The following are some of the options open to the South Florida distressed homeowner:
1. Mortgage Modification - HAMP or otherwise. As the mortgage companies have ramped up their staffing, the ability to achieve a HAMP or other modification has been increasing. The government regulations have also been improved over time to increase the achievement of modifications.
2. Short Sale - often favored by real estate brokers, but may soon have more actual benefit for homeowners if FNMA guidelines are changed to allow for better future credit for short sales rather than foreclosure.
3. Deed in Lieu of Foreclosure - the homeowner gives a deed to the mortgage company to avoid a full judicial foreclosure. Often not requested by mortgage companies due to possible title issues.
4. "Walk Away" from Home
5. Chapter 13 Bankruptcy - often combining a HAMP modification for the first mortgage and an avoidance of the second mortgage. Recent changes in HAMP rules has approved the use of HAMP within chapter 13 bankruptcy.
1. Mortgage Modification - HAMP or otherwise. As the mortgage companies have ramped up their staffing, the ability to achieve a HAMP or other modification has been increasing. The government regulations have also been improved over time to increase the achievement of modifications.
2. Short Sale - often favored by real estate brokers, but may soon have more actual benefit for homeowners if FNMA guidelines are changed to allow for better future credit for short sales rather than foreclosure.
3. Deed in Lieu of Foreclosure - the homeowner gives a deed to the mortgage company to avoid a full judicial foreclosure. Often not requested by mortgage companies due to possible title issues.
4. "Walk Away" from Home
5. Chapter 13 Bankruptcy - often combining a HAMP modification for the first mortgage and an avoidance of the second mortgage. Recent changes in HAMP rules has approved the use of HAMP within chapter 13 bankruptcy.
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