Have you received a foreclosure notice in the mail or fear one will be coming soon because you’ve missed a few mortgage payments? Do you want to speak with a Tucson realtor to find out what your foreclosure alternatives are and which on might be best for you? If this is the case, then you’re off to the right start. Many homeowners often ignore the foreclosure notices that they receive in the mail because they don’t think there’s a decent solution to their situation or they feel that foreclosure isn’t that big of a deal. Tucson realtors want you to know that losing your home to foreclosure is a big deal and can have a lasting effect on all aspects of your life for quite some time.
There are many different foreclosure alternatives that are available to struggling homeowners. One that isn’t as well known to homeowners is a deed in lieu of foreclosure. Tucson realtors say that with a deed in lieu of foreclosure the homeowner essentially transfers the title back to the bank; there is no foreclosure process however they homeowner is still liable for the mortgage. Next is a loan modification. If a homeowner is interested in completing a loan modification they have to apply for one through their lender. Tucson realtors say that while a loan mod may seem promising the truth of the matter is that a homeowner may wait months until they finally hear back from their lender as to whether or not they were approved for their loan modification; another sad reality is that even if they are approved, many loan modifications aren’t successful and the homeowner is left looking for another foreclosure alternative. In this situation, Tucson realtors say that most homeowners turn to a short sale. With a short sale you request to sell your home for less than what you owe on it; again, you have to get approval from your lender however the turn around time with a short sale is much shorter.
If you’re looking for additional information on foreclosure alternatives and which one might be best for you, contact a Tucson realtor today. They can help you analyze your situation and determine which choice is in your best interest.