There Is No Reason To Lose Your Home!
Options for Homeowners to Avoid Foreclosure… What You Need to Know…
Bankruptcy
This may stop the foreclosure, allow for reorganization of debt and allow the borrowers to keep their home.
Deed-in-lieu of Foreclosure
This is mostly considered a “friendly foreclosure” because the homeowner essentially gives the deed back to the bank.
Forbearance/Repayment Plan
The homeowner is allowed to repay the missed amount over a period of time or the lender tacks the missed payments onto the back end of the loan.
Modification of Home Loan
In this case, the lender lowers the interest rate on the existing loan to lower the payments.
Refinance
If there is sufficient equity in the home, and income and credit of the homeowners is not too damaged, this is an option.
Reinstatement
The homeowner has to pay all the missed payments, late fees and legal fees that are due to reinstate the mortgage.
Rent the Property
If the homeowner has payments low enough, they may be able to rent their property to keep up their mortgage payments.
Sell the Property
If the homeowners have enough equity in their property, they can sell it to pay off the mortgage and avoid foreclosure.
Servicemembers Civil Relief Act (SCRA)
This law provides foreclosure protection to military personnel in specific situations.
Short Refi
This involves a reduction in principal and interest rate on the current mortgage.
Short Sale
When the loan(s) on the property are higher than the value of the home, this is an option to pursue.
Sincerely,
Shari L. Webb
The Property Exchange
(307) 286-0470 cell
(307) 634-4843 fax
“Your key to care!”
