7 Ways to Stop Foreclosure

7 Ways to Stop Foreclosure

 

This report provides basic information about the programs you can use to stop foreclosure and retain possession of the property.

As you review the 7 solutions, you'll notice that each has its own set of advantages and disadvantages.                                

Please use this as a reference guide-you should consult with an attorney before making any permanent decision.

 

1. Forbearance

This program is really helpful when your financial problems are short-term.

2. Repayment Plan

You catch the mortgage up over a period of a few months with payments that are larger than your usual mortgage.

3. Full Payoff Refinance

Borrow enough money on a new mortgage to pay off the balance on the old mortgage including arrearage and legal fees.

4. Loan Modification

A modification occurs when your lender changes one or more of your loan terms to bring your mortgage current again.

5. Deed in Lieu of Foreclosure

Here the debtor gives the property back to the creditor usually in exchange for their forgiveness of potential deficiencies.

6. Short Sale

The property sells to a third party; the creditor accepts this price as full settlement of the mortgage debt.

7. Bankruptcy

Because of its long-term credit implications, a bankruptcy should only be considered as a last resort.

 

If you need further assistance in this area please contact me immediately with questions. These items are time sensitive and should be dealt with as soon as possible.