Special offer

what to do if the dreaded foreclosure word creeps into your life

By
Mortgage and Lending with Liberty One Lending

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.