If you are behind on your payments, you may have more options that you think.
Your options will vary depending on if you want to stay in your home or move.
If you want to stay in your home, you can ask your lender for a loan modification to your existing loan. Generally, to qualify for a loan modification, you need to be experiencing a financial hardship. These include the following situations:
If you would like more information on this program, please call:
Free 24 hour recorded message 800-958-1952.
Listen to this recorded message, available 24 hours a day, explaining the process and decide if MBA Commercial has the loan modification solution for you!
If you want to move, you can sell your home.
If the fair market value of the home is less than your loan balance, there is a process called a Short Sale in which you can still sell your home. A short sale is a situation where the lender is willing to accept a smaller payoff of the balance of the loan in order to sell the home at fair market value. Hence, the term “short” in short sale.
We can assist you with the Short Sale and the most advantageous part for you the sellers is that the lender generally pays our commissions, listing fees and the closing costs.
Selling your home via a Short Sale vs. a Foreclosure has several advantages.
Here are the new Fannie Mae lending guidelines:
Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.
Clearly, you are better off avoiding foreclosure.