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Reinstatement Plan
A reinstatement plan is the quickest method for preventing a
foreclosure but requires a lump-sum payment of the total amount
that is past due including late fees and Lender Attorney costs.
Repayment Plan
Similar to the reinstatement plan, however, the lender agrees to
let you repay part of the delinquency each month, along with
your regular monthly payment. This means your monthly payment
will increase, in the short-term. A portion of the past due
amount, usually 25- 50%, may be required upfront.
We perform a complete personal financial analysis to determine
what amount you can reasonably afford each month. Then we work
with your lender to modify the terms of your loan, e.g. change
your current interest rate, term, or amount of your principal
balance. Any amount past-due, including interest and escrows are
factored into the negotiations and will be re-amortized. Once
completed, you will no longer be behind on your mortgage
payments, resolving your current crisis.
Loan Refinance
Given the current lending environment it can be difficult to
secure new financing, especially if you have recent late
payments on your credit report, but refinancing can still be an
option. One of our qualified specialists can help determine if
this option is available for your situation.
Loan Forbearance
Loan Forbearance allows you to delay or reduce payments in the
short term, with the understanding that you will bring the
mortgage current in the future. This option is typically
combined with a reinstatement or repayment plan, provided you
can demonstrate your ability to repay in the future.
Partial Claim
Only available on FHA loans… Taking advantage of the FHA
Insurance Fund, we will begin discussions with your Lender to
agree to making a one-time payment, using an interest free loan
due when you payoff the loan or when you sell the property.
Leaseback
A leaseback, also known as sale and leaseback, is when you sell
your home to a third-party or give it back to the Lender and
they agree to lease it back to you. This way you can avoid a
foreclosure and stay in your home.
Deed-in-Lieu of Foreclosure
A Deed in lieu of foreclosure will allow you to legally turn
your house back over to your Lender to avoid a foreclosure. You
will sign a new Deed conveying your interest in the property to
the Lender. The Lender will save money by foregoing the expense
of a public auction and attorney’s fees and you will forego the
difficulty a foreclosure can bring.
Pre-Foreclosure Sale
Because of the high number of foreclosures, lenders are agreeing
to put your foreclosure on hold while you attempt to sell your
home through traditional means. There are a number of things
that need to be considered before choosing this option. We will
assist you in analyzing your current situation to determine if
this solution is right for you.
Short Sale
If it is determined that you can no longer afford your home,
even after modifying the payment or terms, but you owe more on
your home than it’s current value, then a Short Sale may be
right for you. We will negotiate for your Lender to take less
than is actually owed on the property, in exchange for you
selling the home. This will prevent a future foreclosure and
therefore save the Lender money. One of our specialists will
review all options available to assist you in making this
important decision and resolving your current crisis.
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