Know your Options.. Avoid Foreclosure...

By
Real Estate Agent with Coldwell Banker ABR 01852097

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

 

Comments (1)

Susana Franco
Coldwell Banker ABR - Menifee, CA
Realtor

THANK YOU FOR READING...

I AM A LOCAL REALTOR SERVICING THE RIVERSIDE COUNTY AREA..

FOR MORE INFORMATION PLEASE CONTACT ME.

THANK YOU

SUSANA FRANCO

#01852097

951.591.2458

Oct 31, 2012 07:10 AM