What are your alternatives to Indiana Foreclosure!

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. 

Great Indianapolis Property Search

 

 

 

 

 

 

 

Shannon Thomas Realtor

Selling Indy Metro, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Shannon@SellingIndyMetro.com

www.SellingIndyMetro.com

Search for homes in Indianapolis Now!

Building Relationships Selling Homes!

Shannon M Thomas NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

   Cell: 317-681-4044  Preferred

web: Real Estate

e-mail:  Shannon@SellingIndyMetro.com

 

Comment balloon 2 commentsShannon Thomas • May 29 2011 11:22AM
What are your alternatives to Indiana Foreclosure!
share
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… more
What are Acceptable FHA Hud Indiana Short Sale Hardships?
share
According to About. com article on short sales and acceptable hardships FHA short sale Guidelines List of Possible Hardships for a shortsale. The more combined hardships the better chance of a Shortsale being accepted. A Hardship is the… more
Spring in Indiana and the Real Estate Buyers are out! Happy Spring…
share
Its absolutely gorgeous today. My daffodills are out, crocuses and I'm even seeing little light green buds on some trees. I'm delighted! Its been a long cold and icy winter in Indiana and I'm feeling the joy of feeling the warmth of the sun and… more
Open House Sunday March 6 12-2pm 10470 Splendor Way Indianapolis, In…
share
10470 Splendor Way INDIANAPOLIS, IN Open House Sunday March… more
Open House 3368 Clover Dr Plainfield 2/19/11 12-2
share
Open House 3368 clover Dr Plainfield Indiana, 46168 Saturday 2/19/11 12-2 Your Plainfield Indiana Realtor Shannon Thomas Call 317-681-4044 Come to my Plainfield Indiana Open House! Quaint updated 2 bedroom 1… more
Open House 9252 Middlebury Dr Camby Indiana 2/19/11 3-5 Beautiful!
share
Your Camby Indiana Realtor! Camby Indiana Real Estate Search Shannon Thomas Realtor with Keller Williams Realty Indy Metro W Open House This Saturday 3-5pm 02/19/11 Beautiful Updated Two Story Camby Indiana Home for sale!.. more
2011 Energy Tax Credits How do you collect?
share
2011 Energy Tax Credits: What You Need to Know to Collect By: Donna Fuscaldo Published: January 26, 2011 Washington is giving you less green for going green, as the feds reel back the 2011 energy tax credits from a lavish $1, 500 to… more
The difference between a Short sale and foreclosure in Indiana
share
Short Sale or foreclosure in Hendricks County Indiana Short Selling your Indiana real estate can be a short process or it can be a long drawn out process! It depends on many variables. It can depend on the bank that you have your… more
Large Beautiful Indianapolis Home with European Gardens For Sale
share
Keller Willaims Realty Indy Metro West Open House Feb 27 and March 6 12-2 pm contact: Shannon Thomas 317-681-4044 Let show you how to buy this home! BLC# 21058481 Beautiful Spacious Indianapolis Home for Sale! 10470… more
Its an extraordinary time in History for you to Buy a home.
share
Never in our History has there been such a great time to buy a home. Buyers of Real Estate can get so much more for their money. More square footage, better quality, more amenities, lower interest rates and of course lower mortgage payments. … more