Flow Chart of Foreclosure and Short Sales Process, What other options do you have?

{ Posted on 11:19 PM by JR Erickson }

This is a good Reminder of what the process is when Homeowners goes into default with their mortgage.  There is other options besides Foreclosure and Short Selling.  You can also have your loan modified if you fit the criteria, There is a "Making Affordable" plan that can refinance you, and the Loan Modification program.  A Lender doesn't want to foreclose on the house, they loose at least 200-300k just in the process alone, not including the loss in the property.  They are motivated to keep you in, but overwhelmed so you have to stick with them to get it done.  There is Law offices that will help with the "Loss Mitigation" Process.  They are around $2500 to $3600 just for their Retainer fee.  I would use them as a last resort if you are not getting anywhere with your lender.  If you need a recomendation on a good law firm that specializes in Loss Mitigation, I can refer you.  If you have any questions on this stuff, please let me know, Leave a comment, or email me at jeremy@jrerickson.com


Jeremy E

PS  here is the link to the . Loss Mitigation Application Worksheet

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1 Response to "Flow Chart of Foreclosure and Short Sales Process, What other options do you have?"

It is very important to understand that a Short Sale is always the better option if you are facing foreclosure. A Short Sale will not do as much damage to your credit as a foreclosure, which helps you recover by moving on with your financial future faster.

Cleveland Foreclosure Lawyers

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