Foreclosure Options To Consider
Here are some foreclosure options for you to think about. Each option comes with its own set of rules and regulations, and some may or may not be applicable based on your specific circumstances.
Reinstate Loan
bring a delinquent loan current by paying all missed payments, late fees, and any other associated costs by getting friend and family loan, using savings like a 401k, Life insurance, and so on.
*You can also asked for late fee waiver and a delay of NOD (notice of default)
Forbearance
Temporary postponing or reduction of mortgage payments (interest will continue to be charged), or adding missed payments to the end of your loan term.
Loan Modification
Renegotiating payment, terms like interest rate, payment amount and loan maturity date.
Refinance
When you replace your existing mortgage with a new one to change your loan terms, potentially lowering your interest rate or monthly payments
Deed in Lieu of Foreclosure
Agreement where a homeowner voluntarily transfers ownership of their property to a lender to avoid a formal foreclosure process
Bankruptcy
Can help stop or even slow the process of foreclosure, but its not a for sure resolution.
Short Pay
Occasionally, family or friends may assist by providing funds that the Lender would deemed acceptable for a short payoff. A Lender might agree to a lesser amount as an alternative to the foreclosure process. Unlike a short sale, the property does not get sold.
Talk to Real Estate Agent about
Selling a property during foreclosure and before auction can help you avoid major credit score damage, prevent the legal and financial stress of a full foreclosure, and potentially allow you to keep any remaining equity.
Here are a few options
Sale as in condition
Cash offer / Investors
Subject to mortgage
Short Sale