Determing what stage in the process you are in is the key!

Here are your TOP 5 options:

• Forbearance- Your mortgage company may be able to arrange a repayment plan, to repay your debt over an extended amount of time, based on your financial situation. (I'll help to see if you qualify).
• Loan Modification- You may be able to modify the terms of your mortgage loan by lowering the rate, extending the term, or capitalizing the interest. This may help you catch up, and sometimes reduce your monthly payments to a more affordable level. (I'll help to see if you qualify).
• MI Claim Advance- Your mortgage company may be able to work with you to obtain a one-time payment from the Mortgage-Insurance fund to bring your mortgage current. (This loan will be paid back directly to the MI company and is an unsecured Note.)
• Deed-in-lieu of foreclosure- As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure. (To be used as a last resort ONLY!!!)
• Pre-foreclosure sale- This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan. Also, this option has become very popular and has more advantages than any other option. (Subject to bank's approval of a shortsale).

Walking away from your property can carry many long-term consequences. A foreclosure has very serious credit implications. Foreclosures are a matter of public record and are reported to credit reporting agencies in the United States. Once the foreclosure is reported, it becomes a part of your permanent credit file and will remain for up to ten years.

We may be able to help you avoid, or reduce, the consequences of foreclosure. Please contact us as soon as possible so that we can have the opportunity to evaluate all possible solutions to avoiding foreclosure. Click here to contact us. 

Or contact me directly at ProRealtor@verizon.net for more information.

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. How To Stop / Avoid The Foreclosure Wave Heading Our Way - In Any State Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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