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Find Alternatives to Stop Foreclosure

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Alternatives If you are experiencing difficulty in keeping your mortgage current you may be facing the possibility of home foreclosure. This is most likely either a short-term problem or long-term problem. In either case if you have decided not to refinance or if your current situation limits you from qualifying, then it is time to speak with your lender/servicer if you have not already done so about the options available to you.

Loan Repayment Modification If your account is past due, but you can now make mortgage payments, the lender might agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.

Forbearance In forbearance, the lender allows you to delay mortgage payments for a short period, with the understanding that another option will be used afterwards to bring the account current.

Reinstatement Reinstatement might be possible when you are behind in your mortgage payments but can promise a lump sum to bring your mortgage payments current by a specific date. The lender will require proof that you will have the funds to make a lump sum payment.

Mortgage Modification This can be tough for you to accomplish, but is still an option. The original terms of the home mortgage can be temporarily modified by the lender. The lender may choose to reduce your home mortgage interest rate; many other terms of your original home mortgage can also be renegotiated.

Financial Hardship Unplanned events happen to everyone. If this has happened to you contact us immediately. When your inability to make your mortgage payment due to unforeseen circumstances arises, most lenders require documented proof of the financial hardship before they will consider a negotiated solution to stop home foreclosure and reduce your monthly commitment.

Selling/Short Sale When catching up is not a possibility; the lender might agree to stop home foreclosure and put it on the back burner to give you a specified amount of time to attempt to sell your home. Keep in mind that if your home sells for less than the current balance, that is a called a deficiency. Unless you negotiate with the lender prior to the sale of the property to forgive or reduce the amount, you will still owe the difference. Generally, you can sell your property to another party and negotiate with the lender to accept the amount you sold your home for as full payment, eliminating any deficiency.

Deed-in-lieu (DIL) The advantage of this option is you can avoid a home foreclosure and potential deficiency judgment. The DIL agreement is negotiated between you and the lender to accept the mortgaged property as a substitute to home foreclosure.