Options Other Than Foreclosure
Foreclosures continue to increase in numbers in all of York County SC. Homes owners in Rock Hill, Fort Mill, and Tega Cay are experiencing financial challenges. Many are looking for options to foreclosure. Below are some of the alternatives that may be available including gaining lender approval for a short sale.
Reinstatement essentially means that the homeowner becomes current with the mortgage by paying up all missed payments and fees. After full payment, the homeowner can continue to pay the mortgage payments under previous terms.
When there is enough equity in the property, the home can be sold and the foreclosure can be "cured". If the home is ‘under water’ or worth less than is owed plus sales expenses then a short sale must be negotiated.
Renting the property is an option so long as the mortgage is made current. A rental agreement will not stop the foreclosure process.
While mortgage companies have become more restrictive, refinancing can be a reasonable option if the homeowner’s credit rating is not badly damaged. When interest rates are favorable, a refinance may reduce the monthly payments.
In the case of a Deed-in-Lieu of Foreclosure or ‘friendly foreclosure’, the bank agrees to take the property back without the lengthy process. When there is equity, this is not an optimal solution. The owner gives up the right to the property and any equity. This option is recognized as a foreclosure and will be reflected on the credit report.
Bankruptcy does not avoid foreclosure but it may allow the owner to reorganize debt and postpone foreclosure. Bankruptcy proceedings also make it difficult to sell a property as third parties are part of negotiation.
A short sale can be negotiated and an approval obtained from the bank to accept an amount less than is owed when the homeowner is ‘under water’ or owes more than the property is worth plus sales expenses.
Most of the options described above involve negotiation with the bank and an acceptable credit rating. If credit has been affected by missed or short payments, the only feasible option is a short sale.
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