Re: Foreclosure
Posted by Ralph on July 31, 2007 at 19:37:41:
In Reply to: Foreclosure
Posted by Brenda on July 31, 2007 at 08:03:45:
There are many alternatives, many of which are discussed on this site. Consider selling your house. If the market is soft in your area, talk to the bank about a short sale. A short sale is a sale of your house for less than is owned the lender. The lender agrees to accept the "short" amount as payment in full. (There are tax consequences for debt forgiveness.) If you don't get an offer on your house, you can talk to the lender about a deed-in-lieu of foreclosure. Essentially, you are walking away from the house and the lender is agreeing not to foreclose. If you need time to sell your property or to consider other alternatives, consider asking your lender for a forbearance agreement.
This is a quick snapshot, there is plenty of information available here and elsewhere on the web.
Ralph Oliver Thompson
www.dreamsforeclosed.com
Follow Ups:
Post a Followup
