As Certified Distressed Property Experts (CDPE) we understand the tough decisions being made by Omaha area families. Deciding to foreclose on a home should be considered a last resort after a variety of foreclosure avoidance options have been explored. Here are the most common options:
Short Sale: Homeowners owing significantly more than the value of their home may choose to short sell it. That means negotiating with the lender to sell the property for less than the value of the mortgage. This is an option for families who have incurred a hardship that has impacted their finances such as mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation and more.
Mortgage Modification: Working with your lender to reduce the interest rate of the mortgage, the principal balance, term or a combination of these reduction options. Homeowners must qualify to be approved for a mortgage modification.
Refinance or sell the property: If your home holds some value, which we can help determine, consider selling or working with your lender to refinance the loan. The loan and owner credit must be in good standing.
Purchasing a foreclosed home: If you’re willing to wait through the process you could have a move-in ready property or a property with great potential at a below market price. This is a great option especially for investors.