This will only be possible if you have one or a combination of any of the following factors: a good credit rating, or equity in your home.

If a refinance is not possible, then a loan modification would be the next option. Many homeowners are not aware of this option and will go directly to a short sale. Many times a loan modification will solve the problem. 

A loan modification will consist of one of the following or a combination of one or more: rate reduction, conversion of adjustable to fixed, principal balance reduction, capitalization of interest owed, term extension, step rate and a forbearance plan. 

Various packages are available. We can process the entire loan modification for you, or we can instruct you on how to package your own loan modification.

The decision to sell your home should only be considered after a loan modification has been declined or you decided that you don’t want to keep your home or can’t afford the payments. A short sale needs investor approval for the following reasons: must have a legitimate offer, must have a fully qualified buyer and it must make sense. You also must remember to consult your tax professional as you might have tax consequences.

If you have explored all previous options and had no success, then you should consult an attorney to get legal advice. At this point home owner’s options will be very limited. A foreclosure will be reported on your credit for up to 7 years. This is a position where no home owner wants to be!!