should the dreaded "Foreclosure" word creep into your life. Don't worry help is out there.
- Lenders can exercise, "Forbearance" in which the bank will suspend payments for a period of time
- Banks are working with borrowers on repayment plans which will enable you to keep your home and pay back deficient amounts in the future
- banks are making loan modifications such as extending the period of the loan or a reduction in interest rate. In fact, Bank America plans $40 Billion in loan workouts for their clients and those of Countrywide Financial.
- In some cases, Banks will accept a "Deed-in-Lieu of Foreclosure"in which the bank takes the home back and you walk away without a foreclosure mark on your credit history.
Comments(0)