Ways to Avoid Foreclosure
You're behind on your payments or facing foreclosure, so now what? Thankfully, you have options and we are willing to assist. There are a variety of ways to catch up and avoid foreclosure and possibly minimize the damage to your credit. Eligibility is determined on a case by case basis depending on your financial situation.Following are a few options that may assist if you are able to maintain your current monthly payment:
Repayment Plan
You may qualify for a repayment plan that spreads out the arrearages owed over an extended period. This may also be done by incorporating a repayment plan and a deferral of a portion of the arrearages to the end of your mortgage.Loan Modification
If you have an Adjustable Rate Mortgage (ARM) loan, you may be able to convert it to a fixed-rate loan at a lower rate. The reduced monthly payments may bring payments to a level you can afford.If you are unable to continue making your monthly payment you may consider the following options:
Short Sale
If the payoff amount of your loan is greater than the fair market value of your property, this option may allow you to avoid foreclosure by selling your property for less than what is owed to pay off your mortgage loan.Would you like to begin the process and just don't know how get started? If so, please give us a call at 1-866-650-0968. It is our desire to assist you through this process by utilizing our relationships with agencies that specialize in navigating through this process. This service is offered at no cost to you and will help to reduce your stress during this difficult time.
Deed in Lieu of Foreclosure
As a last resort, you may be able to voluntarily deed the property back to avoid a lengthy foreclosure process. While this won't save your home, it may not be as damaging to your ability to get credit in the future.You may qualify if all of the following apply to you:
- You’re in default and don’t qualify for any of the other options.
- Your attempts at selling the house before foreclosure were unsuccessful.
- You don’t have any judgments or liens on the property.