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5 Options To Foreclosure
Many homeowners, who are at risk of default on their mortgage believe that foreclosure or even bankruptcy is their only solution. However, before you decide to go down this path, make sure you have explored these 5 options to foreclosure:
1. Refinance: One of the great possibility for refinance this year has been HARP 2.0 – this program only works for Fannie Mae or Freddie Mac loans. However, the good news is you don’t have to be behind in your payments and it’s ok for the home to be worth less than what you owe. Go to MakingHomeAffordable.gov for more information or call your mortgage professional.
See other options for a refi’s – is a VA refi a possibility? Do you qualify for other programs?
2. Do a lender workout a. In a forbearance, the lender spreads the back payments, fees, penalties, etc, over a fixed number of upcoming payments (the amount you are behind) to allow the homeowner to catch up. This would be a possibility, when the homeowner is back on track with life and is ready continue payments.
b. With a loan modification, lenders will often work with the homeowner to help them keep the home ... more
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