There are many scams out there that operate on the fear tactic motivation. If you are struggling makine mortgage payments or upside down there are options. This is a time when stress if very high and you need to understand there are hopeful alternatives. Be it myself or another agent that is versed in the Short Sale of homes there is hope for moving forward without foreclosure or bankruptcy that gives you options. Here is a quick overview of some of the facts.
3.5 million Foreclosed Homes from 2008-2010
- 2.2 million homeowners are severely delinquent on payments
- 11 million homeowners are in homes worth less than their mortgages which makes a Short Sale a strong option that can help preserve your credit
- 26% of residential sales in 2010 were foreclosures.
- 35% of all sales in the next 2-3 years are predicted to be distressed home sales.
It has finally reached a level of understanding that foreclosures are not the only option and you should not be plunged into hopeless options when short sales offer opportunity for preservation of your credit after working lifelong at establishing yourself. You are not alone.
Here are Ten Options to avoid Foreclosure Today!
- Forbearance or Repayment Plan- worked out with your current mortgage holder
- Mortgage Modification-
- Rent the Property-
- Deed in Lieu of Foreclosure
- Bankruptcy- has long standing credit impact
- Servicemembers Civil Relief Act (military personnel only)
- Sell the Property
- Short Sale- avoid foreclosure that can prevent long term impact on your credit without the stigmas that go with the foreclosure.