Homeowner’s Options For Avoiding Foreclosure Checklist-Salem Oregon Real Estate
Do you find yourself in the position of no longer being able to make the mortgage payments on your home? You are not alone! Here is a checklist of some of the options that you have available to you.
_____ Bring your loan current and maintain regular payments in a timely manner.
______ Work out a repayment plan.
______ Refinance your home with better rates and terms.
______ Modify your current loan with your lender
______ Rent your home and make the mortgage payments to your Lender.
______ Sell your home and pay off the loan amount.
______ Borrow money from a relative or friend to bring your payments current.
______ Get protection under the Service Members Civil Relief Act (SMCRA)
______ Enter into a Deed in Lieu of Foreclosure or “friendly foreclosure”.
______ File for Bankruptcy protection to stall the foreclosure process.
______ Sell your home in a “short sale” if the lender will accept a discounted payoff for the outstanding mortgage due.
If you would like more information about the short sale process, you can contact me directly at 503-931-1846. You can also find more information on Short Sales and Foreclosures on my blog under the Short Sale/Foreclosure section.