What are My Alternatives to a Short Sale? – Costa Mesa Short Sale FAQs

What are My Alternatives to a Short Sale?

Costa Mesa Short Sale FAQs

Are you behind on your mortgage payments?

Are you facing foreclosure?

Do you want to keep your home, but don’t know what to do?

Are you hoping not to short sale your Costa Mesa home, but you know that you don’t want to go through a foreclosure?  Can you do anything else?

Yes, you can.  There are several options.

  1. Reinstatement – This means to pay the mortgage current including any back payments, interest, past due fees, etc.
  2. Forbearance or Repayment – Thebank may be willing to allow the homeowner to pay back the past due amount over a certain time period.
  3. Mortgage Modification – Negotiate with the lender to reduce interest, principal or extend terms to make the monthly payment more affordable.
  4. Rent the Property – This works if the rental value exceeds the mortgage of if the owner can make up the difference.
  5. Deed in Lieu – This is also called a “friendly foreclosure”. The lender must agree to allow the owner to walk away
  6. Refinance – This may allow for a monthy payment reduction if there is sufficient equity, income and credit to refinance.
  7. Service Members Civil Relief Act – If a member of the military experiences financial hardship due to deployment and entered into the loan before deployment, the member may qualify.
  8. Sell the Property – This only works if there is equity in the home.
  9. Short Sale – A short sale occurs when a personal owes more on their home than it is worth, and needs to sell it.

If you are facing foreclosure, please call me today at 714-319-9751 for a free, confidential evaluation about your personal situation.

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