Option 3: Foreclosure

class=”txt-center”>Foreclosure Options

Yes, you do have options when it comes to foreclosure. Although the foreclosure option is difficult, one does provide a better alternative as compared to direct foreclosure.

Your 2 Options

You have 2 options to review when considering a foreclosure.

1. Deed-in-Lieu Option (DIL)

Before you decide to choose the foreclosure option you may first want to consider a ‘Deed-in-Lieu‘ foreclosure as it offers a better solution than a direct foreclosure.

What Is A Deed-in-Lieu? (DIL)

You will voluntarily transfer the ownership of your home to the owner of your mortgage and the mortgage holder may release you from your mortgage obligations.

Here are your benefits!

• You will eliminate, or reduce, mortgage obligations.
• You avoid the negative impact of a foreclosure on your credit.
• You may qualify for relocation assistance.
• Your credit score is damaged less than a foreclosure. (If reported by your mortgage company.)
• You may qualify for another home loan in as little as 2 years as compared to 7 if you went through foreclosure. (Fannie Mae for example)
• If your mortgage is with Fannie Mae you may qualify for to remain in your home under the lease option called ‘Deed-For-Lease”™

2. Foreclosure Option

You will only pursue a foreclosure if all other options have not provided a solution to your present circumstances. Please understand your mortgage company does not want to foreclosure on your home. They recognize the process is expensive for them and are open to option discussions.

What Is A Foreclosure?

Your mortgage company obtains ownership of your home through a legal process called foreclosure. A foreclosure happens when a homeowner has stopped making payments on the mortgage and has violated one or more terms of the mortgage.

Our Recommendation

A foreclosure may be avoided, even if you have already received a foreclosure notice, but immediate action must be taken by the homeowner.

• • Request Your Personal Appointment.
  • I will go over the foreclosure process.
  • I will also outline the negative consequences of a foreclosure.

• • Click Here To Request A Personal Appointment.

Disclaimer: The company and agent are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

SteveOlmos@steveolmos.com

SteveOlmos.com

(909) 226-3551

Steve and Diana Olmos,
Your Real Estate Agents and Consultants     Homequest Real Estate