Port Charlotte

Many home owners want to keep their house, but find themselves in challenging times. Some things can be done to solve the problem. What are the options? 1. Refinance the home to more favorable terms, or from a variable rate to a fixed rate loan. Look at the government site “Hope for Homeowners”

www.hopenow.com

to see what you may qualify to do.
You may also do a (2)lender workout , where you may get a forebearnace for a period of time or do a loan modification. Another option is to (3)sell your home and bring cash to closing. (4) negotiate a deed in lieu of foreclosuire, where you trade the property back to the lender, this lessens the banks expenses. (5) Do a short sale, where you sell your home for less than what you owe on the property. (6) Foreclosure and (7) do nothing- just walk away.
Be very careful of rescue scams, they abound, and there is not an easy fix.
If you are ready to do a short sale, your local realtor can help by counseling sellers. As a seller you will need to provide a hardship letter, a hardship is : job loss, divorce, illness, layoff, death of spouse, payment increase of Adjustable rate mortgage. The seller will also need to provide documentation to show current financial condition, property will need to be priced right ( usually at the low end of fair market value). As seller you may need legal advise, these cost can be contingent on the short sale closing, may be a flat fee or billable hours. Be sure to ask attorney how many short sales they have done, AND HOW MANY HAVE BEEN SUCCESSFUL!
As a seller you need as much help as you can find to navigate this stressful and difficult time, the rules about foreclosures often differ from state to state, so be sure to get the advise of a true professional .

Why do short sales fail?
Incomplete short sale package, inexperienced listing agent, no hardship, junior liens, lender, offer had no reasonable chance of closing.
Patience and persistence are necessary to solve this , but you can do it!