3 Ways to Stop a Foreclosure in Overland Park, Kansas

3 Ways to Stop a Foreclosure in Overland Park, Kansas

When your mortgage lender has filed a Notice of Default, your options as an Overland Park homeowner are limited. Before the lender has filed the Notice of Default, be aggressive in following up with the mortgage lender in requesting options like a loan forbearance, loan modification or debt forgiveness.

If it is too late for assistance or the mortgage lender has refused helping you, you still have options to prevent a foreclosure from ruining your credit.

1. You can request to short sale your home. If the mortgage lender accepts the short sale, they will most likely not go after you for a deficient judgment. If you hire a qualified short sale specialist, you should have no out of pocket expenses. In fact, you may get relocation expenses paid by the mortgage lender if you keep up the property.
2. You can also agree to sell your home and pay any shortage.
3. You can offer to give your home as a Deed-in-Lieu of Foreclosure. This may be less stressful, but mortgage lenders are telling me that the Deed-in-Lieu of Mortgage is viewed like a foreclosure on the credit report.

The Kansas City Real Estate Network is Kansas City #1 Short Sale Specialist.   

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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