"There is no place like home." This phrase conjures up feelings of comfort, safety, and security just to mention a few. To lose a home for any reason is a tragedy, but losing it through foreclosure is embarassing, demeaning and financially destructive.
The current crisis has created a situation ripe with fraud, mis information and confusion. Recently I have received the Short Sale and Foreclosure Resource certification, in doing so I have learned that there are alternatives to losing your home to your lender.
One of these alternatives is forbearance, under this plan the lender may allow the borrower to skip a payment or make a partial payment if the borrower can suggest a reasonable plan to catch up on the amount in arrears.
Reinstatement is similar to forbearance, but under this plan the borrower agrees to make a lump sum payment in the future to bring the mortgage "up to date." This could be made possible by using tax refunds, future bonuses or anticipated increase in family income.
Just because you haven't missed a payment doesn't mean you can't start the process of saving your home. If you are in the Roanoke, Va. area and would like to have a free and confidential discussion about the alternatives available please feel free to contact me.
Comments(2)