1. Reinstatement - You can bring the
loan current. Quite frankly if you have the money to do so you more than likely
would not be watching this video or reading this blog
2. Pay off / Refinance - You can pay
of the loan or refinance. If you owe more than your West Sacramento property is worth,
it is your principle residence and your loan is owed by Fannie Mae or Freddie
Mac this is an option. Do keep in mind, if you refinance, you are in essence
buying back your West Sacramento property for what you owe, not
what you worth. If you are upside down, you will still be upside down
3. Loan Modification – In a few
cases you can get a loan modification from your lender. Only 15% of all loan
mods that are applied for actually end up in permanent modifications and then
65% of those end up back in foreclosure. The issue is regardless of the modification
rarely is a principle reduction given meaning once again, if you owe more than your West
Sacramento home is worth, you will still owe more than it is worth.
4. Forbearance – This is a form of
loan modification where your lender agrees to put the missed payments on the
back end of the loan. They do not forgive the debt and you still owe the money
but at least you do not have to come up with the missed payments right away.
You will still owe the money plus interest but if your situation is short term,
this could be a viable option
Next time we will cover options 5-9.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation.
Call me today and sleep better tonight; you’ll be glad you did
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