
The most important factor is to be proactive!
What are your options as a home owner?
If you want to keep your home:​​
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Refinance
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Lender loan workout
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Loan Modification​
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Forbearance
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If you want to leave your home:
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Deed in lieu of a foreclosure
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Foreclosure
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Short Sale
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Sale your home and cover the loan shortage
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Short Selling your home is a better option that letting the bank foreclose on your home.
Benefits of a short sale are:
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Less damage to your credit score
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Better for your credit history
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Easier to establish credit
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Better for employment
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Possible relocation funds
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Faster ability to buy a home again
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Below are some good resources to research your options as a home owner. Click on the heading/title to learn more.
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Fannie Mae: Know Your Options - Avoid Foreclosure Overview
Short Sale Help: Your Source for Information on short sales.
IRS Short Sale - Capital Gains and Losses
Foreclosure vs. Short Sale: What's the Difference?
Should You Choose a Short Sale Over a Foreclosure?
10 Alternatives to Short Sales for Your Home
Deficiency Judgments After Foreclosure or Short Sale
10 Benefits of Short Sale over Foreclosure
California Foreclosure Law Firms & Lawyers
What is a foreclosure? Courts.ca.gov