Custom Real Estate Web Site Design
& Search Engine Optimization

Custom Real Estate Web Design / Real Estate Web Design Blog / Foreclosures /

Homeowner Default Options

  Follow me: Bruce Kirkpatrick on Twitter Bruce Kirkpatrick on Facebook
Wed, Mar 19, 2008 at 6:50AM

  • Sell- Consider selling it yourself or hire a realtor. You will not only need a fast sale but a fast closing. Although that can be hard to accomplish, it is still worth trying.
 
  • Refinance- If you are not already behind on payments, you can try to refinancing your house.  This should be the first thing you do after a loss in income because if you get behind on payments your credit will not qualify you for a refinance. The only exception would be if your are behind in payments, but you have 65 percent or more loan to value of your house. 
 
  • Special Payment Arrangements- Contact your lender about special payment arrangements.  You might bring in a large sum two months mortgage and catch up the rest over an agreed period of time.
 
  • Forbearance Plan- A lender would reduce monthly payment for a short period and put shortage amount on the back end of the loan. Usually done with death, terminal illness, serious health problems or disability. They do want all payments to that date paid on time and current to be able to use this option.
 
  • Deed in Lieu- You deed the property back to lender and which reduces there attorney’s fees to complete the foreclosure and your done.  It looks just as bad as a traditional foreclosure on a credit report and does nothing for the homeowner.
 
  • Sell Now- Selling it to an investor can close you out quickly.  This will protect your credit being damaged and you can avoid foreclosure.  Foreclosure is consider by lenders the worst thing for credit and can influence much of your future credit needs for years to come.  

 

These are some options that may make it possible when facing default on a house to get out before you credit is ruined.

Bookmark & Share



Getting started

Bruce Kirkpatrick

Bruce Kirkpatrick

Far Beyond Code, LLC
President & Web Developer
Cell Phone: 386-405-4643
E-Mail Bruce

113 Mariners Dr, Ormond Beach, FL 32176

113 Mariners Dr, Ormond Beach, FL 32176



Contact Us


* Denotes required field.

First Name * Required
Last Name
Comments
First Name: *
Last Name: *
Company:
Email: *
Phone: *
Address:
City:
State:
Country:
Zip:
Comments: *
 
     Privacy Policy



Copyright ©2010-2019 Far Beyond Code LLC - All Rights Reserved. | Site Map | Privacy Policy | Daytona Beach Web Design | Homeowner Default Options