Reinstatement. The homeowner pays the total amount owed to bring the mortgage payments current. This includes all overdue payments as well as the current amount due. To obtain lender approval for reinstatement, the homeowner must be able to demonstrate to the lender that funds are available for repayment and the amount in arrearage will be made current within a short time. Some lenders will negotiate up to 24 months for reinstatement.
Forebearance or Repayment Plan. Through negotiations with the lender, the homeowner agrees to repay the amount in arrears over a specified period of time.
Loan Modification. The homeowner successfully negotiates with the lender to obtain a lower monthly mortgage payment. This can be done by modifying the interest rate and/or principal balance on the existing loan.
Short Refi. The lender agrees to refinance the existing mortgage for less than what is currently owed on the property. With so many homeowners "upside down" in their homes (property value is less than the total amount owed), now is a great time to negotiate a short refi.
Short Sale. With lender approval, the home is sold at an amount less than the payoff of the existing loan. Today, short sales are now being approved for a variety of reasons under far less scrutiny. In addition, many banks and lien holders are offering financial incentives up to $30,000 for a successful short sale transaction. Find out if you qualify today.
Home Affordable Foreclosure Alternatives Program (HAFA). Homeowners who qualify for the HAFA Program can sell their homes under pre-approved short sale terms and receive a cash incentive of $3,000 for the purposes of relocating.
Homeowners Assistance Program (HAP). Offered to eligible military employees and federal civilian employees under specific guidelines. The program offers homeowner assistance in private home sales, government home purchases, as well as other specific areas.
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Have you spent months struggling to make your mortgage payments and are now facing the possibility of foreclosure? Whether you are facing foreclosure as the result of losing your job, going through a divorce, high medical bills, or any other reason, I can help you avoid foreclosure and maintain your good credit rating.
As an experienced REALTOR®, I know how to navigate the system to help you STOP FORECLOSURES NOW! I work directly with lawyers, lenders, and mortgage loan servicing companies, to get your home sold BEFORE you are forced into foreclosure. As you know, foreclosures can negatively affect your credit scores in a dramatic way. This factor alone can negatively impact your ability to qualify for future purchases. Therefore, if you are facing foreclosure today, please contact me immediately! I will do everything I can to get your home sold and protect your ability to secure additional credit in the future.
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Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers.
Last updated on May 17, 2012.