You knew your mortgage was in default. Now your lender has informed you that they will foreclose on your house. You can’t sleep. You are sick at the thought of losing your house. There are a number of foreclosure options.
Foreclosure Options for Homeowners
the Loan Current aka Reinstatement –
Believe it or not, your lender wants to work with you to help you get back
on track Foreclosure is no picnic for either party involved. And,
frankly, both you and your lender lose in the end
Out a “Forbearance Plan” – a forbearance
agreement provides short-term relief for borrowers. With a forbearance
agreement, the lender agrees to reduce or suspend mortgage payments for a
certain period and not to initiate a foreclosure during the forbearance
for a Loan Modification – One of the foreclosure options is to ask for a loan
modification. That could include a reduction of the interest rate, conversion of the loan from a variable
interest rate to a fixed interest rate. Another modification, extend the
length of the term of the loan. A loan modification agreement is a
permanent solution to unaffordable monthly payments.
Request aRepayment Plan – if
there is a temporary hardship. Repayment options could include a plan to
repay missed payments in addition to making monthly payments.
Through a Short Sale – You may be able to sell your
home with the bank’s permission as one of the foreclosure options. A
pre-foreclosure sale, also known as a short sale, allows homeowners to sell
their home at current market value and use that money to satisfy
their mortgage [source: Chicago
for Bankruptcy – You can contact a
bankruptcy attorney. You need to know your foreclosure options so you can
make an informed decision. Filing for bankruptcy stops a foreclosure
More Foreclosure Options
Programs for Homeowners – Home
& Garden writes about the partial claim, a
loan modification offered by the U.S. Department of Housing and Urban
Development (HUD) for FHA-approved loans [source: HUD].
The FHA provides an interest-free loan to pay off your missed mortgage
payments, and it doesn’t need paying off until you sell your home or make
your last mortgage payment [source: HUD].
There are many programs for those with floundering financials.
Deed-in-Lieu of Foreclosure – a
deed instrument in which the borrower conveys all interest in a real property to the mortgagee
(i.e., the lender) to satisfy a loan that is in default and
avoid foreclosure. At the height of the housing crisis in
2007-2008, it was called “jingle mail.” Homeowners simply put the house
keys in an envelope and mailed them to the bank and then drove away. A
deed-in-lieu is a more formal process for jingle mail.
the Home to Styl Properties, Inc. You
can save your house of It’s in foreclosure by calling Styl Properties,
Inc. It is
quick! You can sell your house in Omaha normally in
30 days or less. That is much quicker than a traditional sale, which can
take several months, and closing takes places after repairs. In most cases
when an investor and a seller can agree on a price immediately, they can
close as fast as one to two weeks.
Styl Properties, Inc. will
buy as-is. You don’t need to worry about some
repairs that need fixing based on an appraisal? An investor will estimate
the repairs needed to restore your property, arrive at an offer, and will
purchase the property in whatever condition.
Fees! Styl Properties, Inc. doesn’t
charge you a real estate commission and may take care of any other nagging
financial problems such as back taxes, code violations, or past due water
and sewer bills.
investors, we are in business to make a modest profit on any deal. However, we
can help homeowners out of just about any situation, no matter what!
There are no fees, upfront costs, commissions, or anything else.
We offer the simple truth about your home and how we can help you sell it
fast to resolve any situation.
you’d like to give us a ring, we would be more than happy to spend some time
with you to help you understand the process and to get all of your questions
answered. You can reach us at 402