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We can help you: |
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Prevent foreclosure |
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Negotiate a repayment plan or forbearance |
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If you have an adjustable rate mortgage |
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If you're not even late yet on your payments but want a loan modification |
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We specialize in: |
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Multiple property owners who want to modify their loans |
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Preconstruction deposit refunds |
Sometimes you may experience a temporary reduction in income or financial hardship, such as an illness. When this happens, you may temporarily be unable to make your mortgage payments. Once the situation improves, however, you may be able to resume the scheduled payment of the mortgage.
Repayment Plan
We may be able to arrange an increase in monthly payments until the loan is brought current. This means that each month you would add an additional amount of money to your regular monthly payment until the amount that was overdue has been repaid.
Forbearance
Forbearance is a formal, written agreement between you and the mortgage servicer to reduce or suspend monthly payments for a specific period of time. This means that for a period of time, you would either pay only a portion of your regular mortgage payment or not make any payments at all. At the end of the agreed-upon period, you would be required to resume regular monthly payments as well as pay additional funds to make up for the past due amount. During the time that the payments are either suspended or reduced, you would have the opportunity to resolve the financial hardship you are facing.
Loan Modification
In situations where a repayment plan or forbearance is not the appropriate course of action, a loan modification may be considered. A loan modification involves changing one or more of the terms of a mortgage in order to help you bring a defaulted loan current and prevent foreclosure. This option generally is considered for homeowners whose financial problems are expected to be more long term.
As hard as you might try, sometimes financial hardships don't get turned around as quickly as you would like. These situations may include a long-term layoff, job loss, mandatory reduction in pay, disability or illness that results in a decrease in income or an increase in major medical expenses, or the death of the principal wage earner.
In these instances, it may not be possible for you to continue to meet all of your financial obligations and the only appropriate course of action is relinquishing ownership of your home, while avoiding foreclosure. These alternatives include:
Assumption of the Loan
An assumption is a method of transferring a house to a new buyer who agrees to take responsibility for (assumes) the existing mortgage. Not all mortgages are assumable.
Preforeclosure Sale
A preforeclosure sale is the sale of a property in which the bank agrees to accept the proceeds of the sale, even though it may be less than the amount owed on the mortgage. To avoid going through a foreclosure proceeding, the bank can agree to accept the proceeds of the sale in satisfaction of the mortgage loan.
Deed-in-Lieu of Foreclosure
A deed-in-lieu of foreclosure takes place when you voluntarily give the deed to the property to the servicer. Generally, a deed-in-lieu is considered only after all other alternatives to foreclosure have been explored.
