Mike May, Realtor 804.731.0111 Mike May, Realtor 804.731.0111
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Top 9 Ways to Avoid Foreclosure – Petersburg VA Real Estate

Posted By @ Oct 27th 2011 12:13pm In: Blog Posts by Mike May

Foreclosure is (and has been for some time now) the talk of the town when it comes to Petersburg VA real estate (and, of course, surrounding areas).  But there often seems to be more questions than answers floating around. 

So I decided to put together the Top 9 Ways to Avoid Foreclosure for you to refer to in the hope that this may help you understand what your options are and what you can do TODAY!

1.  Reinstatement
This means you would bring your loan amount that is outstanding back to its current, non-delinquent status, by paying off all late payments and fees (if applicable).

2.   Forebearance
If you can come to an agreement with your bank or lender, you may be able to temporarily pay back the outstanding amounts owed until you return to your current, non-delinquent status. 

3.   Refinance
By applying for a refinance on your Petersburg VA real estate, you may be able to get lower monthly payments, however, this would be only available if you have good credit and other prequalifications.

4.   Loan Modification
A more attainable change in your current mortgage payment (and even interest or principle amount owed on your home) may be modified to a lower amount.  This is usually looked at as an option before a short sale or foreclosure is initiated.

5.   Short Sale
A short sale is when you (with a qualified real estate agent) would sell the home for an amount less than the amount owed to your lender or bank, which must first be an accepted amount by them.

6.   Deed in Lieu of Foreclosure
Known as a "friendly foreclosure", is where you forfeit all interest in your real estate property to the lender or bank to satisfy a loan that is in default and avoid foreclosure proceedings.  This will not affect your credit as much as a physical foreclosure would.

7.  Bankruptcy
To file for bankruptcy will certainly keep the foreclosure proceedings at bay, but will ultimately not prevent it from still happening.

8.   Sell Your Home
By using the equity in the home to pay off or pay the difference outstanding to the lender or bank, selling your home may be your best option.

9.   Rent Your Home
In order to rent your home, you must make your loan current.  Once this is done, the objective would be to gain a renter to pay at least the amount of your monthly mortgage payment.

For more information on Petersburg VA real estate or how you may avoid foreclosure and remain in your home, please visit my website where more in depth information has been provided for you.  You may also give me a call at 804.731.0111 or email me at mike@mikemay.com



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