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Are you having trouble paying your house payment?
You need to know what your options are so you can make an informed decision in order to avoid foreclosure. Some homeowners that call me as a Sacramento Realtor® who lists Short Sales about Short Sale versus Foreclosure.
In my opinion homeowners should avoid Foreclosure as it effects your credit for a much longer time.
Not only will you not be able to buy a house for many years and your credit will be ruined for a long time but it will be difficult to rent, buy a car and sometimes employers will not hire you. Obviously, if you are considering foreclosure by walking away from your home, be sure to check with an attorney before you walk away so that you don’t make a bad decision.
Here are a few questions you might want to ask yourself in order to decide what is best for you when you are having trouble paying your house payment.
Are you 30 days late paying your house payment?
You need to ask yourself if your financial situation will change and get better soon. If it’s a short term problem that you are experiencing, you might want to consider a repayment plan with your bank which will spread out the payments that are past due or what we call a forbearance which will temporarily stop your payments or reduce your payments for a short time until you can catch up.
If this is a financial problem that won’t get any better any time soon then you need to ask yourself another question.
Do you want to stay in your home?
If you want to stay in your home then you have a few options which are:
- a home affordable modification program which makes your monthly payment more affordable
- a mortgage modification which permanently changes your monthly payment and the length of the loan
- a deed for lease with Fannie Mae which that allows you to lease your home after you have transferred the Title of the property to your mortgage company.
If you know that your situation will not change and you do not want to stay in your home, then you have the option of :
- a Deed-in-Lieu which means you transfer the ownership to your mortgage company in exchange to be released from your obligation of the mortgage loan.
- A Short Sale which is also known as a Pre Foreclosure sale where you list your house with a Realtor who will sell the house for less than what you owe on your mortgage amount and the bank accepts less than what you owe.
If a Short Sale is what you feel is best for you, then give me call and let’s get started. As a Sacramento Realtor® who is Short Sale certified as a distressed property expert, it will be my pleasure to help you.
I want to make sure you can sleep at night without worrying about your mortgage payment and dodging all those annoying phone calls. Let me help bring peace of mind and give you back some quality to your life.
Other Articles and Videos for Distressed Homeowners:
Sacramento Short Sale Sellers Are Important
It’s A Good Year for Sacramento Short Sale Sellers
Short Sale Videos by Sacramento Realtor
Looking for Information About Short Sales?
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