Distressed Property Owner? Consider your 9 options

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 18, 2010 -- For release September 18, 2010 - For more information, contact: Central Florida Real Estate Agent Amy Ruff at 407-766-9901. Amy Ruff, a premier Lake Mary Florida real estate agent who lists and sells Lake Mary homes for sale and homes in all the surrounding Central Florida areas suggests that you contact her for further information.

Nine alternatives when facing foreclosure

1. Do nothing. To choose to do nothing, the result will be most likely that the home will be foreclosed by the bank. Future loan applications will ask if there has been a foreclosure as well as credit reports will also disclose this information.
2. Payoff/refinance. Usually this is accomplished through a refinance where the homeowner pays off the entire loan amount plus any default amount and fees.
3. Reinstatement is when the homeowner would pay off the entire default amount plus any interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification is a procedure where the bank agrees to modify the loan to make the payment schedule more affordable; such as modifying the interest rate, monthly payment or term.

5. Forbearance is where the lender may be able to provide relief to the homeowner by temporarily reducing payment amounts or suspending payments for a certain length of time
6. Partial Claim is when the homeowner arranges for a 2nd loan from the lender to cover the past due payments and fees.
7. Deed in Lieu of Foreclosure is when instead of proceeding with the bank foreclosure, the homeowner gives the property back to the bank.
8. Bankruptcy is an option where the homeowner can liquidate debt which allows more time.
9. Sale of the house and, in most cases, would likely be a short sale where the homeowner owes more on the mortgage then the property is worth.

Find out more about your options by contacting Amy Ruff, an experienced real estate agent who is certified as a Short Sales and Foreclosure Resource (SFR) representative. As Amy says “There is no substitute for experience”.

Contact:
Amy Ruff
Century 21 Real Estate Professionals
Cell: 407-766-9901
Email: amyradfar@aol.com
Website: http://www.amyradfarhomes.com
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