Are you behind on your payments?
Here are your options to avoid foreclosure:
- Reinstatement- To reinstate a mortgage, the homeowner has to pay all the missed payments, late fees and legal fees that are due up to the date that the loan is reinstated.
- Forbearance or Repayment Plan- The lenders allows the buyer to pay the missed amount over a period of time or the lender places the missed payments on the end of the amortization of the loan.
- Sell the property- If sellers have equity in their property, they can sell it and prevent a foreclosure.
- Refinance- If the homeowners have sufficient equity and income and their credit has not been too badly damaged, they may be able to refinance.
- Mortgage Modification- A loan modification is very similar to a lower interest refinance where the lender lowers the interest the interest rate on the existing loan to lower the payments.
- Short-refi- This process involves the refinance of a home with a reduction in the principle balance and often the interest rate as well.
- Deed-in-lieu of Foreclosure- A deed-in-lieu of foreclosure is sometimes referred to as a friendly foreclosure because the homeowner essentially gives the deed back to the bank.
- Bankruptcy- A bankruptcy may stop foreclosure and allow homeowners to reorganize their debt and keep their property.
- Servicemembers Civil Relief Act (SCRA)- This law provides certain protection to military personnel who are in foreclosure in specific situations.
- Short Sale- When homeowners owe more on a property than it is currently worth and one of the previous solutions does not apply to their situation, there is the option of pursuing a short sale.
If you or anybody you know is in this situation please contact me. I a Certified Distressed property Expert Agent in the Riverside County area.
Susana Franco
951.5912458 cell
Realtor\ Ca Dre Lic#01852097
85 E. Ramona Expressway #3
Perris, CA 92571
Susana.franco27@gmail.com
www.your951agent.com
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