Archive for the ‘Verge’ Category

Homes as Distressed Properties

Thursday, April 15th, 2010

If one of your problems involves distressed properties, then you are one of the many millions of homeowners who are on the verge of a home foreclosure. Problems involving does not appear that they will be slowing down anytime soon. Settling the issue with the lenders may help you save your home.

If You Have Distressed Properties, Look at the Bright Side:

If your home is one of the many all over the word, then don’t lose all the hope just yet. There may be options to negotiate a workout program with your lender. To get help with distressed properties, start talking to your lender so you may come up with a way to work out a repayment plan. Though this can sometimes be difficult, you may be able to save your home. In reality they are not really interested in getting your house back. Let us cover some options that may be available to you if you are received the “foreclosure properties” notice.

Lenders offer different options for homeowners whose home is considered one of the many distressed properties. Negotiating a deal can take a lot of time that is why time allotted for deals are often limited. 60 or more days is good as not having time at all. The period may vary in different states so make sure to check it. If you don’t talk to the lenders foreclosure on your home is imminent.

Here are some possible solutions that you can do when it comes to distressed properties:

•    Make an offer to the lender to avoid foreclosure. Not all offers can be satisfactory to the lender but it is best that you let them decide.

•    Reduced Payments for Foreclosure Properties

Lenders may be willing to accept a partial amount or reduced payment for a specific period, this, in turn will allow you to remain at home and catch up the default amount over time. Some may discourage you with your plans but then again it is worth a try anyway.

•    Short Sale

Lenders may let you sell the property for less than what they are owed on the loan. More and more lenders are allowing this type of transaction as they have realized that it costs them much more to pursue the foreclosure than if they just settle and take what they can get.

•    Payment Deferment

Some lenders may allow you to defer a payment or two, they collect the payments at the end of the loan and gives you time to catch up and stay current. This option only recently become available as lenders are doing whatever they can to help the owners of .

While this article only covers a few options, it’s always best to check with your lender and try to come up with more options and various solutions to help you out.

 

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