If keeping your home is not an option - call your lender to discuss these possibilities Sale: If you can no longer afford your home, your lender will usually give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to use the services of a real estate professional who can aggressively market the property. Pre-foreclosure sale or short payoff: If you can't sell the property for the full amount of the loan, your lender may accept less than the amount owed. Financial help may also be available to pay other lien holders and/or help towards some moving costs. You may qualify if: The loan is at least 2 months delinquent You (or your real estate professional) can sell the house within 3 to 5 months Assumption: A qualified buyer may be allowed to take over your mortgage, even if your original loan documents state that it is non-assumable. Deed-in-lieu of foreclosure: As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might sound like the easiest way out, but it has limitations: You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens Resources for finding a real estate agent and selling your home If you need to sell your home, you'll have to answer many questions. You'll need to find how much your house is actually worth, and you'll have to find a real estate agent you are comfortable with. The following resources may help: 17th Realty.Com (South Florida) National Association of Realtors National Association of Hispanic Real Estate Professionals If you have an FHA-insured loan and your lender is not responsive Your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center at toll free (888) 297-8685 or via email hsg-lossmit@hud.gov. HUD does not oversee VA or conventional loans.
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