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Options to Save Your Home From Foreclosure

 


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These 6 options can stop foreclosure, and get you back on track.

Reinstatement - when lender accepts a lump sum by a specific date to stop the foreclosure; the money may come from a hiring bonus, investment, insurance settlement, a tax refund, or some other source.

Loan Forbearance - this option often combined with a reinstatement; when your payments are reduced or suspended for a short period of time in order for you to find the money you need for a reinstatement.

Repayment Plan - an agreement to resume making your monthly payments plus a portion of the past due payments each month until you've caught up the debt.

Mortgage Modification - when the terms of your original loan are modified to accommodate your financial situation; you may get a new interest rate, or a longer term, and your back payments will be added to the loan amount.

Partial Claim - if you have an FHA insured loan, you may qualify for a one time interest free loan to bring your account current; your loan must be 4 to 12 months delinquent; you would pursue this option if you are able to make your normal mortgage payments again.

Refinance - This is a good option if you have an adjustable rate loan as long as you don't owe more than the property is worth; HUD has a program called FHAsecure if you have not yet fallen behind on payments, or if you have fallen behind due to the adjusting of your interest rate.

For immediate relief of your problem ownership contact Shawn Hutchison directly @ hutch@firstchoicehomesolutions.com

To find out more about selling your home quickly and ways to stop a foreclosure visit: http://firstchoicehomesolutions.com

We provide Real Answers to your real estate problems.

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