What are options after 6 month redemption peroid in foreclosure other than refi and short sale?
Question:
Don't blame the lender. You're the folks who agreed to the financial contract involved. The six month redemption period is there for you to attempt to regain full ownership of the property. If you cannot come up with alternate financing to cover the full amount owed, you are facing short sale or foreclosure.
Did you receive a notice of foreclosure? why I'm asking is most people tend to think it is automatically a done deal right away which it is not.
You can do a Loan Modification,Forbearance and if you have at the very least 30% equity in the home there is a leaseback program as well as an Investor Network.
If the lender has approved a short sale for you, then take advantage of it. Don't wait for Buyers or Agents to come to you, go and get them yourself. Its really easy to sell a home as a For Sale by Owner but you have to have the mind set to do it. This is an emotional time for you as others are in the same boat. Don't panic, things will work out, you just need to keep the lines of communication open with your lender.
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