Options Home Owners Have When Faced With Foreclosure

Some of these can allow you to keep your home and your credit rating intact, while others may involve the sale of your home to preserve your credit.

Call us to find out which of these option you qualify for.

The longer you wait, the less options you have.

1) Special Forbearance - Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your mortgage company may even provide for a temporary reduction or suspension of your payments.

2) Mortgage Modification - You may be able to refinance the debt and/or extend the term of your mortgage loan.

*** Lower your monthly mortgage payment, by: ***

• • lowering your principal
  • lowering your interest rate
  • OR BOTH

3) Partial Claim - Your mortgage company may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

4) Selling Prior To Foreclosure (aka Short Sale) - This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.

5) Deed-In-Lieu Of Foreclosure - As a last resort, you may be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it will help your chances of getting another mortgage loan in the future.

Additional Information:

Whether you're in foreclosure now or worried
about it in the future, we have information that can help.Get Help Now!
-    Talk to a housing counselor
-    Talk to your lender
-    Find state and local foreclosure resources
-    Contact HOPE NOWKeep Your Home
-    Are you at risk of foreclosure?
-    Tips for avoiding foreclosure
-    Foreclosure scams

Refinance Options
-    Learn about FHA Secure
-    Learn about HOPE for Homeowners
-    Who to call when a lender won't work with you

If You Can't Keep Your Home
-    Redemption period - your last chance to save your home
-    Local renting resources
-    Rental assistance
-    Relocation resources
-    U.S. Postal Service Movers Guide