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Don’t Lose Your Home to Foreclosure! Sell it, refinance it, or Keep it and wipe out your second mortgage (or credit line)

December 21, 2009 Home Sellers, Local Information No Comments

In these hard economic times you may have more options than you think.

For some people selling a home affords them some cash at closing with the equity they have built up over the years.

For others, they think they have to sell under what is called a “Short Sale”, where they owe more than the current value of their home.

As a real estate agent I do help people through both of these situations.

Before that happens though, there are options you might be able to use which will enable you to stay in your home without selling it, and end up with reduced, more affordable payments.

A loan modification is an option you should discuss with your lender.

You might also check out the “Neighborhood Assistance Corporation of America” or NACA  to reduce your interest rate if you are owner occupying your home. It is a non-profit that may be able to help you.

Jeff Manning of The Oregonian wrote an article you can find at Oregon Live where as part of a bankruptcy, there is an option for some people that could potentially remove the second mortgage or line of credit from their home.

As always, check with your accountant or attorney so that you are making an informed decision knowing what the price or consequences are of your choices.

If you don’t know where to turn for legal advice, one option is The State of Oregon which has the Lawyer Referral Service where you can be referred to a Lawyer for $35. on your first visit.

Or you can look at the Washington State Lawyer Referral Services , but note that it is set up a little differently.

For tax advice, you can visit the Oregon Society of Certified Public Accountants or the Washington Society of Certified Public Accountants.

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