Short Sale, Foreclosure and Strategic Default

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Monday, July 9, 2007

Upside down, first question?

Do you wish to keep your home or sell it? If you wish to keep your home review these options. Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary.

Repayment plan:

Forbearance:


Before you ask for forbearance or a loan modification, be prepared to show that you are making a good-faith effort to pay your mortgage. For example, if you can show that you’ve reduced other expenses, your loan servicer may be more likely to negotiate with you.

Short Payoff and Refinance

Bankruptcy Chapter 7 liquidation or Chapter 13 workout plan.

So you wish to sell your home

If you are selling - make sure it shows well and is priced under the competion. In our markets price is key. Also consider offering incentives to the buyers agents. Homes don't sell to often without showings. Nothing can get you showings like a very good price and an extra percent offered to buyers Realtors.

Consider a short sale or selling to investors for a quick sale. Make sure you know what you are doing. There are a lot of sharp investors right now looking to take adavantage of stressed San Diego owners.

Beware: If you are a California homeowner and you are considering a refinance you may lose some of the best protection you have. Consult with an attorney befor you refi a home in a falling market.

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