Foreclosure Prevention Options

Are you facing the challenge of making your mortgage payment due to a hardship in your life?  Job loss, illness, or over extended credit?  Reach out to us so we can determined the best option to help you.

Know Your Options

FDIC Consumer Resources

Housing Counselors Resource

 

Refinance - refinancing to a lower rate or extending the term could help if you have not had any late payments.  Some programs do allow for being late a time or two (HARP programs).

Repayment Plan - Maybe just had a month where you missed a payment, but are back on track.  We can take that payment and extend it over a period of time and add it to your current payment to help make up for it.

Forbearance Plan - This type of plan lowers your payment for a short period of time.  Usually 1 to 6 months.  Then it is followed up by a modification of your loan to get you current again.  This is for the borrower who lost their job and needs a break in payments to provide time to look for a new one.  Or for someone who might have a short term situation that requires a lower payment.

Modification - This type of plan is designed to bring you current again. It may extend your term to 40 years and make your payment more affordable. Borrowers will go through a trial period to make sure they can handle the new payment.  The program requires to escrow for taxes and insurance.

Short Sale - Has the value of your home declined to less than what you owe?  Requesting a short sale allows you to satisfy your mortgage even if sold for less than the balance.  Investor approval is required.

Deed-in-Lieu - This allows you to transfer the ownership of your home back to the bank without going through foreclosure process.  Investor approval is required.

 

COMPLETE THE FOLLOWING FORMs

Mortgage Assistance Form - English

Mortgage Assistance Form - Spanish