Foreclosure Alternatives

by Annie
(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

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.

Short Sales

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.

Best Wishes,

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More Help To SAVE Your Home

"Can I do a Mortgage Loan Modification myself?" The answer is yes. But find out the first question you really should be asking.

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By understanding your Adjustable Rate Mortgage, you can anticipate interest rate adjustments and plan for increases in your mortgage payments.

When promises to Sell Your House seem too good to be true, remember this fact. It is possible to sell a house and remain legally obligated on the mortgage. Find out more here.

A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.

Here's how to explain to your lender that you are trying to Prevent Foreclosure.

The first step to stopping Foreclosure is understanding its impact on your life. Save Your Home! Save Your Life!

How to take advantage of the current mortgage crisis to Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.

Subprime Mortgage Loans fulfilled an important role in America by increasing homeownership but eventually they created a trap for home owners.

You are invited to discover why every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Here is a long term plan I used to help homeowners transition to traditional mortgage financing.

Ask Kate About Loan Modification - Ask a question, get an answer from Kate.

Loan Modification Ask and Answer - A collection of questions regarding loan modification, Home Affordable Programs, HARP and HAMP, each with a individual answer from Kate.

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