Short Sale Options

For Sale By Owners before you try selling on your own, take a look at our FSBO Toolkit

Are You Upside On Your Home Loan?

View Our Other Short Sale Pages:

Short Sale Help Is Here l Short Sale Videos l Short Sale Answers l The Short Sale Medics

  • Are you willing to fight the bank?
  • Do you care about your credit future?
  • Are You Ready For Some Help Now?

  • There Are Several Options To Foreclosure!

    … And thankfully there are options available to you if you are looking to stay in your home.

      Loan Modification

      The most popular program, a Loan Modification is a change to an existing loan to a more affordable level by a lender in response to a borrower’s long-term inability to repay it. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan, or a combination of the three. You may qualify if you have recovered from a hardship and can afford the new payment amount. Most lenders can work with home owners, even if they have poor credit and have a foreclosure date since they do not want your home.

      Forbearance Agreement

      Depending on your situation, your bank may offer you a solution to repay your missed payments and avoid foreclosure with a Mortgage Forbearance Agreement. This agreement is made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on their payments. A Mortgage Forbearance Agreement is a temporary solution for delinquent borrowers designed for borrowers who have short-term financial problems caused by an unforeseen hardship such as health problems or unemployment. Usually Mortgage Forbearance Agreements allow a minimum of 4 months to postpone monthly mortgage payments, all the way up to 12 monthly payments at the maximum.

      Principal Reduction

      A Principal Reduction is a process whereby your loan modification attorney assists in negotiating down the total amount of the principal that you owe on the loan to reflect current value of the property. Usually the interest rate is reduced to current market rates and your monthly mortgage payment is lower.

      However a Principal Reduction is difficult because the bank or lender is not making as much profit, and may even avoid mentioning principal reduction as an option. Just a $200 a month reduction equals tens of thousands of dollars less profit for the bank over the life of the mortgage.





    “Persistence! Nothing in the world can take the place of persistence. Talent will not; Nothing is more common then unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” ~ Calvin Coolidge


    We look forward to serving you and helping you fight your housing situation.

    My sincerest thanks for viewing the site,

    Donald E. Johnson

    Disclaimer: I am not attorney, nothing here is presented or represented to be legal or financial advice. If you are in need of an attorney please seek competent legal counsel, (I recommend one that practices real estate law), as well you should seek a qualified accountant regarding any tax, income or other financial advise prior to making any decisions that can or could affect your financial situation.

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