Avoid Home Foreclosure
Defense of Foreclosure
Sunday, August 31st, 2008Foreclosure can be a pretty scary threat to any homeowner — whether you’ve recently bought your first home or have owned real estate for years. In 2007/2008, the rates for foreclosure and subsequent real estate possession skyrocketed with foreclosure rates at an all-time high. Read more
Understanding Forbearance Agreements
Wednesday, June 11th, 2008A forbearance is a written agreement between the lender and the borrower that allows for a temporary reduction or suspension of monthly payments and offers more relief than a regular repayment plan. The debt is not erased, but the lender allows the borrower to pay it back at a later time. This option is available for individuals who have documented proof that they are going through short-term financial hardship with payments 3-12 months past due and the lender warrants that this agreement is necessary. Read more
The Skinny on Short Sales
Wednesday, June 11th, 2008A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Read more
Loss Mitigation - Ways To Stop Home Foreclosure
Wednesday, June 11th, 2008When avoiding foreclosure, there are several options that can help to bring your default mortgage status to current. Consider the following options when looking for a solution to your unique situation: Read more
Loan Modification - Is It Right for Me?
Wednesday, June 11th, 2008Loan Modification
Loan modification or loan restructuring is becoming a growing trend for avoiding foreclosures. This option allows for a permanent change in the loan contract that is agreed to by the lender and the borrower. This change brings your account to date immediately and saves your home and your credit. Read more
How to Avoid Home Foreclosure
Wednesday, June 11th, 2008Steps to Take to Avoid Home Foreclosure
No lender wants to hear the words “I can’t pay my mortgage!” but let’s face it, times are tough and money is tight. If you can’t afford professional financial assistance, then here are some steps you can take on your own to avoid home foreclosure: Read more
Deed in Lieu of Foreclosure
Wednesday, June 11th, 2008A deed in lieu of foreclosure is a deed instrument in which the borrower conveys all interest in a real property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings. Read more
Can a New Mortgage Save Your Home?
Wednesday, June 11th, 2008Can Refinancing Work For Me?
Refinancing involves obtaining a new mortgage from a different lender. This new loan will be used to payoff your existing mortgage, unlike a loan modification in which you retain the same lender and just change the terms of your current loan. Read more