- Personal Loan- You can contact friends and family that may be willing and able to help you out with a personal loan that would allow you to get back to good standing with your lender.
- Loan Modification- You can work with your lender to modify your loan. Often, this involves tacking the delinquent amount onto the backend of the loan. This route requires a lot of paperwork and your lender’s approval. To qualify for a loan modification, your lender will usually require three basic qualifications before they will even consider a loan modification. These three qualifications are: 1)You must be employed and making 2x (Two Times) your monthly mortgage payment per month, but you can not be making more than 3x (Three Times) your monthly mortgage payment per month. 2) You must be current on all of your taxes 3) You can not have filed for a loan modification more than 2x (Two Times) in the last 12 months
- Keep as a Rental- You can move out of the property, rent it out to a tenant, use their monthly rent to pay your mortgage, and then apply the difference (cash flow) made to pay down your delinquent mortgage balance.
- Bankruptcy- First and foremost, we are not attorney’s and this is not legal advice, but we can refer you to a bankruptcy attorney if this is a route you would like to explore. Chapter 13 bankruptcy can allow you to stop the foreclosure proceedings by establishing a repayment plan for all of your debts.
- Renovate and Sell- You can renovate/rehab the property and then sell it on the market to get absolute top dollar for your house.
- Listing with an Agent As-Is- You can list your home for sale on the MLS with a real estate agent as-is. If you do not have or know an agent, we know many great agents that we can refer you to!
- Cash Offer- You can get a cash offer from an investment company. These typically entail buying the property as-is, meaning you don’t have to fix anything up, closing whenever is most convenient for you (typically in as little as 7 days), and the investment company paying all of the closing costs.
- Creative Financing (Subject To/Owner Financing)- You can sell your house through creative financing to competent investment companies. Most investment companies have a cash offer program, but do not have the ability or the knowledge to provide creative financing offers. These types of offers often come into play when there is little to no equity in the property.