Alternatives to Foreclosure Besides Short Sale

I've posted before about short sales and why they are a superior alternative to foreclosure.  As mentioned in an earlier post short sales are better than foreclosures, because, well they are - read the other post!  Anyways, short sales do have some drawbacks and there are some folks who would rather just not have to deal with any of it - any solutions?

As it turns out there are solutions available.  In many cases our firm can skip the short sale and directly take over payments, in exchange for the property.  What would the benefits be to the homeowner is this type of situation?

Benefits:

- No foreclosure on record
- No hit to your credit from a short sale
- Payments are brought current, actually improving your credit score
- Minimal paperwork, minimal hassle - you hand over your keys and wave goodbye to your headache

Essentially, the process is just like a deed in lieu of foreclosure, except instead of giving the deed back to the bank you assign it to our firm.  We then bring your mortgage payments current and after a period of time will refinance into a new loan or sell to a new buyer.

Obviously, this is a pretty great deal for anyone who has little or no equity in their property, or who has major work needed to bring their property to market.  However, I'm sure many of you might be wondering - what's the catch?

The catch is that since the loan is still in your name, any payments made on the loan are good for your credit.  However, if payments aren't made then that also affects your credit - negatively!  I would like to assure anyone working with us that we will make their payments, however, just to completely reassure you, we write into our contracts that if we miss payments that the deed reverts back to you.  Meaning, either we make payments and your credit improves (as opposed to decreasing for any other option) or we bring your payments current, giving you more time to work out an agreement with the bank.  Obviously, we're going to make the payments, but its nice to know that even if everyone in our company were to be simultaneously run over by a herd of water buffalo, that you would be protected.

To see if you qualify for this program or if you are just curious about your options give us a call at 480 532-7999 or visit our site at www.mcahomes.com.  As always, any consultation is free.