When Facing Foreclosure - Options With Current Lender

vLoan Workout:

§Reinstatement ~ pay the total amount owed by a specific date in exchange for the lender agreeing not to foreclose

§Forbearance ~ An agreement to reduce or suspend payments for a short period of time

§Repayment Plan ~ An agreement to resume making monthly payments with a portion of the past due payments each month until they are caught up

§Claim Advance / Partial Claim ~ If the loan is insured, a homeowner may qualify for an interest-free loan from the mortgage guarantor to bring the account current

vLoan Modification:

§The lender may agreement to change the terms of the original loan to make the payments more affordable.  Loan modification resources include:

•Making Homes Affordable: www.makinghomeaffordable.gov

•National Foreclosure Mitigation Counseling Program: http://findaforeclosurecounselor.org/network/home.asp

•Homeownership Preservation Foundation: www.995hope.org  or toll free at 1-888-995-HOPE

vWork Out Sale:  If you have equity your lender may allow a specific amount of time for the home to be sold and the loan to be paid off in full.  The lender may also allow a buyer to assume the loan to purchase the property even if the loan is non-assumable.

 

Susan

"...all you need to know about Real Estate"