If you are facing a home foreclosure, or if you expect to miss a future payment, then you need to start finding options to either get caught back up on payments, or stop the foreclosure. There are several options available, depending on how much time you have and how much you can afford to pay your lender.
In some cases, it may be best to sell your home before the foreclosure. It may be hard to give up your home, but there is a good chance that you owe more than it’s worth, in todays market. Selling your home will most likely involve a short sale. A short sale is when your lender accepts less than what is actually owed. For example, if you owe $175,000, you could list the home for $150,000 and maybe even accept an offer as low as $117,000. Your lener would forgive the difference and because of new tax laws, you wont even owe taxes on the difference. When you complete your evaluation on the left, make sure you let us know that you are interested in selling your home and we’ll put you in contact with someone who can help.
If you don’t want to sell, then you’ll need to start thinking about your best option to keep your home out of foreclosure.
The first, and most obvious option is a foreclosure loan. This is either a equity loan to pay the arrears, or a refinance with a completely new lender. Unless you have a low fixed interest rate, a refinance is probably better. But be careful, because you could end up with a higher interest rate. Another concern about refinancing is that many lenders will turn you down at the last minute and leave you with no options. If you want to try and refinance your home out of foreclosure, it’s best to have a backup plan in place as well.
A second option, which is currently the easiest and most popular option to stop a home foreclosure is to get a loan modification. A loan modification is when your existing lender changes your loan to a fixed interest rate and re amortizes it, so you have a lower monthly payment. A loan modification can take up to 90 days to get approved, so a workout plan will be established to postpone the foreclosure if you don’t have 90 days to wait.
Home foreclosures are at an all time high, which causes mortgage companies to be overwhelmed with calls.
It’s important for you to understand the foreclosure process and know what they will be asking for if you intend to try and stop the foreclosure on your own.
If you decide to hire us to stop the foreclosure for you, we will take care of everything for you, but we do ask that you are honest about your situation and that you inform us whenever your lender contacts you.
With your cooperation, we can settle a case in less than 30 days, but every case is different, so please contact us as soon as possible.