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.
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