Sacramento Short Sale Information - Avoid Foreclosure - Se Habla Español
There are several options available to distressed homeowners other than a short sale. Some of those options are a loan modification, deed in lieu of foreclosure, and several government programs for those who qualify. See below for definitions of each:
Loan Modification:
A process initiated by the homeowner in order to change the terms of the loan with the lenders approval. This may include a decreased interest rate, a short amortization, or a decrease in the loan amount. A hardship must be present in order for the modification to be approved.
Deed in Lieu of Foreclosure:
An arrangement that allows the homeowner to turn over the deed of the house, stopping the foreclosure process and canceling the mortgage debt. This must be approved by the lender and is not very common.
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