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The Real Estate Market

Karen The Realtor selling in the Greater Fall River, MA areas

By Karen J. McLinden | Agent in 02721

Fighting Foreclosure Part 3

If you have tried a loan modification and a short sale but neither have gone through you still have options. Once your property has been on the market for some time (three to six months are required by most banks) this may be another thing you can do.

Option three:

Deed-in-Lieu of Foreclosure This is when you sign the deed over to the bank that is holding the mortgage. They become the owners and it becomes their responsibility to secure it and put in on the market for sale. It seems like the easiest way to go but you have to do a lot to get to this point.

 Pros:

 You walk away from the stress

  Credit score drop can be smaller than a foreclosure

Cons:

  Banks are less open to this option

Again, there is a time frame involved before the banks will even consider this option.  It saves them from having to do a costly foreclosure but banks don't like to own property. You have to be careful not to wait too long to ask for a deed-in-lieu, once foreclosure proceeding begin this may no longer be an option.



Comments

By Sandy Setliff,  Mon Apr 29 2013, 15:06
Enjoyed your 3 part series, it was a great way to break down complicated information and educate people about options available and the pros and cons to both. Thanks for sharing!
By Karen J. McLinden,  Mon Apr 29 2013, 15:16
Thanks and Your Welcome! Part 4 is to come, It will be the final piece in the puzzle. It's good for people to know that they have options when they are going through difficult and stressful times.

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