Burbank: Top Options for Upside-down Mortgage Holders

Thousands of Burbank homeowners are underwater on their mortgages and in trouble of losing their homes altogether.  Of course, because the mortgage of these properties are greater than the current property value, these homeowners are in quite a bind.

There are a few options out there to ease the burden, but no plans, not even President Obama’s new Housing Acts, are of any substantial assistance.  Homeowners can choose loan modification, and restructure the term’s of the borrower’s loan.  This option however does not make for any principal reductions in payments.  A deed in lieu of foreclosure occurs when the homeowner, with the bank’s consent, deeds a property back to the lender, instead of foreclosing altogether.  Foreclosure is another option.  This of course, occurs when a lender takes the property back from the delinquent homeowner.

The best option, however, is a short sale.  Short sales occur when a homeowner sells the property for less then when he owes.  Short sales are a great option for Burbank homeowners because there’s less paperwork, less hassle, and nobody needs to declare bankruptcy or take the time and energy to foreclose.  If you’re fighting to stop foreclosure on your Burbank home, contact Housing Assist today, and learn more about the short sale process.

Housing Assist Coldwellbanker