There are many options for Central Florida sellers who are in foreclosure.
As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure.
To find out about the 9 options for Sellers, you can read my blog post here.
You can my blog post about Option 1, which is reinstatement of your loan, here.
Today's post is about Option 2, which is Forbearance or Re-Payment Plan.
Option 2 is somewhat like Option 1 in that if a borrower who has missed mortgage payments did so due to a temporary situation such as an illness or a short-term job loss, they may be able to negotiate a re-payment plan with their lender to "make up" the missed payments.
If a re-payment plan is offered by the borrower's lender, it is usually because the borrower can demonstrate that they will have the necessary funds to repay the missed payments and legal fees...but may need several months to do so.
In situations such as these, it is not uncommon for the borrower's lender to agree to allowing the missed payments to be moved to the end of the scheduled loan amortization plan as long as the borrower can provide the required documentation from their lender.
If a forbearance or re-payment plan is granted by the borrower's lender, the borrower needs to know that until ALL of the missed payments are caught up, the mortgage is not fully reinstated and any further missed payments during this same time period may result in foreclosure action.
In the event that you are a seller who is delinquent in your mortgage, a forbearance/repayment plan or one of the other 8 remaining options for Sellers facing foreclosure may be an option for you.
Contact a Certified Distressed Property Expert (CDPE) in your market place to see which option is best for you.
A list of CDPE professionals can be found by visiting the CDPE website here.
LaShawn Norden, PA, Certified Distressed Property Expert (CDPE), (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties in Central Florida
Comments(3)