Foreclosure - List of your OPTIONS

If you don't ignore the problem for too long, you'll find that there are many options available to you. Check these out!

OPTIONS: (TAKE QUICK ACTION TO ENSURE YOU HAVE THE MOST TIME TO PERSUE WHICH OPTION IS BEST FOR YOU AND YOUR FAMILY.)

1. LOAN REINSTATION - Pay the entire default amount, interest, attorney fees, late fees, taxes, missed payments. There may be additional fees, so ask!
2. LOAN MODIFICATION - Refinance the debt or extend loan terms. This may allow you to catch up at a more affordable level if you qualify.
3. FOREBEARANCE - In a forbearance, your lender may be able to arrange a repayment plan based on your financial situation.. Documentation will be needed to show that you are able to meet the new payment plan requirements.
4. Pursue a “Deed in Lieu of Foreclosure.” Instead of the bank foreclosing, the home is given back. Banks generally require that the home be well maintained and all mortgage payments and taxes are current
5. FILE BANKRUPTCY - Bankruptcy may liquidate (some) debt and/or allow more time. REMEMBER that this will not stop the foreclosure from happening. It will simply buy you time and perhaps release some of your debt so you can catch up.
6. SELL – This is a conventional home sale. If the property has equity, you could get cash from the sale.
7. SHORT SALE – Selling the home with the approval of your lender that is less than the total amount owed. This can be negotiated with your lender if what is owed is more than the property’s value.
   

***DO YOU HAVE EQUITY IN YOUR HOME and have the stability of FINANCES??
You can payoff/refinance your loan. The bank agrees to let you pay off the entire loan amount plus any default amount and other fees. This option is usually for people who have equity in their home.