Bank Options

For homeowners who are in a position where they NEED to sell as opposed to WANTING to sell due to job loss, divorce, relocation, medical expenses, etc… There may be options that you can pursue with your lender.

The first option is a Loan Modification. The government has tried to come out with numerous programs to help homeowners in trouble so long as it’s a temporary situation and not a permanent one. Loan modifications should not cost you anything, this is something you can work on with your bank for free. Call up your lender and ask them what your options are.

Another option is a Forbearance. This is when a lender will work out some type of agreement to have you make up any missed payments through some type of payment plan. This is ideal for homeowners who had some type of one time event or expense that caused them to miss payments and now they can begin making those missed payments up in order to avoid foreclosure.

A third option is a Deed-In-Lieu. This is usually your last option before you get foreclosed on and typically cannot be pursued until you have exhausted all other options. You will have to qualify for a deed-in-lieu and that usually means you must have tried doing a short sale first and you’ll need to submit proof of that when sending in all of your other financial documentation.

The final stage in any hardship where you are trying to sell your home with little to no success is foreclosure. Foreclosure is the atomic bomb of credit catastrophes and should be avoided any way possible. If you are facing foreclosure, we can usually get it stopped, sometimes even days before the auction but not all banks will accept our paperwork or offers that close to the date of foreclosure anymore so it’s wise that you take proactive measures early on. Contact us as soon as you can so that you can explore all of your options before those options become fewer and fewer as you near the bank foreclosure date.