Don't be ashamed, there are millions of homeowners in your situation – often times through no fault of their own. A job loss, a serious illness or other circumstances can put you in danger of foreclosure. The economic downturn has left many homeowners owing more than their home is worth, making it impossible to refinance.
Don't panic! Foreclosure, and its accompanying effect on your credit, is not inevitable. There are many options out there, and your circumstances may make one of those options feasible and desirable for you. You can discuss these with your lender but remember – the earlier you contact them the more options you will have to help you. You may not be eligible for all of these options but you and your lender can determine how best to move forward.
Remember, many lenders would rather not foreclose, and frequently they will consider viable alternatives. Some of these alternatives may keep you in your home. Keep in mind that no matter which option you choose, there may be tax and other financial consequences. You should consult with a tax advisor, an attorney and a real estate agent at MSC Real Estate Advisors. Our agents are experienced working with distressed properties, and will be able to help you explore your options.
Copyright Management Solutions of Colorado, Inc.-All rights reserved.
MSC Real Estate Advisors is a registered trade name of Management Solutions of Colorado, Inc.
avoidfcnow.com is an affiliated business of MSC Real Estate Advisors.
Information is from sources believed to be reliable, but is not guaranteed.
Short Sale
A ‘short sale’ occurs when a bank accepts a discount on a mortgage to avoid a possible foreclosure or bankruptcy. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
A short sale is attractive for homeowners because the impact on their credit is far less than in a foreclosure. You may be able to buy another home in as little as two to three years after a Short Sale, compared with a typical seven-year wait after a foreclosure. Additionally, a short sale is typically faster and less expensive than a foreclosure.
Short Sales are paperwork-intensive, and there are many details involved. If you're considering this option, it's critical to work with a real estate agent who knows all the steps required to successfully complete a Short Sale.
Get an expert on your side! Call the experts at MSC Real Estate Advisors. We understand the intricacies of these transactions, and will be able to advise and counsel you every step of the way.
Loan Modification
A mortgage modification generally occurs when both parties (borrower and lender) to a problem loan mutually agree to workout the issues by creating new and better loan terms. The hope is that the new improved mortgage will enable the borrower to meet their obligations and avoid foreclosure.
While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit.
Contact MSC
Click these related links for up to date tips and information:
Related Information
MSC Real Estate Advisors
PO Box 631211, Littleton, CO 80163
For more information or to schedule an appointment, please call us at
303-483-5221 or email us at info@mscadvisors.com
Try us out
Risk Free!
-
•Get a Free Foreclosure Evaluation with no pressure and no commitment required!
-
•Get professional help and a solution that is right for you.
-
•100% safe, secure and confidential.
Call 303-483-5221 or email us at info@mscadvisors.com