen to a family losing their home and the effects it can have on them moving forward. Being a Successful Short Sale Agent I was dying to get my hands on all the important information I could to help others. Some of these situations I was coming up against made my stomach just churn with Anger, Frustration, and Sadness. I am now a CDPE (Certified Distressed Property Expert). I thought I knew what I was doing before and even though I was on the right track, I did not know the damage a uneducated Real Estate Agent could unknowingly afflect on a Family without all of the proper education. So if you are in a financially difficult situation and chose a Short Sale of your current home, please make sure that you work with a CDPE Realtor. Otherwise, here are the 9 Options to Avoid a Foreclsoure:
1. Reinstatement of your Current Loan: Bring your Loan Current 2. Forebearance: Temporary repayment plan 3. Re-Finance: New Loan with reduction in monthly payments 4. Loan Modification: Modify original loan terms 5. Sell The Property: Use Equity to payoff the loan or Pay the Difference Owed to the Bank 6. Rent the Property: Must make the loan current to do so 7. Short Sale the Property: Negotiate with the Bank to accept a sale under the loan amount-*you must get the Bank to release you of a Judgment Deficiency if at all possible to avoid further damage to your credit and avoid paying pay the loan to sale difference*-this is where you need a Short Sale Specialist with 90% Short Sale Approval Rating- 8. Deed in Lieu of Foreclosure: "Friendly Foreclosure" 9. Bankruptucy: Will stall foreclosure but not prevent it
If you have any questions about any of these options, please feel free to contact me, Karen at 630-674-2215-
Hope this Information Helps, and please remember this is NOT only a Financial Situation but an Emotional Situation. You are not alone and this is happening to many families. I am trying to help families one at a time!
Karen