According to SFR Short Sales and Foreclosure Resource What are your Foreclosure alternatives in Indiana?
1. Refinance It can be difficult and you have to call every day to make sure they have the documents you sent and they have recorded every transaction. Keep notes! Date, time and who you talked to. Refinance is only if you qualify and you meet eligiblity. Credit still must meet certian criteria.
2. Lender Workout Sometime lenders will work with distressed homeowners to help them keep their homes by reducing or rolling back your interest, forgiving or adding payments to the loan amount.
3. Sell and Bring Cash to Closing Homeowners may have to liquidate assets to bring to closing
4. Deed In Lieu of Foreclosure Borrow agrees to trade the property to Lender for the cancelation of the loan.
Must make sure the lender will forgive the note and not come after the defiency.
5. Foreclosure If the homeowner is close to the auction date it maybe to late for alternatives but still explore
and see what can be done.
6. Do nothing or Walk Away Talk to an Attorney or Realtor experienced in short sales for advice. The lender
reserves the right to pursue the defiency.
7. Short Sale Short sale looks better on your credit then a foreclosure and can have deficiency forgiven
When facing foreclosure you should talk to a qualified Foreclosure Attorney and a Short Sale Realtor.
If you are contemplating having a Short sale you have to be on board with the Realtor you work with and do exactly as they say. Have the documents necessary on time and be patient and diligent.
Indiana is a Recourse State Meaning the Banks can come after you for the deficiency. (If you owe 300,000 and the bank sells for 225,000, you would still owe the bank $75,000) They may persue you for that amount. It may be soon after a foreclosure or it might be years. Thats why sitting down with a foreclosure Attorney and or a Realtor that is experienced with Short sales to see if you qualify is important.
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