Alternatives to Foreclosure in Woodbridge Virginia

571-285-4319  www.VARealEstateExperts.com

Alternatives to Foreclosure in Woodbridge Virginia 

7 Options when facing Foreclosure:

1. Do Nothing: If a homeowner does nothing, they most likely will lose their home at a foreclosure auction.
   
   
2. Loan Modification: Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. The banks have strict guidelines to qualify for a loan modification.
3. Payoff/Refinance: Completely paying off the entire loan amount plus any default amount and fees. Usually, this is accomplished through a refinance. In order to refinance your loan you generally need to have equity in the home and you have to qualify for the refinance by the lender.
4. Forbearance: Lender may be able to arrange a repayment plan based on the homeowners financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
5. Deed in Lieu of Foreclosure: Give the property back to the bank instead of the bank foreclosing. Banks generally  require the home to be well maintained, all mortgage payments and taxes must be current.
6. Bankruptcy: This option can liquidate debt and/or allow more time.
   - Chapter 7 (Liquidation) To completely settle personal debt
   - Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
   - Chapter 11 (Business Reorganization) A business debt solution 
7. Short Sale: A Short Sale (also known as a pre-foreclosure sale) can be negotiated with your lender by the Real Estate Professional if what is owed is more than the properties value. 

Many of my clients have been in the same situation, considering a short sale. Rest assured you have nothing to be embarrassed about. When working with me you will get your short sale professionally negotiated. 

Click here for more information about short selling your home.

If you are considering a Short Sale or would like to explore ALL your options NOW is the time to CALL Claudia S. Nelson:

 

571-285-4319

Claudia@VARealEstateExperts.com

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Beaver Creek Real Estate | Belmont Bay Real Estate | Brittany Real Estate | Dale City Real Estate | Dawson Landing Real Estate | Dumfries Real Estate | Eagles Pointe Real Estate | Four Searsons 55+ community | Lake Ridge Real Estate |Lorton Real Estate | Manassas Park Real Estate | Manassas Real Estate | Montclair Real Estate | Occoquan Real Estate | Old Bridge Estate Real Estate | Port Potomac Real Estate | Potomac Club Real Estate | River Oaks Real Estate | Riverside Station | Saratoga Hunt Real Estate | Springfield Real Estate | Spyglass Hill Real Estatae | Stafford Real Estate | Triangle Real Estate | Westridge Real Estate | Woodbridge Real Estate