PDX AVOID FORECLOSURE NOW!
What Foreclosure Really Means
11 Ways on How To Avoid Foreclosure (Options for Homeowners in Default)
1 - Reinstatement of the loan when brought current
2 - Forbearance or re-payment plan
3 - Sell the property
4 - Rent the property
5 - Refinance
6 - Mortgage Modification
7 - Short Refinance
8 - Deed in lieu of foreclosure
9 - Bankruptcy
10 - Service Members Civil Relief Act (SCRA)
11 - Short Sale
IRS Questions On Foreclosures and Debt Cancellations- click here
Frequently Asked Questions About Foreclosure in Oregon
What does it mean when a homeowner is "short" on the closing?
When a borrower owes an amount on the property that when combined with closing costs and commissions, is higher than the current market value.
A short sale occcurs when:
A negotiation is entered with the homeowner's mortgage company or companies to accept less that the full balance of the loan at closing. A buyer closes on the property and the property is sold "short".
A foreclosure occurs when:
There is a legal proceeding by the lien holder in which they take back the property in order to recover the amount that is owed by the homeowner.
Procedures - click here
For a look at the differences between a short sale and
foreclosure -click here
Yes, I want to know more about avoiding foreclosure!
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