|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
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 firstname.lastname@example.org.
HUD does not oversee VA or conventional loans.
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