If you are behind on your mortgage you need to act.  There is no shame in making sure your family has a plan to preserve your credit and financial future.  

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Did you know that there are some foreclosure alternatives that would allow you to actually keep your home.  Here are some of the alternatives to foreclosure.  Let's talk about which is right for you.

Loan Modification - This option involves working with your loan servicer to adjust your mortgage payment to an amount that is more compatible with the property's current value and your current income situation.  The loan servicer, the bank, makes the decision as to what the new mortgage payment will be, if they decide you are qualified for a remodification.  Most remodifications are temporary.  If you are able to get a remodification it is vitally important that you abide by all the terms in order to be able to keep your home.  We can give you tips on how to pursue this option.  Contact us to learn more.

Rent - You could decide to rent your home.  Not only will this option allow you to keep your home but it will also provide you with an opportunity to transfer all, or a substantial portion, of the mortgage payment to a 3rd party, the renter.  Renting is a bit more complicated than just finding a tenant.  There are many local rules that renters need to abide by.  In addition, you will also have to set a competitive rent in order to attract tenants.  Then you will need to advertise the rental property.  We can assist you with this.  We can even manage the property for you - reducing liability and headaches usually associated with being a landlord.  Contact us to learn more.

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Short Sale - A short sale takes place when a property is sold, with the bank's approval, for less than the outstanding mortgage balance.  Short sales are complex transactions that require experts.  The short sale is by no means a traditional sale.  When it comes to negotiating with the bank many real estate agents are not equipped with the experience required to navigate the complexities.  Our team has sold millions of dollar in short sales - we're experts.

Deed In Lieu of Foreclosure - While deed in lieu is an alternative it is not one we recommend.  This option boils down to the owner basically giving the keys back to the bank.  This action can have devastating effects on your credit for years to come.  If you are at a loss and don't know what to do - consult us first.  Don't give the keys to the bank.  Explore other options first.