Facing Foreclosure?
FACING FORECLOSURE?
What it means and 9 ways to avoid it
Darrin Simmons Real Estate has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what was owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In South Florida, countless numbers of homeowners are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
This CDPE designation has been invaluable when working with sellers and lenders on complicated short sales. It can offer the homeowner much better alternatives to foreclosure, which can virtually destroy their credit rating. Darrin Simmons Real Estate also understands market conditions and can help sellers through the emotional experience.
9 WAYS TO AVOID FORECLOSURE:
1. REINSTATEMENT: Bring the loan current
2. FOREBEARANCE: Temporary repayment plan
3. REFINANCE: New loan with reduction in monthly payments
4. LOAN MODIFICATION: Modify original loan terms
5. SELL THE PROPERTY: Use equity to pay off or pay difference
6. RENT THE PROPERTY: Must make loan current
7. SHORT SALE: Negotiate with bank to accept sale under loan amount
8. DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”
9. BANKRUPTCY: Will stall foreclosure but not prevent it
PLEASE CALL OR EMAIL US TODAY AND ALLOW OUR TEAM OF EXPERTS TO HELP!
