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Feeling Trapped By Your Mortgage?

05 Feb

Unaffordable mortgage payments can make your house feel more like a cage than a home. A person in this situation can feel trapped because it is hard to know what to do. The main thing is to not give up. In reality you do not have to be a prisoner in a mortgage you can no longer afford. There are actually many options when it comes to seeking relief from unaffordable house payments. The following is a list of potential options to consider. I am offering a free report for you to download which goes into more detail about each one. While looking over the information provided in the report consider which one or two may be the best alternative for your situation. Then contact a professional like me to assist you in assessing your best scenario.

Options to Consider:

Mortgage Modification

Reinstatement

Forbearance

Rent the property

Refinance

Servicemembers civil relief

Deed in Lieu of Foreclosure

Short Sale

Short Sale is generally considered the most viable option for the majority of homeowners struggling with their mortgage. Short sales allow homeowners to minimize financial damage and move on from a burdensome mortgage. In a short sale the lender(s) on the property agree to allow the homeowner to sell the property for current market value even though it is not enough to pay off the loans and walk away with their dignity intact. The following are some of the benefits of a short sale:

Avoid Foreclosure at no cost to you

Less impact on Credit Scores

Security Clearance Protection

No challenges to future employment

Retain some control over the sale of your property vs. a public auction

The ability to negotiate away a deficiency judgment

Shorter waiting periods to get another mortgage

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