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You qualify if you are experiencing any one of the following:
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Inability to refinance due to high Loan To Value (LTV) or loss of equity
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Inability to refinance due to lack of positive credit or late mortgage payments
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Rate currently adjusting or going to adjust
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Do you have a "Pick-A-Pay" or Minimum Payment Loan
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Financial hardship (job loss, pay reduction, medical bills, divorce, etc)
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Facing Foreclosure
Many banks and other lenders are more than willing to work with you. They don't want foreclosure any more than you do.
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Short Sale
The lender allows a property to be sold for less
than the amount owed on a mortgage and takes a
loss. It normally happens when all negotiations
on Refinance Loans are not successful and
outstanding mortgage is higher then current
value of the house ("mortgage upside down").
Lender controls sale process and have a right to
make a decision on all offers presented by
potential buyers.
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