Have you somehow fallen behind on your mortgage and are trying to avoid foreclosure on you home in Gilbert, AZ? Do you want to know what some of your foreclosure alternatives are and which will provide you with the best outcome for your situation? There are several different alternatives to avoiding foreclosure on your home in Gilbert, AZ and the only way to really determine which one is best for you is by discussing them with an experienced real estate agent.
One common foreclosure alternative is a loan modification. To get approved for a loan modification on your home in Gilbert, AZ you must apply through your lender. With a loan modification on your home in Gilbert, AZ some part of your mortgage is essentially modified, whether it be the interest rate or monthly payment. If you choose this option to help you avoid foreclosure on your home in Gilbert, AZ you should know that often times it takes months before a homeowner hears anything back from their lender on their loan mod application and that many loan mods that get approved aren’t successful in the long run. A homeowner could potentially find themselves right back where they started; facing foreclosure on their home in Gilbert, AZ.
Another alternative to help you avoid foreclosure on your home in Gilbert, AZ is a short sale; many homeowners that have a failed loan mod or a denied application turn to a short sale to solve their financial problems. With a short sale, you work with a realtor to request permission from your lender to sell your home in Gilbert, AZ for less than what you owe. Yes, it does require you to sell your home however it is perhaps one of the best ways to resolve your mortgage issues when facing foreclosure on your home in Gilbert, AZ. The credit ramifications are far less damaging than they are with a foreclosure and a short sale provides you with the opportunity to start a new financial chapter in your life.
If you are facing foreclosure on your home in Gilbert, AZ we’d like to encourage you to reach out to a realtor for help and information regarding your foreclosure alternatives. They can help you determine which one is best for your situation and can help you avoid foreclosure on your home in Gilbert, AZ.