Foreclosure Avoidance Specialists

Foreclosure Avoidance Specialists

Facing foreclosure is scary. If you do nothing, foreclosure is inevitable and the bank always wins. Our team of agents are experienced with coming up with a game plan to avoid foreclosure. A foreclosure on your record is devastating to your credit and will impact your ability to get financing for many years to come. Banks don’t want your property but will take it if you do nothing. Let our team guide you through this process.

Foreclosure Avoidance Options

Deed-In-Lieu (DIL) of Foreclosure

• What is it? A deed-in-lieu of foreclosure means you sign the deed to the bank. This allows the bank to avoid foreclosure costs and they can resell the property to recover their losses.
• The Benefit: This option is slightly better than a foreclosure for your financial health, but it's rarely the best choice. Sometimes it’s not the worst, but other alternatives may have less negative impact.

Short Sale

• What is it? A short sale is working with the bank and a Solid Rock Realty agent to sell the home on the open market to a regular buyer. It’s called a short sale because we are selling the property for less than what is owed, or the funds are coming up “short” to pay off the entire mortgage.
• The Benefit: A short sale is often the best solution if you can no longer keep making payments, get caught up on past payments, can’t make up the difference between the sale price and mortgage balance, or a loan renegotiation is not an option. While not always the recommendation, a short sale is often recommended for anyone needing to get out from under a mortgage.
• Special Note: You do not have to be behind your mortgage payments to do a short sale. In fact, a short sale might be possible if you're completely current on your mortgage payments but the property is “under water” or the mortgage balance is less than what the property is worth.

Loan Renegotiation

• What is it? A loan renegotiation is controlled by the bank. Some banks may be willing to extend the payment terms out to decrease the monthly payment or decrease the interest rate to help you get back to paying the mortgage again.
• The Benefit: This is often the best option if you’re looking to keep the property long term and the bank is willing to renegotiate the terms in such a way that allows you to get caught back up on your payment.

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