Short Sale Resources for Sellers

Are you looking for help and behind on your mortgage? Let's see if we can help you with deciding which option works best for you.

Short Sale Resources

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Check out my dedicated website for more short sale and foreclosure information

There is lots of information and advise out there for homeowners that are facing foreclosure. Please know that as a licensed Realtor, I can help you understand your options.

Feel free to call me at (785)550-3424 for a FREE Confidential Consultation. Find out which option may be best for your individual situation.

No matter what your situation, you should contact your mortgage lender to find out what programs they offer and how they may be able to help you.

OTHER ALTERNATIVES TO FORECLOSURE

REFINANCE

SELL AND BRING CASH TO CLOSING

LENDER WORKOUT

FOREBEARANCE – Lenders may let you make a partial payment, or skip payments if you have a reasonable plan to catch up. Tell your lender if you expect a tax refund, a bonus or a new job.

REINSTATEMENT – Reinstatement refers to making a payment that covers all your late payments, usually at the end of a forbearance period.

REPAYMENT PLAN – If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up.

LOAN MODIFICATION – Your lender may agree to amend your mortgage to help you avoid foreclosure.

SIGN OVER THE PROPERTY TO THE LENDER IN EXCHANGE FOR DEBT FORGIVENESS. This can hurt your credit, but is better than having a foreclosure in your credit history.

SHORT SALE

The Seller (1) owes more on the loan (and any other liens on the property) than the sale of the property will likely produce on the market AND (2) is unable or unwilling to bring money to closing.

DEED IN LIEU OF FORECLOSURE

This occurs when the borrower agrees to trade the property to the lender in exchange for the cancellation of the note.

FORECLOSURE

When the homeowner is only weeks away from the foreclosure sale taking place, the homeowner may not be able to pursue any of the previous options including a short sale. Contact an attorney at this point for advice.

DO NOTHING AND WALK AWAY

If the homeowner is simply unhappy that the value of the property is less than what they paid or owe, they need to contact an attorney for advice. Simply walking away from the loan or asking the lender to proceed with a short sale simply because the value went down may not be a viable option and if it is, there will often be additional financial consequences.

You don't have to go through a foreclosure. Help is available. There are many alternatives to foreclosure. Contact Me Today

I am your Short Sale Foreclosure Resource.

and Certified Distressed Property Expert

Crystal Swearingen - McGrew Real Estate
4321 West 6th St • Lawrence, KS 66047
Phone: (785)550-3424 •

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