Foreclosure options Short Sale, Deed In Lieu, Loan Modification, Forbearance agreement| Kissimmee,FL

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We here at the Santos team understand your needs in today's market. We are a team of professional Real Estate agents who negotiate short sales in Kissimmee & Orlando. Our goal is to help individuals in their financial hardship. Most home owners don't realize that lenders don't want to own homes. Lenders actually want to help you. That's why they have worked out options that you may qualify for. I am going to share with you what some of those options are and give you a brief description of each.

Number one would be a loan modification.
A loan modification is considered when a home owner wants to keep their home, but due to an unavoidable hardship the home may be in jeopardy of foreclosure. This program can allow changes to the existing terms of your mortgage for example, monthly payment, interest rate and maturity of the loan. In most cases the past due amount can be rolled into the balance.

Number two would be a Forbearance agreement.
A forbearance agreement is considered when a loan has become past due because of temporary hardship. If a borrower is able to pay a full payment each month plus a portion of the past due amount, lender may be able to set up a forbearance agreement. These agreements range from 1 to 12 months. If the total payments are paid on a consistent basis, lender could review your loan to see if you qualify for a modification.

Number three is a short sale.
A short sale is considered when it is no longer possible for the borrower to afford the home or when the intent is to not keep the home. This program allows the property to be sold for less than the full pay off when the property value is less than the balance owed. For example the balance owed is $200,000 and the homes value is $100,000.

Number four is deed in Lieu.
A deed in lieu allows the home to be deeded back to your lender. This option is available when a borrower is no longer able to afford the home, it has to have been on the market for at least 2 to 3 months depending on your lender, and no offer to purchase has been made. This option will allow the mortgage company to take possession of the home and prevent a lengthy and negative foreclosure process.

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