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Walk Away
Walk Away | Foreclosure Options
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Walk Away Foreclosure Options

Walking away from a real estate foreclosure offers various options to the homeowner.

  • One option is that a homeowner can sell their property before the foreclosure occurs and take what equity the homeowner can get from it and move on.
  • Short sale is another option. If the homeowner can sell their real estate property, but discovers the fair market value is now less than what the homeowner owes the bank, then it is possible to sell the property for a short payoff.
  • A homeowner can also sell their property to a real estate investor, regardless if they have any equity or have to do a short payoff. A seasoned investor can act more quickly than the first time home buyer. Acting quickly is important, since time is the enemy when you are in a foreclosure.
  • Another foreclosure option is a deed in lieu foreclosure. A homeowner can pocket money as much as $5000, which is paid to the homeowner by the mortgage bank.

Homeowners should not think that they must accept a foreclosure, bankruptcy, or even a short sale. A homeowner can return their house to the mortgage lender and protect their credit. Walking away from a foreclosure or deed in lieu is not considered to be a foreclosure or a bankruptcy.

To qualify for this program will depend on several criteria:

  • Which state the property is located
  • The number of mortgage liens against the property
  • Agreeing to leave the property vacant and clean

Once a real estate foreclosure is prevented, the mortgage lender cannot falsely report information on your credit file without severe consequences. Most importantly, a forensic mortgage audit can help people who feel their loan officer put them in a bad loan.

If you are current or defaulting on your mortgage payment, contact us at 1-877-793-2339 toll free. You may fill out the form below for a free consultation and get all the options needed to make an informed decision.

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