Thursday, January 28, 2010

Short Sale best Option to Avoid Foreclosure

If you are in an upside down mortgage (a mortgage that is worth considerably more than your home) you might have considered giving up. However, once you come to your senses, you will probably decide that you would like to avoid foreclosure. Allowing your home to be foreclosed on is rarely the best decision and can harm your credit score and the future ability you have to get a loan from a bank. So, please be aware that there are lots of choices and paths to take if you want to avoid foreclosure.

There are two things to consider if you want to avoid foreclosure. Do you want to keep the property in Queen Creek, Arizona or do you just want to get out of the loan that you are currently involved in.

For those of you that want to avoid foreclosure and would like to keep the property, here are some of your choices.

-Do Nothing at all. Simply stay in your home in Queen Creek, AZ. If you don’t have a need to move and are comfortable staying in a home that is worth well less than your mortgage, just stay put.

-Another option to avoid foreclosure, rent out part or all of your property. If you can afford part of the payment, maybe rent is the right option for you.

--The third option to avoid foreclosure is refinance. If you refinance, you can get a better payment plan to fit your budget.

--Loan modifications for people that want to avoid foreclosure are popular. There are government programs that can help you out.

--consider forbearance if you want to avoid foreclosure. Your lender doesn’t want to foreclose either, so they make consider a little leniency

For those that want to avoid foreclosure and want to get out of the loan and property.

--Sell the property. If you have equity, maybe you can avoid foreclosure and sell it. Get a real estate professional to check on your homes value so that you know what is ahead of you.

--Consider a deed in lieu where the bank gets the house bank and helps you avoid foreclosure.

--The worst option, bankruptcy, to avoid foreclosure. Really, we hope this isn’t the option that you choose. However, if you think this might be a possibility for you, contact a professional that deals with bankruptcy.

--The easiest, AND BEST way to avoid foreclosure is the short sale. The short sale allows you to sell the property and pay off the loan at a discounted rate. The short sale is, absolutely, the best way to get out of your property. Look into the short sale to avoid foreclosure today.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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