Losing a home due to financial crisis can be stressful. Realize you do not have to let the bank take your home, you have options to foreclosure. In about 95% of the cases it is in your best interest to prevent foreclosure though a short sale on your Massachusetts home as a highly preferred alternative to foreclosure.
The Massachusetts Short Sale
In a nutshell, a short sale is where a homeowner owes more money on a home than they can possibly obtain for their home in today’s real estate market. The home is marketed and an offer is secured contingent on lien holder approval (Mortgage Lender). We then negotiate a “short” pay off with the lien holder or lien holders. It can be a bit more complicated than that but that’s the quick explanation. This site provides details to understanding MA short sales to you.
Alternative Options to Foreclosure
Your other options to foreclosure are a loan forbearance, loan modification, bankruptcy or deed in lieu of foreclosure. These options can be visited further here.
When to Consider Options to Foreclosure
If you know that you will be missing mortgage payments in the near future, you have already missed mortgage payments or you have even received a foreclosure notice, it is time to explore your options to foreclosure.
As someone who has been in the business of helping upside down homeowners, let me caution you. At the first time of trouble, review your situation and explore your options quickly. Try to remove the emotion and make the best decision for your circumstances. While we have helped many people succeed in successfully in Massachusetts short sales who have received their foreclosure notice, it is much harder for the seller than helping someone in a short sale as soon as they see the first sign of trouble.
If you have any questions about Avoiding Foreclosure or Short Sales in Massachusetts, call Kevin Vitali 978-360-0422. I will be happy to provide you with a free, confidential consultation discussing what options may be best for you.