Your Options When Facing Mortgage Challenges

Introduction

Every homeowner’s situation is unique — and so are the solutions. At Sell Smart Nevada, we believe you deserve to understand every path available. Whether you’re struggling with payments, already behind, or just want to be proactive, here are the main options to consider.

Short Sale

A short sale allows you to sell your home for less than the amount owed on your mortgage, with your lender’s approval.

• Avoids foreclosure on your record

• May qualify for relocation assistance to help with moving costs

• Provides a dignified exit and fresh start

This is often the best solution when keeping the home isn’t realistic.

Loan Modification

If you want to stay in your home, your lender may agree to adjust the terms of your loan.

• Lower your monthly payments

• Extend your loan term

• Reduce your interest rate

Best for homeowners with stable income who need breathing room.

Refinancing

If your credit and home value allow, refinancing can reset your mortgage with better terms.

• Replace your existing loan with a more manageable one

• Potentially lower your rate or monthly payment

• Works best when you still have some equity

Not always available if you’re already behind on payments.

Deed in Lieu of Foreclosure

This option lets you voluntarily transfer ownership of the home back to the lender.

• Stops the foreclosure process

• May provide some relief from further financial responsibility

• Less damaging to your credit than foreclosure

Foreclosure (Last Resort)

If no other options are pursued, the lender takes back the home through foreclosure.

• Strong negative impact on credit

• Harder to buy again in the future

• Should be avoided if possible