Short Sale & Other Options for Underwater Homeowners To Avoid Foreclosure 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)
   

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By Zane Gerringer