Just because you are having financial difficulties doesn’t mean you have to sell your home or lose it to foreclosure. There are other options that you should know about. They aren’t all going to work for your situation, but just one may save you from foreclosure!
Reinstatement - when lender accepts a lump sum by a specific date to stop the foreclosure; the money may come from a hiring bonus, investment, insurance settlement, a tax refund, or some other source
Loan Forebearance - often combined with a reinstatement; when your payments are reduced or suspended for a short period of time in order for you to find the money you need for a reinstatement
Repayment Plan - an agreement to resume making your monthly payments plus a portion of the past due payments each month until you’ve caught up the debt
Mortgage Modification - when the terms of your original loan are modified to accomodate your financial situation; you may get a new interest rate, or a longer term, and your back payments will be added to the loan amount
Partial Claim - if you have an FHA insured loan, you may qualify for a one time interest free loan to bring your account current; your loan must be 4 to 12 months delinquent; you would pursue this option if you are able to make your normal mortgage payments again
Refinance - a good option if you have an adjustable rate loan as long as you don’t owe more than the property is worth; HUD has a program called FHAsecure if you have not yet fallen behind on payments, or if you have fallen behind due to the adjusting of your interest rate
For more details on these options, or other Foreclosure Prevention Methods, such as 'How to Sell Your House with a Short Sale', contact us by calling 1-800-470-4988 ext. 181, or by filling out a contact form here: http://firstchoicehomesolutions.com/contact-us/
Posts
