Vincent, How do I avoid foreclosure?

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.

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