The 7 ways to deal with mortgage problems:
1 |
Friends
and Family |
2 |
Sell
your home via traditional means such as a Realtor |
3 |
Refinance |
4 |
Reverse Mortgage |
5 |
Bankruptcy |
6 |
Sell
it to a real estate investor such as my clients |
| 7 |
Sell
your house with a formal option to buy it back |
1. When dealing with Friends
and Family in business matters of any type, I most strongly recommend
keeping agreements in writing. You have your family for life; don't let
bad business cloud your home base. If your friends and/or family decide
to lend you money against your home, a title company or escrow company
can, and is legally required to, make that public record. I can help with
this.
2. Selling your home via traditional
means may get you the highest price but may take the longest amount of
time. A quick sale may prevent further damage to your credit, finances,
and future. If you have 30+ days to work with, contact us immediately to review your
strategies for a quick sale, minimizing the damage to your credit, and
getting your home sold quickly, professionally
and at a fair market price.
3. We can refinance situations
currently in foreclosure, however, they're best suited to select circumstances.
If A. your balance is less than 70% of your home's market value AND you
have a one-time reason the mortgage fell behind (e.g. Union was on strike
and is now resolved), then refinancing may be the best way to keep your
house and reset the clock.
4. If you're over age 62, a reverse mortgage may be the perfect solution for you - but we need a personal consultation to know for sure. This consultation carries no obligation and you'll get a full breakdown of costs and fees before you committing to anything. If you're under age 62, sorry, this program is not for you - absolutely no exceptions ever (federal policy).
5. Bankruptcy is really a temporary
solution that may buy you some time, however, it will not cure a foreclosure.
If you're having trouble keeping up with bills, but are still current,
contact me immediately. If you do not have much equity in
your home (a high Loan to Value Ratio), and still cannot pay your bills,
bankruptcy may be a last-resort option. Note than in Chapter 7, you'll
likely lose your home, and in Chapter 13, you'll likely make years of
payments.
6. Real estate investors I
represent can make make an immediate offer, taking a problem off your
hands and letting you move on to the next chapter of your life. Upon seeing
your property, I can make a cash offer within 4 hours. Sometimes a fast
close will minimize the damage to your credit and finances, and although
investor offers are typically below market, you also have no realtor commission,
and minimizing the damage a foreclosure will cause is worth many thousands
of dollars. A strong advantage I have is a constant
supply of fully preapproved, motivated home buyers who will offer more
than a purely profit-focused investor.
7. I have real estate investors
that will buy your home, lease it to you, and let you buy it back when you're back on your feet. You stay in the house, and you have a binding
option to purchase it back two or more years later after you've stabilized.
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