Have you been receiving foreclosure letters from your lender and now they’re finally taking action on your home? Coatesville short sale agents want to encourage you to stop ignoring these letters and take action! While many lenders used to take months, or even years, to foreclose on a property, this is no longer the case. In some situations, explain Coatesville short sale agents, lenders are foreclosing on homes after only a few missed payments. Don’t let this be you and find out more about your foreclosure alternatives today.

One of the more common foreclosure alternatives is a loan modification. With this foreclosure alternative, the homeowner applies for a loan modification through their lender. If approved, the lender will generally alter some portion of the loan, whether it’s the interest rate or monthly payment. Coatesville short sale agents say that what most homeowners don’t realize, however, is that the amount of money that they are essentially “saving” is actually being added onto the back end of their loan. Also, it can take months to get approved for a loan modification and even then, the success rate isn’t that high.

Another foreclosure alternative, and one that homeowners with failed loan modifications turn to, is a short sale. With a short sale, you work with your Coatesville short sale expert to request permission from your lender to sell your home for less than what you owe. The turnaround time with a short sale is typically less than what it is with a loan modification and the results are much better. With a Coatesville short sale, the homeowner is actually free of the mortgage that they were once burdened by and are allowed a new financial start.

If you’re on the brink of losing your home to foreclosure now is the time to take action and determine which foreclosure alternative is best for you. Banks aren’t messing around and taking their time anymore; they are foreclosing fast, so avoid the detrimental effects of a foreclosure and speak with a Coatesville short sale agent today.