Even though
national foreclosure rates have continued to drop, the threat of becoming
another Charleston foreclosure statistic is still very real for some
homeowners. It’s at least somewhat reassuring to understand that most banks
don’t really want a foreclosure — so for homeowners who take an early proactive
approach with their lender, losing their home does not have to be inevitable.
Mortgage
Restructuring
For anyone
who has fallen behind on payments, Job One is to discuss the situation with
your banker. If a mortgage restructuring is possible, you may have an
opportunity to refinance at a lower rate with more manageable payment amounts.
In some cases, it may be possible to alter other terms of your agreement — for
example, you might arrange to postpone any delinquent payments to the end of
the loan’s term. You have to ask.
Payment
Deferral Options
If payment
failure has been caused by losing a job, a medical condition one of the other
more common causes, some banks will work out payment deferral options. If you
have prepared documentation to back up your hardship claim, it is more likely
that the lender will be able to offer an agreement to defer your payments while
you get back on track.
Short
Sale
If the
financial situation is such that you know you can no longer sustain regular
payments, it may be best to consider a short sale — the option where the bank
agrees to accept sale to a third party for a sum that falls short of the loan’s
balance. It means loss of the property, but results in a better credit history
than does a Charleston foreclosure.
A
foreclosure in Charleston, SC becomes inevitable if the reality of a tough
financial situation isn’t recognized and addressed. If you take positive steps
as soon as you realize you are going to miss a payment, you put yourself in the
best position to open options that are less problematic than full foreclosure.
If you find you could benefit from a strictly confidential price evaluation on
your home, contact me — sometimes a property can be worth more than you
think!
Interested in
selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a
Charleston area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
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