I can help families avoid foreclosure. there are many options for you to avoid foreclosure. If you want to keep your home, then you need a loan modification.
That is where you request your lender lower your payment to an amount that you can afford. Depending upon how far behind you are on payments, you can usually get the missed payments tacked onto the end of the loan.
You will need to submit your financials and all supporting paperwork to your lender. They will review everything and assign a person to work with you. Everything you do from there forward will determine your fate. For example, many homeowners start negotiating a loan modification with the wrong person at the bank/lender.
This is a fatal mistake. See some people have permission to reduce your payment and work with you. Others are simply debt collectors disguised as loan modification staff. Their only goal is to get as much money from You as possible. When you negotiate a loan modification, make sure you avoid this and other common mistakes.
the good news is many homeowner are able to keep their home. Always keep the lines of communication open with your lender. Keep them updated as things change on your end. If you want a loan modification, then request one. If you decide to short sale, then let them know as well.
Always know your options to avoid foreclosure. Here are the nine options to avoid foreclosure:
Option #1: Do nothing and the bank forecloses.
Option #2: Loan Modification where the lender reduces your payments and you keep your home.
Option #3: Reinstatement. this is where you catch up on all the back payments and keep your home.
Option #4: Refinance. This is a tough option in today’s lending environment.
Option #5: Deed-In-Lieu of foreclosure. This is where you surrender the home to the lender. It allows them to accelerate the foreclosure process. They benefit at your expense.
Option #6: Sell the property
Option #7: Rent the property
Option #8: Bankruptcy. A bankruptcy will stop a foreclosure for 6 months and often even longer.
Option #9: Short Sale. Do you owe more than your home is worth? You would qualify for a short sale. That is where you sell the house at today’s market value and your lender agrees to accept that lower amount. If you are thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Thanks for reading this and I hope now you understand all your options.
If you or anyone you know needs real estate advice, please do not hesitate to contact me.
Donna Bishop Realtor call me : (239) 560-3149 or email me; email@example.com