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Why Choose Jeannie Mills and Josie Gutierrez? Jeannie Mills is dedicated to your success. With Jeannie as your agent, your goals become hers. She employs all of her experience, skills and integrity to attain your goals. Jeannie knows that buying or selling a home can be both an exciting and stressful experience. She will handle your transaction with complete attention to detail. Jeannie was a member of the Board of Directors for the Bullhead Area Chamber of Commerce for 10 years. She is a member of the Women's Council and is a member of the Board of Directors for the Convention and Visitors Bureau. She also has recently become a member of the Laughlin, NV Chamber of Commerce. Jeannie has resided in Bullhead City, Fort Mohave and Mohave Valley since 1989 and has been in the real estate field since 1975. Please Sign Up For The Latest Listings and the Latest Real Estate News
Foreclosures >4. Foreclosure Alternatives There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
- Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
- Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
- Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
- HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
- Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
- All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
- Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
- Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
- Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
- Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
- Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
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What criteria determines the hottest real estate markets?
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Job/personal income growth; population/household growth; housing affordability/appreciation; and current inventory of homes for sale. |
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