If you are facing foreclosure listed below are your foreclosure options
Loan Modification – A loan modification is a strategy we employ to bring a homeowner behind in payments current. A loan modification is the changing of one or more terms of the original mortgage in order to help bring a defaulted loan current and stop foreclosure or prevent foreclosure. As a foreclosure prevention alternative, modifications may involve:
- Implementing a step plan interest rate
- Extending the term of the mortgage
- Reducing the interest rate on the mortgage
- A combination of the above to "stop my foreclosure"
Generally, loan modifications are considered if changing the terms of the mortgage would cure the present delinquency or prevent future delinquencies, thereby avoid foreclosure or stop foreclosure and keep the homeowner in the house.
Full Reinstatement – A reinstatement is paying the amount that is past due amount including late fees and Attorney costs and other costs to include drive by appraisal. Paying this amount will get your Mortgage caught up immediately. Once you are in foreclosure your attorney fees and fees included above equals about three thousand dollars. A Reinstatement will offer you the quickest method for resolving your mortgage foreclosure. Not a foreclosure option fore most homeowners.
Repayment Plan – A repayment plan is a workout option that looks at the amount past due and spreads the past due amount over a period of months. This is one of our areas of expertise we know the rules and know how the game is played. We will not put you into a plan that will set you up for failure. I can not count the number of times homeowners in fear of losing their house made a bad decision with the company they worked with and were set up for failure. Your lender will also set you up for failure, fill out the stop foreclosure form and we will take charge. They get in touch with us and we actually put them on a plan that they can be successful.
Short Sale – Borrower does not want or can not afford the property. The property is sold for less than the full amount owed on the mortgage. The mortgage company agrees to accept less than the payoff to sell the property. We have found a reputable company that can help with a short sale and help you stop foreclosure.
Deed-in-Lieu of Foreclosure – Homeowner voluntarily gives the property back to the mortgage company to satisfy the defaulted mortgage to avoid foreclosure.