The Sibley Group at Keller Williams Realty 455-0100

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You are here: Home / Sellers / Foreclosure & Short Sales

Foreclosure & Short Sales

So, your house is near or in foreclosure….now what?? Try to look at the situation without attaching your emotions.  If viewing the situation from a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move you towards resolving your financial difficulty.  One very important thing to remember: Time is of the essence, so sit and take serious thought of your situation and take a quick action in order to allow yourself enough time to complete the chosen process.

Options when facing foreclosure include:Foreclosure Solutions

  1. Do Nothing: If a homeowner does nothing, they most likely will lose their home at a foreclosure auction and may still be held liable for money owned under a deficiency judgement.  Loan applications generally ask if the applicant has ever been foreclosed upon.  Credit reports also disclose this damaging information.  Therefore, doing nothing is not the best option.
  2. Payoff/Refinance: Completely paying off the entire loan amount plus any default amount and fees.  Usually, this is accomplished through a refinance of the debt.  New debt is a normally higher interest rate and there could be a prepayment penalty because of the recent default.  With this option, you will need to make sure there is equity in the home sufficient to meet your lender’s requirements.
  3. Reinstatement: Completely paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
  4. Loan Modification: Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan.  This may allow the homeowner to catch up at a more affordable level.  To qualify, you must prove to the lender you have fixed the problems that caused the late payment.
  5. Forbearance: Lender may be able to arrange a repayment plan based on the homeowners financial situation.  The lender may even be able to provide a temporary payment reduction or suspension of payments.  The lender will require you provide information to show that you are able to meet the new payment plan requirements.
  6. Partial Claims: A loan from the lender for a 2nd loan to include back payments, costs and fees.
  7. Deed in Lieu of Foreclosure:  Give the property back to the bank instead of the bank foreclosing.  Banks generally require the home to be well maintained, all mortgage payments and taxes must be current.  Most loan applications ask if this has ever happened.
  8. Bankruptcy: This option can liquidate debt and/or allow more time.  We can refer you to a qualified bankruptcy attorney if this may be an option you would like to consider.
    • Chapter 7 (Liquidation) To completely settle personal debt
    • Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
    • Chapter 11 (Business Reorganization) A business debt solution
  9. Sale: If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale.  In this case, the homeowner will get cash from the sale.  On the other hand, a Short Sale (also known as a pre-foreclosure sale) can be negotiated with your lender by the Real Estate Professional if you owe MORE than the property value.

Want to learn more about the Short Sale Process?  Our Short Sale Resource Page explains short sales and includes a step by step outline of the Short Sale Process.

 

If you are facing the possibility of foreclosure or are considering a short sale, do not hesitate to contact us today.  We specialize in mitigating foreclosure losses, and we can help you assess your particular situation.

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WHAT OTHERS ARE SAYING

Listened, were easy to reach, and delivered on what they promised.

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Ashley, New Orleans, LA
 

I worked with Gana, OMG what a GEM !!! Gana made this entire experience pleasurable. Her knowledge, patience and go-getter attitude won me over 100%.

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Monique C Thomas
 

I worked with Gana to purchase my first home in March 2018. Gana definitely helped me out during this process. She stayed in contact with me and was very good with her timeliness on updates. She was there throughout the whole process and was very knowledgeable when i had any questions. Gana made sure I understood any documents that I had to sign before I completed the action. I would definitely recommend her!

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Lamar, Slidell, LA
 

There are not enough words that can describe Lana. She absolutely made our experience of finding a home as easy and stress free it could be. Her communication skills are top notch. She answered all of our questions, which were many, in a very timely manner. She went out of her way to set up appointments and send us links for everything that we needed to get done. She did everything in a spirit of excellence. There is no other person I would want or recommend as an agent than, Lana Leonard(...)

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Shawn & Suzanne, Lacombe, LA
 

I bought my first home!!! Jordan provided exceptional service. At first, I was looking to rent, but she showed me I could get more of what I needed for less if I considered purchasing a home. It is an investment in my future and I am so glad she helped me feel confident in my ability to buy a home. The Sibley Group is a wonderful team that is there for your needs and supports you every step of the way. I highly recommend them, especially Jordan. She was attentive, resourceful, knowledgea(...)

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Melissa, Covington, LA
 

Mrs. Gana is quite the gem, in fact, the entire Sibley Group were all so helpful and made our first home buying experience a breeze.

We were totally lost when it came to finding a mortgage company and having a realtor with such expertise and experience really put us at ease. She set up connections with several lenders and from there we were put on a path to home ownership!

I would recommend Mrs.Gana a million times again and the Sibley(...)

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Michelle, Slidell, LA
 

The decision to sell our home and to use the Sibley Realty Group was a year long process. We were concerned about determining the right time to sell and determining a fair and appropriate asking price. We had questions about how to adequately prepare our home for photos and showings. We were concerned about security and showing our home while we were away on vacation. John Sibley addressed all of our questions and concerns. He walked us through the process from listing to closing. He was a(...)

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Annemarie & Jerry, Slidell, LA
 

We were having troubles trying to figure out the particulars of buying a house and were a little intimidated about approaching a Real Estate agent. Those fears were put to rest after meeting Gana.

She not only guided us through the entire process, but made it a point to go over the contract with verbiage that we understood as first time home buyers- that was important.

The entire experience was smooth, as she laid to rest any fears we(...)

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Willliam, Slidell, LA
 

Everyone at the Sibley Realty Group was exceptional. From the first phone call to the closing of the home we had the best service. I would recommend Jordan and her team to anyone. Awesome Job Guys! And thanks again.

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Anonymous, New Orleans, LA
 

Gana made this transaction easy to understand for us as first time home buyers. Gana was very in tune with us when she could tell I didn't understand something. She slowed everything down and made sure I understood before we moved on.

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Anonymous, Slidell, LA
 

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About Us

The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


Trust a real estate team with a long-standing tradition of service, expertise, and professionalism in the local area.


John Sibley reviews
The Sibley Group
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70002

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

From Our Blog

Real Estate Is Voted the Best Long-Term Investment 12 Years in a Row

Some HighlightsIn a recent poll from Gallup, real estate has once again been voted the best … [Read More]

Navigating Today’s Market

Wondering how to make sense of today’s housing market? You’re not alone. A lot of people are asking … [Read More]

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