Aguilar, Loya, Moreno & Associates
The ALMA Real Estate Group, REALTOR®
Delivering Dreams One Home at a Time!
Contact Info - Tel: (626) 966-3688 / Fax: (626) 967-2318 / Dir: (626) 255-2783 / email me
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Here are the most used options available for stopping the foreclosure process - Short Sale
Loan Modification: A Borrower can negotiate with his/her lender to get their loan in good standing again. There are many options available to you to get a modification approved like a separate payment plan for your delinquency or even adding the delinquency to the end of your loan. You can even lower your monthly payment by having the lender reduce your interest rate and in some case extend the terms of the loan. With this option you need to qualify.
current.
Refinance: As part as the Housing Stimulus Law for 2009, if you and your property qualify, you may be able to do a refinance. Strict guidelines apply.
Reverse Mortgage: Must have large equity. Must be 62 years of age.
Sell Your Home: The old fashion way by hiring a Realtor. You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option.
Sell Your Home by Doing a Short Sale: This is when you owe more than your house is worth. Hire a qualified Realtor who specialize in Short Sale. He/She may be able to negotiate a Short Sale on your behalf with your lender(s). In this instance the lender may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process. This is a good option to minimize the impact on your credits. Some tax consequences may apply as for foreclosure.
Deed-in-lieu of Foreclosure: You simply give the home back to the lender and walk away. Strict restrictions apply. The consequences are similar than a foreclosure. Not the best option.
one payment during this process the lender will put you right back into foreclosure.
Chapter7: Debt Elimination/Liquidation - Chapter 13: Restructuration of your debts.
This is the most damaging to you. The lender will take your home and all of your equity. If
there is no equity, your lender may get a deficiency judgment against you and want you to
repay the shortage or “deficiency”. This is the most damaging to your credit and your
ability to acquire another home loan. Plus the foreclosure stays on your credit record for
5 to 7 years. Tax consequences may apply.
I want to use my options and start the
Short Sale System
Fill out the form below or call (877) xxx-xxxx
- Coldwell Banker Town and Country
- 345 E. Rowland St.
- Covina, CA 91723
- Tel: (626) 966-3688
- Fax: (626) 967-2318
- Dir: (626) 255-2783
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