Foreclosure Options

Foreclosure Options

Foreclosure Options

You knew your mortgage was in default. Now your lender has informed you that they will foreclose on your house. You can’t sleep. You are sick at the thought of losing your house. There are a number of foreclosure options.

Foreclosure Options for Homeowners

  1. Bring the Loan Current aka Reinstatement – Believe it or not, your lender wants to work with you to help you get back on track Foreclosure is no picnic for either party involved. And, frankly, both you and your lender lose in the end
  2. Work Out a “Forbearance Plan” – a forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
  3. Ask for a Loan Modification – One of the foreclosure options is to ask for a loan modification. That could include a reduction of the interest rate, conversion of the loan from a variable interest rate to a fixed interest rate. Another modification, extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
  4. Request a Repayment Plan – if there is a temporary hardship. Repayment options could include a plan to repay missed payments in addition to making monthly payments.
  5. Sell Through a Short Sale – You may be able to sell your home with the bank’s permission as one of the foreclosure options. A pre-foreclosure sale, also known as a short sale, allows homeowners to sell their home at current market value and use that money to satisfy their mortgage [source: Chicago Tribune].
  6. File for Bankruptcy – You can contact a bankruptcy attorney. You need to know your foreclosure options so you can make an informed decision. Filing for bankruptcy stops a foreclosure proceeding.

More Foreclosure Options

  1. FHA Programs for Homeowners – Home & Garden writes about the partial claim, a loan modification offered by the U.S. Department of Housing and Urban Development (HUD) for FHA-approved loans [source: HUD]. The FHA provides an interest-free loan to pay off your missed mortgage payments, and it doesn’t need paying off until you sell your home or make your last mortgage payment [source: HUD]. There are many programs for those with floundering financials.
  2. A Deed-in-Lieu of Foreclosure – a deed instrument in which the borrower conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure.  At the height of the housing crisis in 2007-2008, it was called “jingle mail.” Homeowners simply put the house keys in an envelope and mailed them to the bank and then drove away. A deed-in-lieu is a more formal process for jingle mail.
  3. Sell the Home to Styl Properties, Inc. You can save your house of It’s in foreclosure by calling Styl Properties, Inc. It is quick! You can sell your house in Omaha normally in 30 days or less. That is much quicker than a traditional sale, which can take several months, and closing takes places after repairs. In most cases when an investor and a seller can agree on a price immediately, they can close as fast as one to two weeks.
  4. Styl Properties, Inc. will buy as-is. You don’t need to worry about some repairs that need fixing based on an appraisal? An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property in whatever condition.
  5. No Fees! Styl Properties, Inc. doesn’t charge you a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.

FREE information on How to sell your house fast

Styl Properties, Inc. is here to help homeowners out of any kind of distressed situation.  

As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  We offer the simple truth about your home and how we can help you sell it fast to resolve any situation.

If you’d like to give us a ring, we would be more than happy to spend some time with you to help you understand the process and to get all of your questions answered.  You can reach us at 402 999.0577. 

Sell my house omaha,Sell My House In Omaha Fast,14720 grant st,sell my omaha house fast,omaha realty rent,buying homes omaha ne,houses for sale in omaha area,houses for sale 68164,rent a house,rent my house omaha,

Leave a Reply

Your email address will not be published. Required fields are marked *