Question: What can you do?
(Multiple Choice. Choose the best answer.)
A. Opt for a Short Sale.
B. Offer the Deed in Lieu of Foreclosure.
C. Create a Land Trust.
D. Negotiate a Reverse Mortgage.
E. Crawl into a hole and wait till the whole thing blows over.
Answer: C (Create a Land Trust. See the Answer Key, below.)
Key:
A. Opt for a Short Sale. Incorrect: A "Short Sale" is one way to stop a foreclosure; but, since the bank is selling "short" (for less than the balance due on your mortgage), you get nothing from the proceeds of the sale.
B. Offer the Deed in Lieu of Foreclosure. Incorrect: If you are not too far behind in your mortgage payments, the bank may be willing to let you sign over the property; but, again, you lose all of your hard-earned equity and wind up with nothing.
C. Create a Land Trust. Correct: By placing your property into a Trust, you preserve your equity, as well as your credit, and are enabled to sell your home at a later date at full market value. You have nothing to lose, and a lot to gain if you choose to pursue this course of action.
D. Negotiate a Reverse Mortgage. Incorrect: A "Reverse Mortgage" is the worst deception to come along since the ARM (Adjustable Rate Mortgage). You've seen the TV infomercials, with Robert Wagner giving a pitch about how to enjoy "the best time of your life". The next scene shows an elderly couple, who seem to be breathing a sigh of relief. This suggests the bank is buying the equity in the couple's home. In fact, it is merely extending a loan, which has to be paid back! This is no way to stop a foreclosure, since it would only get you deeper into debt. Again, you'd get nothing for all of your efforts.
E. Crawl into a hole and wait till the whole thing blows over. Incorrect: If the bank has given you notice of its intent to foreclose on your home, or has even suggested that it may be foreclosed on if you don't bring your payments up to date, waiting is the worst thing you can do! You need to take affirmative action. You don't have any time to lose. You need to act now! Why settle for nothing? You can still take control of your life. Stop the foreclosure by placing your home into a trust!
For more information and an immediate reply please record your name, number and the best time to reach you by clicking on the "Call Me" icon below. This is a mailbox only. You will not be required to speak to a live operator. I will call you back at a time that is convenient for you.
