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Stopping Foreclosure: Understanding your Options
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Facing Foreclosure?
Do you have 1, 2, or even 3 mortgages on your property?
Are you 4, 5, 6 or more payments behind on your mortgage?
Worried about having a foreclosure on your credit report for 10 years?
Do you need help FAST?
When facing foreclosure, time is of the essence!
CALL US TODAY 503-201-6419
We'll give you a FREE no obligation consultation regarding how we can save your home from foreclosure, and SAVE your credit before it's too late. We have helped homeowners across the country put a halt to foreclosure proceedings. WE CAN HELP YOU TOO!
CALL TODAY or visit our website and fill out our contact form. We'll review the information and give you a call. Help is on the way!
Table of Contents
Facing Foreclosure? Know Your Options
The Most Common Foreclosure Options - Part 1
1. Reinstate the Loan
The most obvious option is to pay any outstanding monies to bring the loan up to current. The outstanding amounts might include not only back-payments, but also late charges, extra interest, and any relevant legal charges.
2. Forbearance
When the lender postpones, or stops legal action, it is referred to as forebearance. This typically happens when satisfatory arrangements are made with the lender.
3. Loan Modification
This option is used to avoid foreclosure by revising the terms of the loan. The modifications may include changes to the interest rate, an extension of the loan period, or a re-amortization of the balance to include the outstanding payments and fees.
4. Mortgage Refinancing
Often, people who have undergone foreclosure proceedings have suffered exceedingly negative impact on their credit rating. Because of this, a mortgage refinance is often denied or, if approved, subject to a very high interest rate.
Because of this, mortgage refinancing is only a viable option for people with otherwise good credit who have suffered only a temporary setback.
Learn more about how you can escape foreclosure at our website www.easyhousebuyers.com.
The Most Common Foreclosure Options - Part 2
5. Sale of the Property
For those that are unable to make arrangements with their lender, the next option to consider is the sale of your home.
Selling your property to an investor can be a good way to obtain a quick sale without real estate commissions. Often, an investor will purchase your home "as is", enabling you to salvage your credit without spending time and money on repairs and preparing your home for sale.
6. Deed in Lieu of Foreclosure
This option is the action of voluntarily deeding your property to the lender. In effect, you are giving your property to the lender, and they become the new owner. However, the lender is not required to accept a deed in lieu of foreclosure.
7. Bankruptcy
Some people, on the advice of their attorney, choose to declare bankruptcy. While this does buy them some time, homeowners should consider that in the end, they will have both a foreclosure and a bankruptcy on their credit report.
8. Nothing
Surprisingly, some homeowners choose to do nothing about the foreclosure, hoping that everything will work out on its own. While it can be frightning to choose from the above options, making a bad decision is better than doing nothing at all.
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What's here
- Table of Contents
- Facing Foreclosure? Know Your Options
- The Most Common Foreclosure Options - Part 1
- The Most Common Foreclosure Options - Part 2
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