FHA (203)K loan: Government sponsored Rehabilitation loans. Funds are fully disbursed at close of escrow and are based on the projected value of the property when the work is completed. Property value is determined by an FHA approved appraiser. Property owner has up to six months for completion of the rehabilitation construction. FHA (203)K loan is added to a purchase or refinance loan.
FHA Title 1 Loan:This program insures loans up to $15,000 for light or moderate rehabilitation of properties including single/multifamily, nonresidential properties and manufactured homes. Maximum loan for a multifamily structure is $12,000 per family unit, not to exceed a total of $60,000 for the structure.
Loan Modification: Is your home value less than your mortgage balance? Are you facing foreclosure, having difficulty making payments or experiencing a reduction in household income? You can approach your lender to renegotiate your loan or you can contact us to assist you. We will co-ordinate restructuring your loan with an experienced loan modification attorney on your behalf.
Short Sale: A Short Sale is a possible alternative to foreclosure. When the borrower can no longer make the mortgage payments as agreed, he.she may choose the option of working with the lender to agree to accept a payoff of less that the loan balance. If the lender agrees to allow the borrower to sell the property for less than the original debt, it might not allow to release the borrower from the loan debt. Releasing the lien does not necessarily relieve the borrower from owing the remainder of the loan.
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