Foreclosures - Get Help from Keith Wenger

Foreclosures can be rough, but there is a lot you can do to avert them!

Foreclosure is one of the most devastating financial challenges that a family can face. The options available to our area residents for foreclosures are many! It is critical to have an expert like Imperial by your side as you work through the process. It’s as important as having a lawyer if you go to court.

Our experience and support can be invaluable to help you when help is really needed. There is no reason that you or your family need to become another government statistic. Imperial has helped many families develop creative solutions when facing foreclosures.

Foreclosure Solutions:

The current U.S. housing market has caused stress and heartache for many American families. For a brief explanation of these solutions, keep reading! Together we may be able to find one or two that will work in your situation!

Short Sale Property

short sale

If a homeowner owes more on their property than it is currently worth, a short sale might be an option. They can hire Imperial to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market. Additionally, the homeowner must have a financial hardship to qualify. Hardship can be defined as a change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation.

Acceptable hardships include but are not limited to: mortgage payment increases, job loss, divorce, excessive debt, forced or unplanned relocation, and more. Imperial has significant experience in assisting homeowners with Short Sales. Because the company is also a licensed mortgage broker, we have great relationships with the banks and lenders in the region. This means we are more often than not able to negotiate agreeable terms.


A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual’s public record. In many cases, this will allow the homeowner to avoid a deficiency judgment. The borrower may qualify for another mortgage in as little as 18 months (as opposed to five years for a foreclosure).


Short sales can be a very trying process. This is because the homeowner has to deal with the loss of the property and their hope of a successful investment. In addition, their credit status is adversely affected. The one plus is it not as severe as losing the property to foreclosure.

Want more info on Short Sales? Find out here

Sell The Property

Homeowners with sufficient equity should list their property for sale. Get help from Imperial because we thoroughly understand the foreclosure process in our area. We also have great relationships with the banks and lenders in our region.


Allows homeowner to avoid foreclosure and harvest some of their equity.


In many cases today, homeowners do not have sufficient equity to sell their property without negotiating a short sale (see Rent the Property below)

Rent The Property

This is an option for homeowner who has a mortgage payment low enough that market rent will allow it to be paid. This way, the home owner is able to convert their property to a rental and use the rental income to pay the mortgage.


Allows homeowner to keep property indefinitely.


The issues that can arise with a rental property are many. Along with that, rent often does not cover the full cost of property ownership and maintenance. If a homeowner is now vacating the home to a renter, they still need enough funds to rent a place for themselves.

Reinstatement/Repayment Plan

If a homeowner owes more on their property than it is currently worth, then they can hire Imperial to market and sell their property. On your behalf, Imperial will handle this through the negotiation of a short sale with their lender. This typically requires the property to be on the market. Along with that, the homeowner must have a financial hardship to qualify.

Real Estate Agent - Buying and Selling
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company. This allows them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.


Allows the homeowner to make payments over time.


This requires that a homeowner be in a financial position to pay not only their current mortgage but also a portion of the back payments owed. In addition, some mortgage companies will require a homeowner to ‘qualify’ for forbearance


If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.


In some cases, this will lower payments.


In today’s market, a refinance will almost always raise mortgage payments, and is an expensive process

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.


Reduces the payment a homeowner is required to make on a monthly basis and may reduce the principal balance of the loan.



Requires that a homeowner ‘qualify’ for the new payment and will often require full documentation. Lender has to be actively pursuing modifications.

Deed in Lieu of Foreclosure

Also known as a ‘friendly foreclosure. A deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender-approval is required for this option, and the homeowner must also vacate the property. Imperial can advise you on this option.


Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgment.


This requires that a homeowner vacate the property, and a deed in lieu may be reported to credit bureaus as a foreclosure.


Many have considered and marketed bankruptcy as a ‘foreclosure solution.” This is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution. Consult with a professional like Imperial before you proceed on this path.


Does not require lender approval.

Keith Wenger - Foreclosures and Solutions


If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall the foreclosure process. Bankruptcy can be costly, is damaging to credit scores, and can only be declared once every seven years.

Service Members Civil Relief Act (Military Personnel Only)

If a member of the military is experiencing financial distress due to deployment this may be an option for them. If they can show that their debt was entered into prior to deployment, they may qualify for relief under the Service members Civil Relief Act. The American Bar Association has a network of attorneys that will work with service members in relation to qualifying for this relief. Imperial can help guide you through this process.


If qualified, this will lower payments on all consumer debt in addition to mortgage payments.


Must be active military to qualify.

You're Not Alone! Call Keith Wenger Today.

Keith Wenger - Real Estate Agent and Broker

If you need help or are seeking advice to handle your foreclosure, we are here for you. Contact Keith Wenger today to see what your options are!

Real Service - Real Results

Sign up for real estate tips and updates from Keith