Many of our clients are finding it difficult to make their monthly mortgage payments. We want you to know that in most cases assistance is available to help you avoid foreclosure. Depending on your current loan situation there may be options available to you. A few of examples of these solutions are:
Loan Modification - Modifying the current terms of your existing loan to give you a more affordable and sustainable monthly mortgage payment.
Short Sale- Selling the property and the mortgage holder (bank) accepts a lower pay off amount than what is actually owed.
Repayment Arrangements - Developing a plan to repay the full amount owed over time.
Deed-In-Lieu – Signing a deed transferring the title of the property over to the mortgage holder (bank).
If you or someone you know is having trouble making their monthly payments, please contact the mortgage company to discuss your situation and the financial options they offer. They may require you to provide additional documentation so that they can better understand and help you with your specific situation. Remember though, there is no guarantee that your request for any of the above options will be approved, but it certainly never hurts to ask.
Furthermore, The U.S. Department of Housing and Urban Development (HUD) can provide you with free or low cost housing counseling. The counselors can help you understand not just your options, but the law as well. They can also assist you in negotiating with the mortgage company. To find a HUD approved housing counselor near you, please call 1-800-569-4287. For the hearing impaired, the HUD number is 1-800-877-8339.
When it comes to determining the current market value of your home, it’s always wise to consult a Realtor.
Terrie Hunt, Broker / Owner
River Ridge Realty (916) 663-6300 “Outstanding Life Member” of the Sacramento Association of Realtors. DRE #01213387
www.RiverRidgeRealty.net – Success and Experience Working For You