1. Loan Modification. You may be able to refinance the amount owed and extend the term of your mortgage loan for the missed payments.
2. Special Forbearance. Your lender can arrange a temporary suspension of your mortgage payments. 3. Filing Bankruptcy. When you file for bankruptcy the mortgage lender must stop foreclosure activities. 4. Pre-Foreclosure Sale. If you have equity, you can sell your home and pay off your mortgage loan to avoid foreclosure. 5. Short Sale. If your home is worth less than what you owe on your mortgage, you can ask the lender to approve a "short sale". 6. Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give" your home back to your lender. This may preserve your credit and help your chances of getting another mortgage loan in the future. Remember: DON'T IGNORE LETTERS FROM THE COURT! DON'T IGNORE PHONE CALLS FROM YOUR LOAN SERVICER! DON'T ASSUME THE LOAN SERVICER IS RIGHT! DON'T MOVE OUT EARLY! DON'T GIVE MONEY TO SCAM ARTISTS CLAIMING THEY WILL STOP THE FORECLOSOURE!
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March 2024
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