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North Dakota Short Sale Experts

Lamoure County's Leading Real Estate Company Specializing in North Dakota

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Know Your Options

Short Sale
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short sale experts

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Learn how we have successfully helped hundreds of homeowners complete a short sale transaction. Also learn how we obtained short sale approval letters from the lender(s) in Lamoure. We have the resources and experience to help you sell your home and you pay nothing out of pocket.

WHAT ARE YOUR OPTIONS ONCE YOU CANNOT AFFORD YOUR HOME

It can be extremely stressful to fall behind on mortgage payments. You feel a wide range of emotions, including fear and disappointment, but also anger. Our team of experienced agents understands this and we hope to help guide you in what your options are and help you make a good financial decision. There are millions of people having the same problems and we just want you to know that there are options available to you.

Once you fall behind on payments you will get a lot of information from different companies. Most of them will try to profit from your misfortune. They will try to get you to act fast and make a quick – uneducated decision – that will impact your credit negatively. They might also ask you to deed your property over to them, or pay a fee to help save your home.

STOP! Make sure you understand the options before you do anything. Read our section, “Beware of Scams” to understand the various companies and how they might try to profit from you. Learn all you can about the situation so you can avoid further financial ruin through these scams.

Don’t Give Up! Remember that you need to understand what foreclosure means why you need early help so you can avoid it. Foreclosure can have a large impact on your credit score, as well as emotional trauma for you and a loss of equity.

Some homeowners who face foreclosure might feel like they have no alternative, but a lot of the time they do but they don’t know it. Educating yourself is the best way to learn of these options and make a good decision. The faster you can educate yourself, the faster you can get out of the situation you are in. Here are some options available to you that you might want to consider.

1. Home Affordable Modification Program (HAMP) or Standard Loan Modification

For people behind on their mortgage payments, in the foreclosure process, or those who are current on payments but about to default, it is possible to lower the interest rate and modify your loan. This can take a while and is a difficult process. You need to be able to advocate for yourself while going through this process. You also need to be able to qualify for this program. Here are the requirements:

2. Loan Workout or Forbearance

If you are unable to pay your mortgage or have fallen behind, contact your lender immediately. If it is a short-term financial issue, you can get temporary help by reducing or suspending your payment for as long as six months. Forbearance is usually combined with reinstatement or a repayment plan which will help you pay off the reduced or missed mortgage payments when your financial situation is better.

3. Home Affordable Foreclosure Alternatives (HAFA) or a Traditional Short Sale

HAFA has two options for getting help with your mortgage – a short sale or a Deed-in-Lieu (DIL). In a short sale, you can sell off your home for an amount lower than what is owed on the mortgage. This is possible for those homeowners who cannot afford their payments, cannot get a trial mortgage modification under the Making Home Affordable Program, do not successfully finish the trial period for the modification, miss a minimum of two consecutive payments during the modification period or ask for a short sale or deed-in-lieu of foreclosure.

In order to sell your home in a short sale, you need to list it with a real estate agent who understands short sales. A lot of agents will say they are experts, and might even have accreditations, but they do not usually understand the complications of this sale at all and will thus jeopardize the sale. Research the agents available and choose someone who has 20 or more years of experience.

4. Deed-in-Lieu (DIL) of Foreclosure

It is possible that the lender will consider a deed-in-lieu of foreclosure if the borrower has made a good effort to sell the property but has been unsuccessfully. In this case, the lender gets the ownership of the property.

5. Bankruptcy

Bankruptcy needs to be filed in federal court, and settles your debts with a judge’s supervision. This helps those people who cannot pay off their creditors by giving them a fresh start. They might be required to liquidate all assets to pay off debts, or get a repayment plan. You can get an “automatic stay” on your foreclosure by filing for bankruptcy. This temporarily stops the foreclosure proceedings. But if you file Chapter 7 of the Bankruptcy Code, the court can lift the “automatic stay” and let the lender resume foreclosure proceedings. If you file under Chapter 13, you might be able to keep your home as long as you pay the overdue amount in a 3 to 5 year plan including your regular mortgage payments.

Bankruptcy can be a good alternative due to a “recourse loan” that needs to be forgiven. Or it can wipe out a second mortgage, thereby, reducing the homeowner’s payments and allowing them to keep their house.

6. Foreclosure

This will have the largest impact on your credit score and is the most difficult for your score to recover from. Consider this your last resort.

7. Other Alternatives

You can use other options that could help make mortgage payments more affordable for you, or help you avoid foreclosure. Your mortgage lender could actually be your biggest ally if you cannot meet your payments, so the sooner you contact them the sooner they can help. You can borrow from family or friends. Or you could rent out a bedroom or even get a second job to help make your mortgage. For small businesses that are struggling, it is possible to get an America’s Recovery Capital (ARC) loan for up to $35,000 that is interest-free with a deferred payment. There are multiple options available, but you need to carefully consider each and every one before choosing one. Based on the option you go with, make sure to educate yourself on the legal, credit, and tax consequences.

If you’ve contacted the lender, failed at modifying your loan, or do not want to keep your home any longer, please contact our team of experts. We are skilled in this area and can help guide you through available options, and if a short sale is the direction you go in, we can help negotiate it for you. We do not charge anything for this obligation free consultation.

Call us or email us TODAY! The sooner you become proactive in this stressful situation, the sooner you can find a solution.

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List your home

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List your home for sale in Lamoure County.

Right now is the perfect time to put your house up for sale. Get in touch with one of our short sale specialists to assist you with the short sale transaction process.

What are your options?

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Try other options before conducting a short sale.

See what other options are available to you before starting the short sale process. Your lender may work with you on payment and interest options. Learn More

Foreclosure timelines

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Late on payments? Know the foreclosure timeline in California.

Is your home in Lamoure County, about to go to auction? Avoid foreclosure in Lamoure County by knowing the commoon foreclosure timeline in Lamoure County. Learn More