Home Foreclosure Alternatives

Home Foreclosure Alternatives-Before you consider walking away, you must look at all of your Home Foreclosure Alternatives

I'ts important that you weigh each Foreclosure Alternative against each other and make a well informed decision before you accept the devastating blow of a foreclosure to your credit rating.

Distressed home owners facing foreclosure are not alone, today,1 out of every 7 homeowners are delinquent on their mortgage or in the foreclosure process.

Let's talk about Home Foreclosure Alternatives. What are the options?

Lender Loan Modifications or Lender Workout | Of course the best course of action for the distressed home owner is to stay in their home and avoid any other alternatives. With that in mind a Lender Loan Modification or Workout should be vigorously pursued. With this as an option your lender may be willing to:

• Add the missed payments to the existing loan balance.
• Change the interest rate, including making an adjustable rate into a fixed rate.
• Extend the number of years you have to repay.

When the lender can work out terms that lower the monthly payment and bring the principle balance closer to today's market value, this is the best choice.

Unfortunately though this is often only a temporary fix and ultimately stretches out the ultimate conclusion of the home owner having to give up their home.

Why is that? Often the new terms are still not enough to justify the homeowner staying in the home. For example: The principle balance is still way above market value or because of financial hardship there is simply not enough income to sustain even the new terms of the loan

So then what?

• Sell And Bring Cash to Closing- Of course is a ridiculous option for most because their resources have already been drained.
• Deed in lieu of foreclosure-A Deed in lieu of foreclosure is when the home owner gives up title or deed to the lender to satisfy the loan. However, if the borrower owes more on the home that is owed, it is often unlikely the lender will agree to a Deed in Lieu of foreclosure.

• Short Sale- A short sale can is often the best solution for home owners who are upside down. In the past, it was rare for a bank or lender to accept a short sale. Now, however, due to overwhelming changes in the market, banks and lenders have become much more flexible when it comes to approving short sales. Recent changes in many corporate policies and the Obama administration have also greatly improved the chances of getting many short sales approved

Loan Modification or Short Sale?

California Short Sale Specialist Luis Montejano and Stephen Munson explain in this YOUTUBE video clip

• Lender Loan Modifications-Who qualifies, when it is worth your effort and how to avoid fraud.
• HAFA (Home affordable foreclosure alternatives) Who qualifies, and the relocation financial incentives
• Short Sales: How it affects your credit, who qualifies, what are all the implications.

Luis Montejano has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales.

Learn More About:

Marketing Short Sales-Finding A Buyer

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Does A Short Sale Stop Foreclosure

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

What is a short sale

Loan Modification Hardship

Qualifying for a loan modification-California Loan Modification

Home Foreclosure Alternatives

Lender Loan Modification Scams

Lender Loan Modifications

What Is HAFA-Home Avordable Foreclosure Alternatives program

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