Options to Sell your Home
If keeping your home is not possible, we can work with you to make the best of a difficult situation along with reducing the damage it may have on your credit report. These types of options may allow you to transfer ownership to a lender or to a third party for less than a full payoff.
When should you consider these options?
- You are unable to sell the property for the full amount owed on your loan
- You have suffered a financial hardship and are unable to recover
Below are the options:
Pre-Foreclosure/Short Sale
If your property value is not sufficient to payoff the mortgage loan in full at the time of sale, Beneficial may be able to accept less than the full amount owed and allow the closing to occur. You may be required to sign a promissory note modification agreement for the deficiency balance or a portion of the deficiency balance.
Deed-in-Lieu of Foreclosure
This option allows you to transfer ownership of your property to Beneficial or the investor instead (in lieu) of foreclosure in the event you are unable to maintain your monthly mortgage payments or cannot sell the home.
Please note: There may be tax implications associated with the sale of the property or surrendering the property through the deed in lieu process. This option should be discussed with your tax advisor.
Both options avoid the lengthy and costly legal process involved in foreclosure and are generally less damaging to your credit rating than foreclosure.
Call 800-958-2540 to speak with a Beneficial Loan Specialist and discuss these options.
Please note: You must contact Beneficial for approval to participate in any of the above options. The initiation of a workout review does not necessarily delay the continuing collection or foreclosure process.
