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East, Montpelier
East, Montpelier
List Price: $399,000
MLS #: 2815958

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VT Foreclosure and How to Avoid It

 

VERMONT AVOID FORECLOSURE NOW!

11 Ways How to Avoid Foreclosure... Options for Homeowners in Default

1  - Reinstatement of the loan when brought current
2  - Forbearance or re-payment plan
3  - Sell the property
4  - Rent the property
5  - Refinance
6  - Mortgage Modification
7  - Short Refinance
8  - Deed in lieu of foreclosure
9  - Bankruptcy
10 - Service Members Civil Relief Act (SCRA)
11 - Short Sale


Do's and Don'ts of Foreclosure - click here

IRS - Questions on Foreclosure and Debt Cancellation - click here

FREQUENTLY ASKED QUESTIONS
ABOUT FORECLOSURES AND SHORT SALES IN VERMONT


What does it mean when a homeowner is "short" on the closing? 
When a borrower owes an amount on the property that when combined with closing costs and commissions, is higher than the current market value.

A short sale occcurs when:
A negotiation is entered with the homeowner's mortgage company or companies to accept less that the full balance of the loan at closing. A buyer closes on the property and the property is sold "short".

A foreclosure occurs when:
There is a legal proceeding by the lien holder in which they take back the property in order to recover the amount that is owed by the homeowner.

 

John Biondolillo is a Certified Distressed Property Expert. He is one of less than 1500 real estate professionals in the United States (and the only one in Vermont) to hold the coveted CDPE designation.  Get Started.

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