Certified Distressed Property Expert


Short Sale & Foreclosure Resource Certification

Foreclosures are Public Record Forever... Don't Give Up...Explore Your Alternatives
Home Loan & Credit Applications Ask - "Have you EVER had a Foreclosure or Bankruptcy?"

Alternatives to Foreclosure

  • Reinstatement
    Homeowner requests the total amount owed to bring mortgage payments current and pays it.
  • Forbearance or Re-payment Plan
    Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time. 
  • Sell the Property
    Homeowner with sufficient equity lists their property with a qualified agent that understands the
    foreclosure process in their area.
  • Rent the Property
    Homeowner with a mortgage payment low enough that market rent will allow it to be paid converts their property to a rental.
  • Mortgage / Loan Modification
    Homeowner negotiates with lender to modify the interest on the loan, the principal balance, or any combination of these, resulting in a lower payment.
  • Home Affordable Foreclosure Alternatives Program (HAFA)
    Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.
  • Short Refi
    Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.
  • Deed-in-Lieu of Foreclosure
    Homeowner returns the property to the lender rather than go through the foreclosure process.
  • Deed for Lease
    Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.
  • Refinance
    Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.
  • Bankruptcy
    Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.
  • Servicemembers Civil Relief Act (SCRA 303)
    A member of the military who is experiencing financial distress due to deployment (and can prove entered into debt before employment) qualifies for temporary relief under this act.
  • Homeowners Assistance Program
    A member of the military or federal employee qualifies for this program which has a variety of assitance programs including private sales, government purchase, and/or foreclosure assitance.
  • Short Sale
    Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed.

What Is A Short Sale?

Get the Facts about Short Sales vs Foreclosures

This information is made available by Brian L. A Wess as a public service and is issued to inform, not to advise. No person should attempt to interpret or apply any law without the assistance of an attorney. The information and opinions expressed in this communication are those of the authors and not those of Brian L. A. Wess or his affiliates. It is intended as general information only, and is not meant as legal advice for any specific situation. If you need legal advice, consult an attorney.

ituation. If you need legal advice, consult an attorney.

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