Cape Coral Real Estate and Property Owners have been facing many challenges as the number of foreclosure filings throughout the nation increase, banking woes continue, the credit crunch looms, and the economy changes daily. Many of these homeowners are trying to get a grip on what options they have to maintain, sell, or transfer ownership of their homes.
The good news is that many options exist for those who are in or are going to be in a preforeclosure situation in the next six to twelve months. Through our professional experience in speaking with customers over the past years these seem to be the five top options most homeowners are choosing to pursue. The information below is a display of options avaiable. The information should not be interpreted as legal or tax advice. The options below may not represent every potential options your lender may be offering you.
Option # 1
- Loan Modification/Loan Restructuring – This occurs when your lender changes the terms of your mortgage due to a hardship. Typical examples include going from an ARM (Adjustable Rate Mortgage) to a Fixed Rate, Principal balance reduction from the current amount to the properties current appraised value, and recently Countrywide/Bank Of America has announced they will refinancing/modify home loans down to a 34% housing debt to income ratio starting in December of 2008.
Option # 2
- Deed-in-lieu of Foreclosure – This is basically a fast foreclosure. You volunatrily transfer all ownership rights of the home to the mortgage holder by signing over the deed to relieve all the debt owed on the property. This option may have similar credit implications to a Foreclosure however you may not start accumulating 30, 60, and 90 day lates on your credit report.
Option # 3
- Bankruptcy – This is a legal process in which a homeowner legally declares their inability to pay those organizations and institutions that have extended them secured and unsecured credit. Depending on whether you file Chapter 13 or Chapter 7 you may still be responsible to sell you home. A bankruptcy attorney will be able to provide you the most accurate information.
Option # 4
- Foreclosure– This is when you stop making payments all together and the lender takes back your property through legal action in the court system.
Option # 5
- Short Sale – This occurs when you list your property for sale at its present market value, obtain an offer from a perspective buyer, and negotiate with your lender to release the lien on the property for less than what is owed to facilitate the transfer of the property to a new end user. This presents an opportunity for you to sell you home rather than just letting it go.
CONTACT US TODAY TO GET STARTED ON YOUR HOME or PROPERTY – We will send you the information and forms needed for us to start the process of assisting you with performing a Short Sale on you home, condominium, or property.
ADDITIONAL QUESTIONS FROM BUYERS OR SELLERS ?Contact me here for additional information or by calling me direct at (239) 340-1384.
Yours in Success,
The Florida Future Realty Team
Ask for our information packet to be emailed directly to you or call our broker, Susan Milner, to have your specific questions answered!
After hours, call Susan Milner on her personal cell phone at (239) 218-2229 or email directly to Mail@SusanMilner.com
~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~