|
1) Reinstatement
To reinstate a mortgage, the homeowner has to pay all the missed payments, late fees and legal fees that are due up to the date that the loan is reinstated.
2) Forbearance or Repayment Plan
The lender allows the buyer to pay the missed amount over a period of time or the lender places the missed payments on the end of the amortization of the loan.
3) Rent the Property
In some cases, homeowners facing foreclosure will have payments low enough to allow them to rent their property and keep up their mortgage payments.
4) Short Sale
When homeowners owe more on a property than it is currently worth and one of the previous solutions does not apply to their situation, there is the option of pursuing a short sale (see reverse side for more information).
5) Deed-in-lieu of Foreclosure
A deed-in-lieu of foreclosure is sometimes referred to as a friendly foreclosure because the homeowner essentially gives the deed back to the bank.
6) Bankruptcy
A bankruptcy may stop a foreclosure and allow homeowners to reorganize their debt and keep their property.
7) Servicemembers Civil Relief Act (SCRA)
This law provides certain protection to military personnel who are in foreclosure in specific situations.
8) Sell the Property
If sellers have equity in their property, they can sell it and prevent a foreclosure.
9) Refinance
If homeowners have sufficient equity and income and their credit has not been too badly damaged, they may be able to refinance.
10) Mortgage Modification
A loan modification is very similar to a lower interest refinance where the lender lowers the interest rate on the existing loan to lower the payments.
11) Short-refi
This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well.
Call or Email us today so that we can thoroughly educate and prepare you for the Short Sale Process and help you Avoid Foreclosure!
| 
