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Short Sale & Other Options for Underwater Homeowners To Avoid Foreclosure in Greensboro, NC

9/20/2010

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Short Sale in Greensboro, NC
Did you know there are 5 loan work-out programs a lender could propose to homeowners in default?

  1. Short Sale - Homeowner owes more on the note than the proceeds of sale would cover, so the lender agrees to take the loss.  There are many tax implications - consult an attorney and a CPA.  These generally take 150 days to even get a response to an offer currently!
  2. Forbearance By the Lender - Lender takes past due payments and adds them to back of loan to allow you to get back on track.
  3. Repayment Clause - Lender Re-amortizes loan term from 30 to 40 years (for example) or divides overdue balance to be paid back over a period of months rather than one lump sum.
  4. Partial Claim From Mortgage Insurance Company
  5. Contact NC Commissioner of Banks (http://www.nccob.org)

By Zane Gerringer
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    Zane Gerringer, Greensboro Realtor

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    I'm Zane Gerringer, and I work full time as a Realtor in Greensboro, NC.  I believe owning a home and investing in real estate are essential in building a secure financial future for your family.  I love representing both buyers & sellers, and I want you to make smart real estate decisions in the Triad!

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Zane Gerringer 
​Real Estate, Inc.

Zane Gerringer, ​Broker in Charge
info@zanegerringer.com
336-697-6675
Greensboro Realtor, Zane Gerringer
806 Green Valley Road, Suite 200, Greensboro, NC 27408 | Firm License C24092 
By Zane Gerringer
Photos used under Creative Commons from roarofthefour, roarofthefour, thisisbossi
  • Home
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