Can’t Get Your Mortgage Modified? Try These Options
It’s an unfortunate reality that sometimes, mortgages cannot be negotiated when a homeowner falls behind on their payments. But even if this is the case, there are still options which may help homeowners to resolve their outstanding debt. Asking your lender for a short sale can be one solution. Doing this will allow you to sell your home, although for likely less than what you owe.
Another option, although possibly less widely known is to offer your lender the deed to your home in lieu of payment. The ideal result of this option is that your lender will agree to write your debt off. However, should you choose this option and your lender agrees, it’s important to ensure that it’s stated in the documentation that any proceeds from the sale of your home will be regarded as payment in full without pursuit of any judgements against you. No matter the course of action, the end result is better than simply defaulting on the loan. Make sure you don’t panic and discuss your options with knowledgeable experts.