Options
1. Do Nothing - If a homeowner does nothing, they will most likely lose their home at a foreclosure auction. This is a major credit problem which will affect the homeowner's ability to obtain credit for homes, cars, etc. for years. This is the MOST common reaction and the worst thing a homeowner can do.
KEEP YOUR HOUSE
2. Discounted loan payoff - We offer an opportunity to pay off the loan. In many cases, this is the most cost effective option for the homeowner. Instead of paying the full principal on the loan and continue to make interest payments, they can negotiate to pay only a portion of the remaining balance. This option is so attractive in some cases it is worth getting creative to afford this option. Some possible sources are:
3. Refinance - Completely pay off the entire loan amount plus any default amounts and fees. This may result in a lower monthly payment.
4. Reinstatement - Paying the entire past-due amount on the mortgage loan (all missed payments, plus interest, attorney fees, late fees, taxes, and other fees). If you are unable to fully reinstate your loan, we may be able to set up a payment plan that would allow you to keep your home. To discuss this option further, please call us.
5. Loan Modification - Work with the mortgage lender to change the conditions of the loan.
6. Forbearance - Lender might agree to a temporary repayment plan to avoid foreclosure.
7. New Second Mortgage/Partial claim - In some cases, the mortgage lender may give the homeowner an additional mortgage, secured by the home.
LEAVE YOUR HOUSE
8. Deed in Lieu of Foreclosure/Quit-Claim Deed - Give the property to the lender instead of letting the property go into foreclosure. While less damaging than a foreclosure, this may impact the borrower's credit score.
9. Rent the property - This works best when the monthly rental payment is equal or greater than the full mortgage payment. To do this, the loan must be brought current.
10. Sale
If the property IS worth at least enough to pay off the mortgage debt, the homeowner may sell the home through a conventional home sale. This protects a homeowner's credit score.
Homeowners - Please Click Here for more information.
KEEP YOUR HOUSE
2. Discounted loan payoff - We offer an opportunity to pay off the loan. In many cases, this is the most cost effective option for the homeowner. Instead of paying the full principal on the loan and continue to make interest payments, they can negotiate to pay only a portion of the remaining balance. This option is so attractive in some cases it is worth getting creative to afford this option. Some possible sources are:
- Withdraw money from your 401K as a hardship distribution - A homeowner is allowed to make a 401K withdrawal without penalty to avoid a foreclosure. For more information from the IRS visit Hardship Distributions.
- Credit cards/hard money lenders
3. Refinance - Completely pay off the entire loan amount plus any default amounts and fees. This may result in a lower monthly payment.
4. Reinstatement - Paying the entire past-due amount on the mortgage loan (all missed payments, plus interest, attorney fees, late fees, taxes, and other fees). If you are unable to fully reinstate your loan, we may be able to set up a payment plan that would allow you to keep your home. To discuss this option further, please call us.
5. Loan Modification - Work with the mortgage lender to change the conditions of the loan.
6. Forbearance - Lender might agree to a temporary repayment plan to avoid foreclosure.
7. New Second Mortgage/Partial claim - In some cases, the mortgage lender may give the homeowner an additional mortgage, secured by the home.
LEAVE YOUR HOUSE
8. Deed in Lieu of Foreclosure/Quit-Claim Deed - Give the property to the lender instead of letting the property go into foreclosure. While less damaging than a foreclosure, this may impact the borrower's credit score.
9. Rent the property - This works best when the monthly rental payment is equal or greater than the full mortgage payment. To do this, the loan must be brought current.
10. Sale
If the property IS worth at least enough to pay off the mortgage debt, the homeowner may sell the home through a conventional home sale. This protects a homeowner's credit score.
- Homeowner Assistance Program - We have a homeowner sales assistance program to help those who want to obtain the equity earned in the property. To qualify, you will need to make payments starting immediately.
- Fresh Start Program - "Cash for Keys". If you are unable to make payments and have no interest in keeping the property, you can surrender it to us to handle for you. We will provide a portion of the equity in the property up front as a means to make a fresh start.
Homeowners - Please Click Here for more information.
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