Regard­less of the rea­sons that are used to explain the cur­rent mort­gage cri­sis …more and more home­own­ers are in finan­cial dis­tress. What can you as the owner of a dis­tressed prop­erty do? There are a few sce­nar­ios once your prop­erty “is in distress”:

• For­bear­ance or Mod­i­fi­ca­tion Plan (with or with­out future sale).
• Mort­gage Rein­state­ment  (with or with­out future sale).
• Mort­gage Repay­ment  Plan  (with or with­out future sale).
• Deed In Lieu of Foreclosure
• Con­ven­tional Short Sale Process
• Fed­eral Tax Lien Consideration

The period of time between the owner’s first missed pay­ment and the final bank sale date is called pre-foreclosure since the owner is in the process but has not lost con­trol of the prop­erty. This time period is crit­i­cal since the owner can list the prop­erty for sale, sign con­tracts, and do what­ever is nec­es­sary to avoid foreclosure.

Watch for more of my blogs on this topic. Or call me, Vic­to­ria,  at 206–963-9589

Tags: Add new tag, distressed properties, forbearance, foreclosure, hardship, mortgage modification, mortgage repayment plan

This entry was posted on Tuesday, May 12th, 2009 at 10:12 am and is filed under Legal Lane, Mortgage Matters, Sellers Corner. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.