REINSTATEMENT: Bring the loan current FOREBEARANCE: Temporary repayment plan REFINANCE: New loan with reduction in monthly payments LOAN MODIFICATION: Modify original loan terms SELL THE PROPERTY: Use equity to payoff or pay difference RENT THE PROPERTY: Must make loan current SHORT SALE: Negotiate with bank to accept sale under loan amount DEED IN LIEU OF FORECLOSURE: “friendly foreclosure” BANKRUPTCY: Will stall foreclosure but not prevent it What is a CDPE? (Certified Distressed Property Expert) An Agent who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help. While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn't be. Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs. What is a Short Sale? A short sale occurs when a lender agrees to discount a loan balance due to an economic or financial hardship on the part of the borrower. A short sale is a negotiation done through the lender's Loss Mitigation department. The distressed homeowner hires a Licensed REALTOR to list, market and sell the property for its current market value, even if less than the outstanding balance of the loan. Since the lender is receiving less than what it is owed, a short sale requires the lender's approval before it can reach closing.
A short sale is executed to prevent a home foreclosure. Lenders will only approve a well planned, well prepared, well presented short sale to avoid the costs of a foreclosure that can reach tens of thousands of dollars. Call me at 301-693-3375. |