Real Estate Broker for RealtyWrks.com Located in Temecula Calif. 92590 Short Sale Specialist www.aShortSale.com Free help for the D.O.D HAP program & US Treasury Dept HAFA program
Temecula Short Sale Specialists – Avoid Foreclosure
Temecula Short Sale Agents – Help Line 951-217-6745
Short Sale Archives
Temecula Short Sale Specialist
Temecula Short Sale Agents Posts
Temecula Homes for Sale – Search
In today’s economy, many are considering foreclosure because they are unable to make their payments or their financial circumstance has left them without a choice.? Have you ever heard of a deed in lieu of foreclosure? The deed in lieu of foreclosure isn’t as well known, but is another option of getting out of your house and minimizing credit damage and costs to the lender. Foreclosures in Gilbert Arizona and surrounding areas have beeen some of the hardest hit in the country.
How does the process work? The process is relatively simple compared to foreclosures, and may benefit both parties involved. Before you consider going down this path, first consider the possibility of renegotiating or refinancing your current loan with your lender. After all, lenders are in the business of real estate, they are much more interested in lending money and making it back with interest..
Alright, here are the basics. The homeowner first asks the bank if they would be willing to consider a deed in lieu of foreclosure. If they are, they then enter into a good faith agreement that clearifies that all parties are agreeing to proceed with this instead of the more problematic foreclosure or short sales. The bank then works out with the borrower the terms of when the borrower will move out of the home and the bank will take ownership. There is obviously more paperwork involved than just an agreement, but the process is favorably more simple than a foreclosure.
What advantage does this route have over a foreclosure or short sale? Banks tend to favor this process for several reasons. One is that the borrower is less likely to vandalize the home and take appliances and otherwise damage the home before moving out. Since the lender doesn’t have to pay for the lengthy foreclosure process, and eviction of the borrower, they are able to save time and money.
There are benefits for both sides of this deal. The borrower’s credit doesn’t take the hit it would with foreclosure. The homeowner can begin to rebuild their credit sooner, allowing them for another chance at home ownership sooner than later. The borrower can receive better terms this way and avoid possible public notoriety.
The bottom line is that you were responsible enough to get yourself into your home, you should be responsible enough to get yourself out, and to so with the best results for everyone involved. Don’t be afraid to contact your lender and find out if they have options for you, who knows, you might just be able to avoid losing your home.. As someone who has lived in California, Arizona and Utah, I hope that all of those states can make it through this tough economy with the fewest real estate casualties as possible.
For those of you Realtors out there, if you are looking to benefit from this type of market, consider shifting your business with foreclosure real estate leads. Don’t let this economy hurt your business, let Boomerang Leads provide you with leads and a reputable website that will keep you business growing.