With a high percentage of homes upside down in value, job losses and readjustments in mortgage variable loans, the foreclosure market is at record highs.
There are a few x-factors in the lawmakers hands to help us, the average guys, but there are some options out there that we can use now n.
Read more to find out what they are.
If you are facing the pressures of falling behind on your house payment, don't wait until it's to late to do anything about it.
Look at the options available to either keep your home or ways to get rid of it without any future obligations to you.
Here are four options to consider.
The main point you want to keep in mind with each option is your future liability.
A good lawyer will make sure the final negotiated deal protects you from any future liability.
This means on a short sale the amount and taxes not covered by the sale do not revert back to you as a collection item.
These are called collectible charge-offs, if you are doing the negotiations yourself the bank might mention they will charge-off the balance, but they will leave out the fact that it will be collectible in the future.
Unless you mitigate this in the agreement, you could be in for a big surprise years down the road.
It is almost worth the price of a good attorney to have one represent you.
The key here is a good, honest attorney.
Even though a house is a secured loan, with the loan obligations exceeding the homes value these days the outstanding balances still must be dealt with.
There are a few x-factors in the lawmakers hands to help us, the average guys, but there are some options out there that we can use now n.
Read more to find out what they are.
If you are facing the pressures of falling behind on your house payment, don't wait until it's to late to do anything about it.
Look at the options available to either keep your home or ways to get rid of it without any future obligations to you.
Here are four options to consider.
- Bankruptcy
- Short Sale
- Deed In Lieu (DIL)
- Loan Modification
The main point you want to keep in mind with each option is your future liability.
A good lawyer will make sure the final negotiated deal protects you from any future liability.
This means on a short sale the amount and taxes not covered by the sale do not revert back to you as a collection item.
These are called collectible charge-offs, if you are doing the negotiations yourself the bank might mention they will charge-off the balance, but they will leave out the fact that it will be collectible in the future.
Unless you mitigate this in the agreement, you could be in for a big surprise years down the road.
It is almost worth the price of a good attorney to have one represent you.
The key here is a good, honest attorney.
Even though a house is a secured loan, with the loan obligations exceeding the homes value these days the outstanding balances still must be dealt with.
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