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"

If Facing Foreclosure.....Know Your Options!

For most home owners it is a scary day when their lender delivers a Notice of Trustee's Sale.  Here in Arizona you have a few options on the table....learn about your choices to make the best decision for you and your family.

Consider this blog the beginning of your journey.  While I'm well versed on the real estate aspects of foreclosure you should absolutely consult with an attorney and also a tax advisor before making any final decisions.  I'm always amazed when people tell me they cannot afford the $200 to $500 these consultations may cost....."really, you're dealing with 10s if not 100s of THOUSANDS of dollars"...you can't afford NOT to get this help.

Here's the list of options available....I'll blog more about each one in the coming days.

Options With Your Current Lender:
Loan Workout ~ Loan Modification ~ Work Out Sale

Federal Help For Homeowners (refinance):
HOPE for Homeowners Program

Deed In-Lieu of Foreclosure

Short Sale

Foreclosure

Bankruptcy

If you're facing foreclosure give me a call.  I'll be happy to refer you to some trusted colleagues so that you can get the legal and tax advice you need.

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

Why A Blog?

Each day clients, friends and neighbors ask me questions about the housing market.  I'm always happy to share information which led me to creating this blog.  What better way to open a discussion about the ups and downs in the Valley's real estate market. 

Welcome to my blog....I promise to keep the content pertinent to what's happening in today's housing market.  Save the page and let http://northvalleyrealty.blogspot.com/ be all you need to know about real estate!