Are you one of the 1 in 10 people who are currently unable to pay their mortgage? Is the bank threatening to take away your home and force you in to foreclosure?
Do you know the 8 possible solutions to this problem?
- Reinstatement - pay the loan and all past due amounts, charges and fees to bring your mortgage current
- Forebearance - obtain an agreement with the bank for a payment plan while you get back on your feet.
- Modification - obtain an agreement from the bank to modify the terms of your loan whether it's the amount of the payment, the terms of the payment, the interest rate or the principal amount owed.
- Rent - rent your property out to cover all or the bulk of the mortgage.
- Sell - if your home is not worth more than you owe, you could sell your home and pay off your mortgage.
- Deed in lieu - a deed in lieu of foreclosure is an agreement between the home owner and the bank to give the bank back the home without the formality of a foreclosure.
- Foreclosure - the bank will go through the formal process of taking the home back from the home owner because of the homeowner's failure to pay.
- Short sale - a short sale occurs when the bank agrees to accept less than it is owed upon the sale of the property.
Which of these solutions is right for you depends upon your situation.
If you would like more information about your options, please contact me at christine@donovanblatt.com or call me at 714-319-9751. Additionally, we will be doing a free community event to inform people about their options; if you would like to be added to the mailing list to be contacted with our updated calendar, please contact me.
For more information on short sales, please see the following:
If I sell my home as a short sale, will I ever be able to buy again?
Do you need a short sale? Do you owe more than your home is worth?
Please click below to hear Rosa discuss her short sale experience.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
For more information about Costa Mesa, please visit Costa Mesa real estate. For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Is Your Home Fading Away? Are You Having Trouble Meeting Your Monthly Obligations?
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Federal Government Disclaimer (MARS)
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
Click Orange County homes for sale to view all OC homes for sale.
