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Foreclosures >4. Foreclosure Alternatives
There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
Cyndi Shurts and Donald E. Shurts Jr. RE/MAX VICTORY 51 Plum St., suite 220 Beavercreek, OH 45440 Toll Free: 1-888-278-0295 Cyndi's Direct : 937-604-5194 Don's Direct: 937-241-2124 Toll Free Fax: 1-888-602-8133 Don's Email: Don@WelcomeHomeDayton.com Cyndi's Email: Cyndi@WelcomeHomeDayton.com
Cyndi & Don Shurts have created a reputation of outstanding service and attention to details with past home buyers and sellers, other Dayton Realtors, and real estate service providers in the Dayton area. Miami Valley Dream Homes & RE/MAX Victory at The Greene provide unmatched, cutting edge tools and technologies to accomplish specific goals for our real estate clients, both buyers and sellers. This team provided many free services beyond the standard real estate agent. They are home staging experts, extensive internet marketing experts, Short Sale experts and new construction specialists. Cyndi and Donald Shurts are members of the National Association of Realtors (NAR),Ohio Association of Realtors, and the Dayton Area Board of Realtors. This Dayton Ohio real estate team will SAVE you TIME & MONEY in buying or selling a home. See the dozens of testimonials from past clients. Past Client phone numbers available upon request.
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