Believe it or not, you have quite a few options if you are upside down in your home, having financial hardship, and need to sell . The key is the “Financial Hardship.” If you are upside down but are not having a financial hardship, then the likelhood of your lender approving a short sale is very low.
Here are the most common options when deciding what you should do. Not mentioned is Bankruptcy….but for some that is the best option. That obviously requires you speaking with a qualified attorney.
Refinance
If the homeowner’s credit allows for a refinance and if the homeowner meets the eligibility criteria, an option is HOPE for Homeowners (H4H) a program available through HUD www.hopenow.com.
If the homeowner’s credit allows for a refinance and if the homeowner meets the eligibility criteria, an option is HOPE for Homeowners (H4H) a program available through HUD www.hopenow.com.
Lender Workout
Reducing or rolling back interest rates, forgiving back payments, adding them to the loan amount, or possibly recasting the entire loan and wrapping all fees into a fixed rate mortgage.
Sell & Bring Cash to Closing
Deed In Lie = Voluntary Foreclosure
Short Sale
Do Nothing – NOT RECOMMENDED!!!!
