| Trying to sell your home? Has the market value | | | | they could live there until the foreclosure occurs, |
| decreased and your upside down? There are | | | | which can take up to a year or more. Which will |
| options! | | | | ruin your credit in the process. So, before you |
| Refinance. The is where you pull equity out of | | | | jump into offering your home owner financed, do |
| your home and refinance. It is credit based, and | | | | your due diligence to protect yourself. |
| you're basically starting over with another 30 year | | | | Renting Out Your Home. I personally, do not like |
| mortgage. | | | | to do this on my primary mortgaged home, but if |
| Loan modification. Unlike refinance, this is based on | | | | you are in a pickle, it is an option. You'll have to |
| your situation rather than credit or payment | | | | file an eviction at your cities local courthouse if |
| history. And lowers your monthly mortgage | | | | they don't make their payment. Make sure you |
| payments, lowers interest rate and can place any | | | | get an ample security deposit, usually an equal |
| arrearage at the back of the loan. | | | | amount to the monthly rental price. Also, |
| Owner Finance. You act as the bank and carry | | | | remember to include things like pets or |
| the note for the buyer, either short, mid, or long | | | | modifications are okay. If you don't mention it in |
| term. Typically comes with a down payment of | | | | your contract, then it's okay. My grandmother |
| 1-20% in addition to the monthly mortgage | | | | rented out her home and while she assumed the |
| payments. The buyer typically takes better care | | | | renters would value the large living room mural |
| of the home than a renter, because they have a | | | | and new carpet, they didn't. And both were |
| vested interest in the property. Although the | | | | removed immediately. Checking rental references |
| repairs are the responsibility of the new owners, | | | | on applicants and a rental agreement covering |
| large claims have to be turned in on the mortgage | | | | what is/not okay are equally important. |
| holders insurance. Research this well because it | | | | Sell it Yourself. If your not using a realtor, |
| you need to have key words in your contract | | | | remember to list on For Sale By Owner websites, |
| such as "buyer waives the right to foreclosure." | | | | Craigslist, Dandy Dime and Penny Saver |
| Without phrases like this, the new owner could | | | | newspapers. Listing on Craigslist is free, and the |
| stop making payments, causing you to go into | | | | Dandy Dime and Penny Saver newspaper are |
| foreclosure if you can't make the payments, and | | | | very affordable ads to run, some less than $10! |