FORECLOSURE IS NOT THE ONLY OPTION

If you have fallen behind on your mortgage payments or are experiencing some substantial hardship that will soon cause you to fall behind on your payments, you have options other than foreclosure.

You Could:

Sell Your Home.  If you have purchased your home since 2005 there is a big chance that you owe more on the home that what the home is worth.  In this case you could do what is called a "short sale" where you negotiate with your mortgage company to take less than what you owe.

Negotiate a forbearance.  This is an agreement between the homeowner and the mortgage company which lays out a specific loan payment plan and puts a stop to any foreclosure action so long as the borrower meets the terms of the agreement.

Refinance.  This may not be an option if there is no equity in the home or if the homeowner does not have the resources to pay for the expense of refinancing.

Loan Modification. In which a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. 

Deed in Lieu of foreclosure.   Which the owner deeds the collateral property back to the lender in exchange for the release of all obligations under the mortgage.

Do Nothing.  You could do nothing and your home will be foreclosed and you will loose your credit.  It takes longer to recoup from a foreclosure than a bankruptcy.  Think hard before you take this option. 

Things may not be as bad as you think, call and ask for help.  For the Tucson area, including Oro Valley, Marana, Sahuarita, and Vail, contact Julie Nellis, Long Realty, 520-990-8477, nellisja@aol.com