There are a number of options available to you to stop foreclosure today.
Being
faced with a foreclosure does not mean the end of the world. You do
have options that you'll need to consider before having to lose your
home on the courthouse steps.
Again,
the goal of both you and the lender is for you to keep your home and
the lender to continue to receive their payments. There are several
options that your lender may offer you if you miss a payment and want to
avoid foreclosure:
An adjusted repayment plan
If
you suffer a temporary short-term financial setback, your lender may
allow you to pay off your past due amounts in several installments over
several months.
Modifying your loan
As
mentioned above the lender does not want your home. In many cases, they
can adjust the terms of your loan - most often by lengthening out the
amortization schedule of your loan, lowering the interest rate or
rolling the deficiency into your loan and reamortizing the new balance,
all in an effort to bring your loan current.
A short sale
If
the value of your property has dropped and the loan balance exceeds the
value of your home, the lender may allow you to sell your home for less
than the outstanding loan amount, takes the proceeds and forgive you of
any remaining debt. Please refer to more complete information about
short sales here.
A short refinance
Again
if your property value had dropped dramatically, the lender may release
you from your existing debt and refinance the outstanding balance into a
new loan.
Obtain a "private money mortgage"
While
the rates and fees for this type of loan may be high, a loan from a
private lender may allow you to buy time to sell your home in an orderly
fashion and avoid default or foreclosure. like this. Which ever
option you choose to go with be advised that we have a proven track
record and can suggest which one will be best for your unique situation.
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