Get Foreclosure Help
12 Ways To STOP Foreclosure
1. Pay off loan balance
2. Pay off arrear
3. Partial FHA Claim:
Type of loan modification for gov backed loans.
4. Repayment Plan with Lender:
Typically, the payment is higher than the regular mortgage payment
5. Loan Modification- Must start 37 days prior to Auction
a. Need to make 2X their mortgage payment in income per month (They’ll need to show proof of that income, proof of employment)
b. You have to be current on all taxes
c. You cannot have filed for a loan mod more than 2X this year
d. A “letter of hardship” describing why they got behind and why it is no longer an issue. It’s over and NOT coming back, I can pay now.
6. Temporary Restraining Order:
Request to judge to stop the process.
7. Forbearance Agreement
8. Refinance
a. Homeowner has to be in good standing with good credit to be approved
b. Home has to be in good financeable condition
9. Short Refinance:
When the value of the house is less than what you owe and you’re behind on payments. Lender excepts less then you owe and also refinance you into lower payments.
10. Personal Loan
11. Short Sale
a. Homeowner gets NO MONEY because they are upside down on the home or believe they have NO EQUITY
b.✨Homeowners can get up to $10k in relocation funds in a short sale as long as they are living in the property. The average amount is $2,500 subject to bank approval.
12. Bankruptcy
This DOESN’T STOP the foreclosure… just extends it. During this period of time…. Home & homeowner accrues legal fees & interest
If you are in a pre-foreclosure situation the times can be challenging. Multiple people are calling your home and cell phone, letters are constantly coming in the mail, and the stress is typically piling on. We will help guide you through your options and help you come up with the best solution for you and your family.
There are a few questions we will go over to see what option is best for you:
a. How is your current credit?
b. Are you able to afford the current mortgage payment?
c. What life event(s) led to this particular situation?
d. Have you thought about where you will go if you lose the house?
e. Outside of keeping the house, what is your best-case scenario in this situation?
f. Have you spoken with any attorneys or investors?
g. Have you considered listing your property with a realtor?
h. Are you open to all options available to you?
i. Are you familiar with what happens to your credit after a foreclosure?
We pride ourselves on being able to help families in all types of situations as long as you are open to being helped. Let us provide a solution to your home problem!
