Foreclosure Relief Options

Elk Grove and Sacramento Short Sales

The 8 Foreclosure Relief Options and Short Sale Information

  1. Forbearance – an agreement with your lender that temporarily allows you to pay less than your full payment for the agreed upon “forbearance period”.  Generally you need to be able to prove to your lender you will have the funds in the future to bring your loan current in order to get a forbearance agreement.
  2. Reinstatement – pay your lender the total amount you are behind in one lump-sum.
  3. Repayment Plan – an agreement with your lender to pay back the amount you are behind, while you also begin making your regular payment amount at the same time.
  4. Loan Modification – an agreement with your lender that either temporarily or permanently changes the terms of your loan making payments more affordable.
  5. Refinance – this requires income, credit, and equity in your property.
  6. Short Refi – Never actually seen anyone get one of these….sorry.
  7. Bankruptcy – may allow you to discharge some debt and reorganize some other debts and allow you to keep your home, but if you don’t have the income to support the payments after the bankruptcy than the property will still go to foreclosure.
  8. Elk Grove and Sacramento Short Sale – sale proceeds are less than the total amount owed to the lender, the lender may agree to a short payoff or a “short sale” allowing the property to transfer to a new owner.

For additional Foreclosure Alternative Information OR to See if Your Property Qualifies for a Short Sale in Elk Grove or Sacramento please contact Tom Lichtenberg here: