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WHY ARE WE TOP AGENTS FOR BUYERS AND SELLERS IN THE BRENTWOOD, FRANKLIN, NASHVILLE TN AREA? WE TAKE GREAT CARE OF OUR CUSTOMERS! CALL 615-351-1202.
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Find Out More About the Brentwood, Franklin, Nashville and Williamson County Area Economy & Job Market
Williamson County Tennessee is number one in per capita income in the State of Tennessee. A survey by Syracuse University ranked the county ninth in the nation for per capita income. The financial strength of the county is seen in the total estimated household income of over $3.0 billion dollars. Bank deposits in the region exceed another two billion dollars. Major Employers: Cool Springs Galleria Mall, Nissan, PRIMUS Financial Services, Comdata Financial Services, MetLife, and Williamson Medical Center. Request my Free Brentwood and Franklin Relocation Package. It's packed full of useful and important information about the Brentwood and Franklin, Tennessee area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out...
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Foreclosures >4. Foreclosure Alternatives There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
- Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
- Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
- Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
- HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
- Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
- All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
- Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
- Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
- Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
- Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
- Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
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| Q |
Who is "Fannie Mae" and why is she a big name in real estate?
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| A |
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
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