You will need to prepare a packet to present to your mortgage company so your loan modification can get approved.
2. A Forebearance Agreement
Similar to a loan Modification, you will have to present documentation of hardship to your mortgage company to get approved. It will be up to the mortgage company to approve you.
3. Equity Partnering with Homeowners
Depending on the equity that you may have in your home, we can agree to partner up to repair the home, and then we split the equity when the property gets sold
4. Subject - To
We can take over the loan for you. The benefits of a subject-to, is that we will bring the loan current, and your credit will be restored so you can have a second chance in renting or buying another home
5. Short Sale
If you have no equity in your home, we can help you prepare a package that you have to present to the mortgage company in order to increase your equity
6. Chapter 13 Bankruptcy
This is the last option to give you more time to sell the property. It's better not to wait until the last minute to do something about your situation, but this option will give you a little more time.
7. Deed-in-Lieu of Foreclosure
With this option you will give all your property rights to the mortgage company. The disadvantage with this option, is that usually homeowners have a hard time to purchase another home in the future.
8. Try to Sell Your Home with a Realtor
This takes time. And with distressed properties, time is of essence. Also, if you plan to make any money, you will need proceeds to fix and rehab the property.
9. Refinance Your Mortgage
With this option, you will still need to make payments and depending on the market's interest rates, you could be paying a higher monthly note.
10. Do Nothing and Lose Your Home
This will affect your credit, and either way you will have to vacate the property. The advantage of selling the property to an investor before it goes to foreclosure, is that it usually will relieve the stress that you might have in selling the property. We will do everything for you, pay your closing costs, and help you with all the paperwork so it could be a smooth transaction.