Foreclosure Alternatives

Explore every option available and foreclosure alternatives to save your home.  As your foreclosure prevention specialist and Certified Distressed Property Expert here in Pensacola Florida I want to do everything I can to help you avoid foreclosure.  Here are your options.

1. Reinstating the Loan

  • A viable option if the hardship was temporary and has been resolved.
  • Can be done up to the lender sale date.
  • All past due payments and late fees must be paid in full prior to the lender sale date.

 

2. Forbearance or Repayment Plan

  • A viable option if the hardship was temporary and has been resolved.
  • Enter into an agreement with the lender.
  • You may be allowed to make back payments over a set time frame.
  • Normally does not fully reinstate the mortgage until the plan is completed.

 

3. Refinance

  • Must have sufficient equity.
  • Must have a qualifying credit score.
  • Essentially qualify a loan as you did when the home was purchased.
  • May only be a short-term solution if a person does not have financial stability.

 

4. Loan Modification

  • May reduce payments by lowering interest rate and or extending the repayment period.
  • Requires that you qualify for the loan, based on income and credit.
  • Can result in higher monthly payments.
  • There may be a trial run period of you making the new agreed monthly payment.
  • A successful trial period does not guarantee the loan modification will be approved.
  • Typically, it does not reduce the principal balance.
  • High default rate.

 

5. Sell the Home

  • You may have enough equity in today’s market to outright sell the home.
  • Remember there will be closing costs to consider when selling.
  • Today’s 2021 real estate market means higher prices across all house sizes.
  • Be prepared to take your equity out, qualify for a low interest rate, get a newer home to reduce your insurance cost, and downsize in square footage.

 

Your Buy My House Guru & Friend,

Jack Lara, Broker-Associate
(850) 616-6377

for relief and cash for your house in the Pensacola FL area call Buy My House Guru today

Better Homes & Gardens Real Estate Main Street Properties
1313 Creighton Rd
Pensacola, FL 32504

Jack Lara CDPE Certified Distressed Propoerty Expert

 

 

 


Please seek financial and legal advice from licensed professionals


 

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