I am a Certified Distressed Property Expert and I have helped many people just like you.
Here are most of your options with a brief explanation. If you'd like to talk about all of your options in more detail, call me or send me an email.
Homeowner requests the total amount owed to bring mortgage payments current and pays it.
Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time.
3.Sell the Property
Homeowner with sufficient equity lists their property with a qualified agent that understands the
foreclosure process in their area.
4.Rent the Property
Homeowner with a mortgage payment low enough that market rent will allow it to be paid
converts their property to a rental.
Homeowner negotiates with lender to modify the interest on the loan, the principal balance, or any
combination of these, resulting in a lower payment.
6.Home Affordable Foreclosure Alternatives Program (HAFA)
Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.
Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.
8.Deed-in-Lieu of Foreclosure
Homeowner returns the property to the lender rather than go through the foreclosure process.
9.Deed for Lease
Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.
Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.
Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage
payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.
12.Servicemembers Civil Relief Act (SCRA 303)
A member of the military who is experiencing financial distress due to deployment (and can prove
entered into debt before employment) qualifies for temporary relief under this act.
13.Homeowners Assistance Program
A member of the military or federal employee qualifies for this program which has a variety of assistance programs including private sales, government purchase, and/or foreclosure assistance.
Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed.
Please feel free to call me.
Realtor, CDPE, SFR
RE/MAX Dallas Suburbs