If you’ve run into financial hardship, it’s likely you’ve got a million things on your mind. What your options are regarding your biggest asset is probably the most daunting one of all. You’ve actually got more options than you might think, depending on your situation. The Reynolds Team is here to help take away the stress of figuring out what to do with your home while you’re going through financial hardship. We are here to coach you through your options, negotiate with your loan provider on your behalf, and fight for your best interests! Below are some of the most common solutions:
1. Forbearance: If you can’t make your mortgage payment now, but will in a few months down the road, this might be a good option for you. Your mortgage company offers a forbearance program where either your monthly payment becomes drastically lower or is waived for a set amount of time. It’s important you understand the terms of your forbearance agreement with your loan provider because sometimes they expect the amount you missed to be paid immediately when the forbearance is over. Other times, they tack that amount to the end of the loan.
2. Loan Modification: If you can’t refinance but need to change your loan terms permanently, it’s possible to negotiate new terms with your lender.
3. Foreclosure: If you have stopped paying on your mortgage and are in default of the loan, this might be your only option. We advise this especially to those that have gone into bankruptcy and are experiencing extreme financial struggles. You will need someone on your side that will help you get the most money, or “cash for keys.”
4. Short Sale: A short sale happens when you need to sell your home, but you don’t have equity in it. In this scenario, you would put your house on the market for what’s it worth, which is less than what you owe on it. Your loan provider will expect you to pay the difference, and in this case, The Reynolds Team would be able to provide negotiations to get that amount lowered.
5. Rapid Offer Program: The Reynolds Team offers a unique program for people who need to sell their home ASAP before they get further into financial struggles. With our program, you could get an offer in under 24 hours and get out of your home in as little as 2 weeks!
We are here to serve you, and we know that sometimes that means mentoring you through hardships, whether or not it ends in a home sale!