After the Real Estate bubble in the Washington, D.C. Area in 2004 and 2005 many homeowners found themselves upside-down in their properties. Since that time we've been working with Sellers who are in financial hardship, helping them find the best possible solution to what can seem like an insurmountable problem.
Many of the people we have worked with have had family illness, loss of income or employment, job transfer, marital difficulties, or other financial difficulty that is completely beyond their control. If you find yourself in one of these situations, you will have questions. Don't worry, we have answers.
Listed below are a few common Foreclosure Alternatives that our clients have chosen based on their specific circumstances:
- Loan Modification - Lender agrees to modify the terms of the loan (either temporarily or permanently) in order to allow the owner to continue making payments during a financial hardship
- Short Sale - a Seller is able to negotiate with their Mortgage Lender to sell their home for less than the amount they currently owe
- Deed in Lieu of Foreclosure - The bank regains ownership of the property with a decreased effect on credit
- Foreclosure - when the bank takes ownership of the property due to the Owner's failure to make payments (this should be a LAST RESORT)
These options may or may not be available depending on your specific situation. If you are encountering financial hardship and would like a bit of guidance, let us know. We offer 1 hour free, no obligation consultations to all of our potential clients.
**NOTE**Any of the options listed above can have tax and or credit implications. Preferred Realty Partners is a Real Estate team, we are not CPA's or Credit Counselors, nor are we attorneys. If you feel you need advice from an attorney, accountant or credit counselor please contact them directly to discuss your unique situation.
