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If you've been denied a loan modification

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you're probably disappointed but don't give up.

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You may have other options instead of foreclosure

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and we're here to help you understand them.

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These options may include one of the following: reapplying with

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updated information if your circumstances have changed,

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applying for a short sale, applying for a deed in lieu of foreclosure,

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and selling the home.

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For example, if you realize that an important piece of information was left out

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of your original loan modification application an appeal can be discussed.

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Talk about it with your Home Preservation Specialist

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and see if reapplying makes sense.

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If it doesn't there are other ways to avoid a foreclosure

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and potentially minimize the impact on your credit.

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These options take effort on your part

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and unfortunately will mean leaving your home

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but they can help you stabilize your finances

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and regain your footing more quickly than foreclosure.

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If the real estate market in your area is healthy

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you can consider a traditional sale of your home to pay off the mortgage.

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Another possibility is a short sale which is a way of selling your home

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for less than what you owe on your mortgage.

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With a short sale the proceeds from the sale of the home

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are used as payment in full and cancel other terms of your original mortgage.

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This option may allow you to stay in your home until the sale

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is finalized giving you time to make other living arrangements.

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In some cases you may even be able to receive a cash bonus to help you move.

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Another possibility is a deed in lieu of foreclosure

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which is also called a mortgage release.

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Here you voluntarily transfer ownership of your home

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to Wells Fargo avoiding a foreclosure sale

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and removing the obligation to repay your mortgage.

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Of course, every situation is unique.

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With either option you'll be required to leave your home

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and there could be costs or tax implications later on

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so talk with us and a tax advisor to learn more.

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You may not want to pursue any of these options and that's understandable.

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However, if your loan modification request was denied

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it may not be possible to stay in your home.

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While this isn't the outcome you wanted

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avoiding a foreclosure sale will help you move forward as quickly as possible.

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We really do want to help you so continue the conversation with us.

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If you have questions, call us today at 1-800-678-7986.

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