Avoiding Foreclosure
Restructure or Loan Modification – You can negotiate with your lender to get your loan in good standing again. There are many options available to get a restructure approved like a separate payment plan for your delinquency or even adding the delinquency to the end of your loan. Sometimes your lender will agree to lower your monthly payment.
Reinstatement -Pay your lender(s) all of your past due payments to bring your mortgage current This option is rarely feasible.
Refinance -We have established relationships with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity in your property available.
Reverse Mortgage -Must have large equity. Must be 62 years of age.
Sell Your Home -You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at a sales price that will pay off all the money owed on the property. In this situation, a short sale may be an option.
Deed-in-lieu of Foreclosure -We can arrange for you to simply give the home back to the lender and walk away with a clean slate. This option is unavailable if you have junior liens (i.e. a second mortgage) on the property.
Bankruptcy -This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. Chapter 7 Debt Elimination Chapter 13 reorganization.
