What Should We Do As Homeowners?

Here are some of your options (click on them learn more):

  1. Sell To A Real Estate Investor (Start this process as a back up plan ASAP)
  2. Principal Reduction Modification
  3. A Loan Modification or Trial Modification
  4. A Forbearance Agreement
  5. Subject-To
  6. A Short Sale
  7. Chapter 13 Bankruptcy
  8. Deed-In-Lieu Of Foreclosure
  9. Try To Sell Your Home With A Realtor
  10. Re-finance Your Mortgage
  11. Do Nothing and Lose Your Home

Step 1: What’s best for my family?

You need to ask yourself today, what do you want to do? Live in your home or move? What’s best for your family? The below will talk about several areas of your financial and family needs. This is a guideline which offers suggestions and ways to help you. Each family has their own individual needs so we suggest that you use all resources available to you.

Continue to live in my home:

  1. Family Budget
  2. Loan Modification (2) or (3) or
  3. Forbearance Agreement (4) or
  4. Bankruptcy (7) or
  5. Re-finance your mortgage (10)
  6. Need help? Contact us!

Move out of your home:

  1. Family Budget
  2. Subject-To (5) or
  3. Short Sales (6) or
  4. Deed-in-lieu (8)
  5. Try and sell your home with a Realtor (9) or
  6. Foreclosure by doing nothing and losing your home (11) or
  7. Need help? Contact us!

What programs are available for me?

You’ll need to complete an Income and Expense Worksheet (see family budget for this form). It would be helpful and will save you time if this was completed before you talk to loss mitigation at the bank. There are several programs available in which the banks loss mitigation person will discuss with you:

  • Home Affordable Modification Program (HAMP)
  • Principal Reduction Alternative (PRA)
  • Second Lien Modification Program (2MP)
  • FHA Home Affordable Modification Program (FHA-HAMP)
  • USDA’s RHS Special Loan Servicing
  • Veteran’s Administration Home Affordable Modification (VA-HAMP)

Again, if you have any questions contact us. Regardless of your course of action, acting fast is in your best interest. You can call us at 210-777-0567.

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