Did you know that there are several options for you when in a tough spot and are not able to make your mortgage payments anymore?
Want to keep your house? One of these might fit your needs:
- Refinancing if you still have good credit-Calculate here
- Loan Modification to change the terms of your loan-Calculate here
- Forbearance (helps you get back on your feet for a few months)- Calculate here
Want to sell your home and owe too much? Try one of these options:
- Deed in Lieu of Foreclosure: you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments. Possibly receive moving assistance compensation. Also your credit is only hurt about 150 points so are able to buy again in a couple of years.
- Short Sale: selling your home for LESS than what is owed and possibly receive moving assistance compensation. Also your credit is only hurt about 150 points so are able to buy again in a couple of years.
Foreclosure. What You need to know:
- Prevents from buying for 7 years
- Drops your credit score at least 300 points
- Evicted from your home
- May owe a deficiency balance after the sale of your house
- No relocation assistance compensation
If there are any other questions that I can help you with at anytime…feel free to call/text/email me!