(Jacksonville, Florida USA)
Ask Kate about foreclosure alternatives and short sales: Hi Kate, I received a quit claim deed for my home in a divorce three years ago. Now I need foreclosure alternatives.
Annie continues... I owe $187,000 but the market value is only $100,000. The home needs more than $10,000 in repair. I'm not able to refinance according to my mortgage company.
Thinking about foreclosure and/or chapter 7 bankruptcy. Any help would be welcomed. I live in Florida.
Kate Answers: Foreclosure Alternatives - Short Sales
***zz-portrait-left.shtml*** Dear Annie, I'm sorry to hear of your troubles.
Because I don't know which foreclosure alternatives you and your lender have explored, let me name a couple.
You'll also find more help for homeowners who are anticipating foreclosure at the bottom of this page.Foreclosure Alternatives
Have you explored modifying the terms of your home loan? There is a lot of buzz over mortgage loan modification
but learn first which questions to ask before proceeding.
You won't want to miss this about selling your house
and protecting yourself against unscrupulous individuals. It could save you thousands of dollars.
Go here for my answers to questions regarding not only loan modifications but other subjects pertinent to homeowners in distress
If it doesn't look like there is another way to save your house, let's talk about short sales. In case you aren't familiar with this term, short sales pertain to selling your house when the mortgage amount exceeds the value.
Many real estate agents today specialize in short sales due to plummeting real estate values. A qualified short sale specialist can walk you through the steps and aid in negotiations with your bank.
Although your credit rating will not escape without some damage, many believe short sales to be less harmful to credit scores than foreclosures.
If this is true, it makes short sales high on my list of foreclosure alternatives. One more thing, I believe short sales wreak less havoc on homeowners' guts than foreclosures.
I hope this has been of some help to you and if anyone would like to offer some professional insight or personal experience, I'm sure Annie would be grateful.
Annie, you should also consult an attorney about possible tax consequences related to foreclosures or short sales.
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