Confused with what a short sale and foreclosure are?
When you are late in your payments there is not time to waste, you need to contact someone immediately to study your options. Here is are the most common options. Remember to contact me at any time to study your case at 800-893-5062
Loan Modification
When late on your payments the lender that have your mortgage can study your situation in order to offer you a loan modification. Basically they will ask for all your income information so they can analyze if you can make the new payments, if so they will modify your loans in new terms. Usually they won’t decrease what you owe.
Short sale
If you are late and you cannot keep up with you payments the best option is to sell the house. Usually the house is worth less of what you owe forcing you to ask the lender to let you sell it at market price and to accept the loss. This option will alleviate the burden on your credit because you will only have late payments and not a foreclosure.
Foreclosure
In this option you basically wait for the bank to take the house. This will damage your credit severely and it is not recommended.
