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Visit houselogic.com for more articles like this. Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
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Do you owe more on your mortgage than your house is worth?
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There are a variety of options available to you. Contact us for confidential, no
obligation advice.
We are here to help you find the option that is best for you. Don’t wait, help is available now.
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If you are struggling to make your mortgage payment and worried about having your home foreclosed, a short sale could be an option. A short sale can prevent additional damage to your credit and help you avoid foreclosure.
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203k Loan Program
The Federal Housing Administration (FHA) 203k loan program is the perfect answer for buying a home in "as-is" condition. So many homes for sale today are foreclosures or short sales that need fix up work. The FHA 203k loan program allows the costs of needed repairs and improvements to be included in the loan amount. This way the buyer does not have to get a separate loan or take money out of savings to do the work. The work has to be done within 6 months of the closing and the buyer can add up to 6 months of mortgage payments on the end of the loan if they don't want to live in the house while the work is being done. For more information please our office a call.
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