Alternative to a Foreclosure
August 8th, 2008 categories: Seller's Advice
The housing legislation may help as many as 500,000 homeowners avoid foreclosure, by assisting them in refinancing into more affordable government backed loans. There will be unfortunately many who might not qualify; people facing hardships should be looking at alternatives, an easier way out.
Deed in lieu of foreclosure
Short sales
Short sales is basically a homeowner who cannot keep up with their loan asks the lender can they sell their home for less than what is owed on the home’s mortgage, and forgive the balance of the unpaid debt.
Deed in lieu of foreclosure
A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.
Free from debt.Any of the two routes may be an option rather than foreclosure and in some cases you might as well foreclose. Depending in the state you live the Lender can go after you for the balance.
Lenders are showing signs of a willingness to help in short sales and deeds in lieu of foreclosure due to the fact that is cheaper for the lender to do so.
Counseling Resources for troubled Homeowners
Neighborhood Assistance Corp. of America
naca.com1-888-302-6222
AcornAcorn.org
1-866-672-2676
Homeownership Prevention Foundation
995hope.org
1-888-955-4673
HomeFree – USAHomefreeusa.org
1-866-696-2329
