Alternatives to Avoid Foreclosure
The type of mortgage loan you have may determine what types of alternatives you may be eligible to pursue.
Options To Retain Your Home:
The following options will result in you retaining ownership of your property.
- Repayment Plan: This usually involves establishing a schedule with your Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.
- Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.
- Mortgage Modification: This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.
- HUD Partial Claim: If your loan is an FHA insured loan, your lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring your mortgage loan current with payments.
- Refinance: This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced. You can explore refinancing with your existing Lender as well as with any Lender of your choice.
Options To Dispose Of Your Home:
In situations where you do not want to retain ownership of the home, the following disposition options may be available as an alternative to Foreclosure. These options affect your credit rating less than a Foreclosure will.
- Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.
- Assumption: With this option, you would sign over the property to another person. That person would then take possession of your home, and take over making the payments.
- Pre-Foreclosure Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan.
Call today! to talk to one of our understanding,experienced agents.
We specialize in helping homeowners who have faced financial hardships from, loss of job, Adjustable interest rates, Medical, or whatever the case may be. Get honest answers from our trained, licensed agents. We can help! Sheriffs sale? Redemption period? Move out date? Back taxes? Second mortgage? liens? Credit? payment plans? We have the answers.
The Taylor/Moylan Team
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