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

John Sibley came highly recommended by a neighbor and he sold our house not only once but twice! A pipe burst upstairs and flooded the house and the first sale was cancelled. We were out of town and John and his staff handled everything from informing us of the problem to working with the adjusters giving them access to the house. When we got back in town just three days later, the damage was already cleaned up and we were ready to begin the repairs!

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Marilyn, Slidell, LA
 

We were very happy with the service provided. As first time home buyers, we were initially anxious, however, John and the rest of the group helped us understand the home buying process and what to expect. They made sure we were well prepared by the closing and that our interests were top priority.

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Jimmy, New Orleans, LA
 

John was great to work with. He provided good sound advice relative to marketing our home. He kept me informed through every step of the process from the initial listing to the closing. It was a great experience and I recommend the Sibley Group to anyone interested in purchasing or selling real estate property.

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Richard, Madisonville, LA
 

John Sibley and Lana Sibley Leonard were very instrumental in marketing my home both personably and professionally. Their drive and incentive made it possible for my home to sell in a quick, timely manner.

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Christina, Slidell, LA
 

Everyone throughout the process was extremely helpful. Dianna spent a lot of time, including late hours helping us find the right house.

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Chris, Slidell, LA
 

John & company were always negotiating on my behalf and won the battle such as letting me have an Estate Sale w/o charging me rent for one week and then the new owner moved in. The Sibley Realty Group was always professional in every way.

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Anonymous, Slidell, LA
 

Sibley's group is the best we've used.

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Cathy & Will, Slidell, LA
 

John and the Sibley Realty Group had a great command of the market prices and an excellent marketing strategy to get new groups of people to look at our property. By using new technology to market to different buyers and target new groups of potential buyers the Sibley Realty Group met our goal of selling within 3 months. The entire office helped make the transition smooth and Lauren is very helpful making sure everyone is on the same page as you go through the closing process. It is good t(...)

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Kevin, New Orleans, LA
 

Sibley Group delivered as promised.

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Stan, New Orleans, LA
 

We are extremely grateful to have found Sibley Realty group. Initially I had called other realtors who were not so responsive since we did not live in the area. Jordan contacted me back right away and made us feel at ease with our first home purchase. We lived 7 hours away from where we were buying and Jordan was very accomendating to our schedule of only being able to make it down on the weekends. The whole office are a bunch of true professionals that we owe more gratitiude to then we can(...)

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Troy, 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

Have You Thought About Why You Might Want To Sell Your House? [INFOGRAPHIC]

… [Read More]

Why Buying a Home Is a Sound Decision

If you’re thinking about buying a home, you want to know the decision will be a good one. And for … [Read More]

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