Special offer

Avoid Foreclosure - Options Home Owners Have When Faced With Foreclosure

By
Real Estate Agent with Keller Williams Realty - Lakewood
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

Comments (6)

Marcy Fedalei
Keller Williams Realty - Spartanburg, SC

Great start on ActiveRain! Welcome and thank you for sharing your thoughts and ideas.

Oct 28, 2008 10:57 PM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon!  We have a team of four outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC.  Again, welcome to AR!!

Oct 28, 2008 11:28 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Oct 29, 2008 12:50 AM
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Congrats on your first post - Welcome to ActiveRain!!

DM

Oct 29, 2008 02:30 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Hey Jason - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

Oct 29, 2008 04:22 AM
Lorena Westervelt
Van West Realty - Greenville, SC
Co-Founder/Co-Owner

Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

Oct 29, 2008 11:28 AM