The three big options for homeowners are short sales, loan modifications and refinance. What have you seen that actually worked?
Options: Refinance, Loan Modification, Short sale.
Refinance
Basics: Refinancing is when you are paying off your old loan with a new loan with lower interest rates.
Loan Modification
Basics: A Loan modification is typically when you modify the current loan to make payments more affordable via lower interest rates and/or extending the duration of the loan (30yr to 35yr).
Short Sale
Basics: A Short sale is when you sell your property for less than what is owed and negotiate the difference with your lender.
These are just the basics but would love to know what your experience is on each of these options.
Thanks
Comment
A refinance is the best option as it will keep your credit score clean (as a short sale will hamper the ability to obtain bank financing in the near future). This is not an option if the property is under-water. There are some great loan modification programs provided by the Obama Administration to help adjust loans where the property values are much lower than the loan balance.
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