HELPING Owners PRESERVE HOMEOWNERSHIP
Options are available to help you avoid foreclosure
Option 1: REINSTATE
- Repay Delinquencies to make the loan current
If you are expecting a large sum of money (e.g. tax return, special bonus, etc.) then you can pay back your delinquent amount to the bank to make your loan current.
- Special Forbearance Agreement with the bank. Also known as a "Trial Mod".
You can request the bank to setup a special payment plan to give you time to catch up on your missed payments.
Option 2: REFINANCE OR MODIFICATION
- Refinance Loan with new Loan
If you have equity in your home you may qualify to refinance your current loan with a new bank loan.
- Loan Modification
You can apply to your existing bank to change the terms of your current loan by adjusting the rate, term, or principle balance.
Option 3: SELL YOUR HOME (Pre-Sale or Short Sale)
If you don’t have the ability to refinance or reinstate your loan, your lender may give you time to sell your home to avoid foreclosure.
If you owe more to the bank than it is worth today then you may qualify for a Short Sale.
Option 4: DEED IN LIEU OF FORECLOSURE
Your last option to avoid foreclosure is to voluntarily give your home back to the bank by signing a Deed-In-Lieu.
Option 5: FORECLOSURE OR BANKRUPTCY (last resort)
What should you do to avoid losing your home?
- Read all letters/correspondence from your lender.
- Contact your lender and explain your situation, do not avoid your lenders calls. They want to help you with your loan!