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Short Sale Foreclosure Prevention
Consider a Short Sale Before Foreclosure
Short sales can be a good alternative to foreclosures because you credit can be salvaged. Unfortunately, usually after the real estate market peaks, there is a quick depreciation period that catches many homeowners off guard.
Many consumers are stuck with adjustable rate mortgages that they can’t afford. When these people finally make the move to refinance their loan into a fixed rate mortgage that meets their budget demands. Unfortunately when these applicants attempt to refinance, they find that their property values have dropped below acceptable levels for refinancing.
In addition to dropping home values, borrowers are finding that the tightening of lender guidelines is making refinancing nearly impossible. Jumbo home loans and sub-prime mortgages are extremely difficult to find affordable loans even worth refinancing into. The other alternative to a short sale is a loan modification that lowers the mortgage payment in an effort to prevent a foreclosure.
When borrowers have exhausted all measures and find themselves months behind on their mortgage payments, they should consider a short sale. The lender must agree to a short sale, but in most cases a short sale is more cost effective than a home foreclosure. If you are considering a short sale transaction, then contact the Loss and Mitigation department of your mortgage lender now before they begin foreclosure proceedings.
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