Foreclosure Options
We will research government programs that you may qualify for. We will assist in correctly applying for the correct government programs. We help people on a daily basis find and enroll in the right program for their situation! Give us a call at 1-888-816-7859 (Toll-Free).
Thankfully there are available options for you if you are looking for assistance to stay in your home.
Loan Modification Option
A Loan Modification, the most popular program; is the change of an existing home loan down to an affordable level in response to a borrower's long-term inability to repay the loan by the lender. Typically a Loan Modification involves the reduction of the interest rate, principal balance, or extension of the length of the loan term; or the combination of the three (3). You possibly qualify if you have recently recovered form a hardship and can afford the new payment amount offered. Most lenders can work with home owners, even if they have a foreclosure date or bad credit.
Principal Balance Reduction
A Principal Balance Reduction is a process that a loan modification attorney assists a home owner in when negotiating the principal balance that is owed down; to reflect the current market value of the property. Typically to lower your monthly mortgage payment the interest rate of the loan is reduced to the current market rates.
Mortgage Forbearance Agreement
Your bank may offer a solution to repay your past due payments and avoid foreclosure with a Mortgage Forbearance Agreement, depending on your situation. The forbearance agreement is made between the delinquent borrow and the mortgage lender. In which the lender agrees not to take legal action and foreclose on a mortgage, and the delinquent borrower agrees to a new mortgage repayment plan. A Mortgage Forbearance Agreement is a temporary solution designed for delinquent borrowers who have had unseen financial problems. Typically the Mortgage Forbearance Agreement allows a borrower a minimum of four (4) months and a maximum of twelve (12) monthly mortgage payments.