Westlake Village Short Sale specialist.

Free Consultation  (805)407-6453   Helpline

FREE Consultation-(805)407-6453

<a href="http://mikelefton.wufoo.com/forms/q7x3s5/" title="html form">Fill out my Wufoo form!</a>

Westlake Village Short Sale Realtor- Alternatives to Foreclosure

Did you know that bank foreclosure is at a 30 year high?
There are various reasons for such high levels of bank foreclosure such as: unemployment, an erratic stock market, and the fact that the cost of home ownership had increased. YOU HAVE OPTIONS! One very important thing to remember: Time is of the essence.

Many homeowners are not aware of all the options that are available to them to help save their home. If you do nothing, then you will get exactly that in return. Here are some quick tips to help you save your home or save your credit score from further “dings”:

Payoff / Refinance - This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

Loan Modification - This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.

Forbearance Plan - This option may provide for a temporary reduction or suspension of payments that will be increased at a later point to repay the delinquent amount over a specified period of time.

Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs and fees.

Deed in Lieu of Foreclosure – This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit.

Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.
•Chapter 7 (Liquidation) To completely settle personal debt.
•Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
•Chapter 11 (Business Reorganization) A business debt solution.

Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.

Westlake Village Short Sales Homes For Sale