ARE YOU FACING FORECLOSURE?

If you have fallen behind in your mortgage payments, it doesn’t automatically mean that your property will be foreclosed. There are many options available to a homeowner in trouble. Some of them include:

1. Deed in lieu of foreclosure
The bank agrees to accept a deed from you, freeing you from financial liability for the loan. Yes, you have to move, but there is no foreclosure on your credit report.

2. Reinstate the loan
The bank works out a plan allowing the owner to catch up on the arrearage. This may involve lump sum and/or increased monthly payments.

3. Refinance
A new loan is obtained which covers the amount owed on the existing mortgage(s) plus any additional fees.

4. Sell the house.
There may be enough equity to cover what is owed from the proceeds of a sale. If there is not enough equity to cover the debt by selling, the lender may consider a short sale, which means the house is sold and the lender agrees to accept less than they are owed.

5. Negotiate with the lender to create a mortgage modification.
In some cases, the lender will increase the loan term (FHA), adding the arrearage to the end of the loan.

These are only a few of the options available. As a certified Loss Mitigation Specialist I have the knowledge to analyze your situation and help you find the most advantageous way to avoid foreclosure.

If you have fallen behind in your payments, please contact me immediately. Addressing the problem quickly will increase the chances of working out a favorable solution.

THERE IS NEVER A FEE FOR MY SERVICES IN REGARD TO A FORECLOSURE. You have nothing to lose. Contact me today.