The size of your lender and the number of properties they already own by virtue of foreclosure will also impact the decision making process. The circumstances behind your problem will also be a consideration. I had a client that lost a spouse that was the wage earner, the lender never did foreclose and they worked it out until the property could be sold.
NMLS # 6395
Financing Kentucky One Home at a Time
Calling your lender is very critical in determining options.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
If you short sale your property, instead of letting it foreclose, then you can purchase another home in as little as two years. If the home forecloses, you may have to wait up to seven years before purchasing another home. Work with a highly qualified Realtor with extensive experience in short sales. Choosing the wrong Realtor will often result with a foreclosure.
Fred Yancy, Broker
There is a process regarding the foreclosure process Just like another monthly payment. You received late payment notices, final late payment reminder. Forclosure proceeding can begin as early as three months and take as long as eighteen months before foreclosure auction takes place.
You want to speak with your mortgage provider as soon as possible yo find out what your options are. Also, there are organizations you can reach out for guidance
If you find you can no longer afford yout home another option is to put your home up for sale as a short sale which might be an option if you do not wait too long into the forclosure process
A short sale is when more is owed on the property then it is worth.
KELLER WILLIAMS PREFERRED REAL ESTATE
62 S Main Street
Yardley, Pa. 19067
Office phone: 215-493-0200 ext 1067
Direct phone: 267-395-0251