Alabama pre-foreclosure home sales assistance available from the state and federal government
In today's difficult economic times, home foreclosure can be a daunting reality for many homeowners. Getting Alabama pre-foreclosure home selling financial assistance may be one option for help. You may be able to refinance with a private lender, hire a real estate agent to help with the sale or get government assistance for selling your home in pre-foreclosure.
Get help from a real estate agent here.
Many homeowners think their only options are selling the property or allowing the foreclosure to proceed. Both of these options have the potential financial consequences. Foreclosure can have tax burdens. And a short sale can leave you with little to nothing left after years of investing in your property or you might even still owe money on your old mortgage. Additionally, refinancing can be a challenge if your payment history is poor.
Financial assistance options for selling Alabama homes in pre-foreclosure are available and can be less stressful outcomes. One option available for Alabama pre-foreclosure home sales assistance is the Pre-foreclosure Sales Program (PFS) from the US Department of Housing and Urban Development. This program allows you to sell your home and use the net sale proceeds to pay your mortgage debt, even if the amount you owe exceeds those proceeds.
If you are less than $7,500 past due on your mortgage and you owe less than $258,690 on your home's mortgage, you may qualify for the Hardest Hit Alabama program. Over 120 mortgage lenders participate in this program, which is aimed at helping Alabama residents whose primary residence may be in pre-foreclosure. Approximately $162 billion has been awarded to this program, and these funds are available on a first-come, first-served basis, so it is essential that you inquire as soon as possible.
This small step has the potential to help you save your home and your investment. Realty services may also be able to help you avoid a loss on your home if it is in pre-foreclosure. Realty sales on pre-foreclosure houses may be risky for homeowners, but if you do not qualify for other options, it may be your best option to avoid foreclosure.
No matter which option you pursue, be sure you are armed with all the facts. Reply! can help you find a real estate professional to help you.