Several options may exist for homeowners who have made their mortgage payments on time and easily in the past, but who are suddenly unemployed and unable to make their payments any longer.
One such option is the short sale. Under the provisions of a short sale, the homeowner would be allowed to sell the home for less than what is currently owed on the mortgage, and still not incur any responsibility for the remaining debt.
Another option that has gained in popularity is a deed in lieu of foreclosure agreement with the lender. Under this application, the homeowner has been unable to find a buyer for the property and instead offers to give the house back to the bank and walk away rather than continue to make payments or move through the foreclosure process.
In addition to these two options of course there are more standard foreclosure prevention routes to follow. The Federal Housing Finance Agency offers loan modifications through Home Affordable Modification Programs supported and created by the Obama Administration in an effort to help curb foreclosures for homeowners.
Normally, homeowners would have the option to refinance and modify their mortgage according to their ability to pay and income changes. When a homeowner is unemployed however, those options decrease substantially.
If you are facing foreclosure due to unemployment or other reasons, contact a mortgage finance professional for assistance immediately. The programs are changing every day and you will not be aware of what is available unless you speak to someone who is familiar with mortgage financing options.
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
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