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Foreclosure wrecks havoc on families, finances and believe it or not health. Honest hard working Americans are losing their homes at record levels. The early tally reveals that the nationwide foreclosure rate is worse than the Great Depression and it's nowhere near an end. Seven out of ten homeowners lose their homes without any visible sign of intervention.
As Certified Distressed Property Experts (CDPE), our team is highly educated, knowledgeable and experienced in the distressed property market. We can help homeowners in distress to get through this difficult process and salvage their credit.
What are your options?
- Reinstatement - The homeowner reinstates the mortgage by paying up all missed payments and fees to become current with the mortgage.
- Forbearance - More commonly known as a re-payment plan, allowing the homeowner to negotiate a repayment of missed payments and fees to reinstate the mortgage.
- Deed-In-Lieu of Foreclosure - This involves for the bank to agree to foreclosure and take the property back without the lengthy process.
- Bankruptcy - It can't avoid the foreclosure but may allow the owner to reorganized debt and stall the foreclosure.
- Short Sale - When the homeowner owes more than the property is worth plus sales expenses, a sale can be negotiated and an approval obtained from the bank to accept an amount less than what is owed.
Most of these options involve negotiation with the bank and a decent credit rating. If the credit has been affected already, then the only real option that can help is the short sale.
