Q. WHAT ARE MY OPTIONS IF I CANNOT MAKE MY MORTGAGE PAYMENT?
A: If you are having difficulty making your mortgage payment you may have several options.
One option could be the following: if your credit is still good and you still have income, you may be able to work with the bank to “re-set” your loan. If considering this option be sure to consult someone who deals with doing this and if the bank agrees to adjust your be sure to loan, consult an attorney to review any paperwork. You may also consider asking the bank to add one or two mortgage payments to the back of your loan if you think your situation is very temporary.
A second option may be to rent the property to cover your mortgage payment and move somewhere else with a more affordable rent for yourselves.
A third option is to try and negotiate a short sale with the bank. If you owe more than you can sell the house for, the bank MAY consider taking a percentage of what you owe upon the sale of our house. This does involve extensive paper work and when doing this you need to use a REALTOR that knows how to help you try to work through a short sale. It is always best when the REALTOR works along with an attorney. There may be some cases where the bank will still hold you personally liable for the difference.
Foreclosure should be the last resort because this is where the bank takes the property back from you. Your mortgage documents allow the bank to take the property when you default on your loan.
There are some other options, but again we urge you to consult a professional.
Let us know if we can help
Carol Moson, CRS, ABR, e-Pro, GREEN, SRS, SFR, EAH
“The Moson Group”
RE/MAX Greater Atlanta
678-414-0760 (direct)
770-973-9700 ext 289
www.TalkToCarol.com
carol@carolmoson.com
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