Nearly every homeowner is looking for financial relief during these tough economic times. Losing a home, or even the threat of losing something you have worked so hard for and have so much invested in, but all is not lost. Although financial hardships may force your home into foreclosure, there are a few other options at your disposable.
Usually, losing your home will be inevitable if their financial problems have been, especially in this economy. The fact is you are losing your home and foreclosure may not be the most financially beneficial thing you can do. This is where a short sale mortgage comes into play.
By taking control of the situation, and being proactive, short selling your home may save you from further embarrassment, save some of your credit rating, and helps in maintaining your self esteem. This way you may not be at a complete loss and can walk out of a bad financial situation with your held high. Mortgage modification and short sale options may be great choices for homeowners who can not afford their monthly mortgage payments for whatever reason.
A mortgage modification or refinance is very similar to a home loan refinance. Basically you are either renegotiating or replacing your current home loan and trying to get lower interest rates, better terms, a longer or shorter length loan, and so on. The idea behind this is that rather than being foreclosed on you would be able to refinance or modify your home mortgage and stay in your home. This can be great for homeowners looking to spend less money every month. However, it is not usually the best long term financial decision as you will be paying a lot more in interest payments by adding to your home loan.
A short sale often times can be a much better way to cut your losses. When you short sell is involved the mortgage lender accepting to sell the home for less than the amount remaining on the mortgage. Doing this allows you to pay off all of your home related debts, and when have a clean start when the time comes again to buy a home. This can be much better than just losing your home and declaring bankruptcy or owed the mortgage lender or bank back dues. Soon enough, you will be in the financial position to be bale to again purchase a home.
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Source by Michael Petrone