Foreclosure Credit, Avoid Foreclosure, Foreclosure LoansForeclosure Refinance, Stop Foreclosure

Save your House, Loan Modification Ebook

Ebooks and Programs, Avoid Foreclosure, Stop Foreclosure

• Home
• Stop Foreclosure
• Loan Modification
• Refinance

Refinance

The homeowner may be able to refinance their mortgage,if a homeowner has sufficient equity in their property and their credit is still in good standing.

1. Benefit:  This will lower payments in some cases,
   
2. Drawback: Is an expensive process. In today's market, a refinance will almost always raise mortgage payments,
   

Servicemembers Civil Relief Act (military personnel only)

They may qualify for relief under the Servicemembers Civil Relief Act If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment. In relation to qualifying for this relief, the American Bar Association has a network of attorneys that will work with servicemembers.
•    Benefit: In addition to mortgage payments, If qualified, this will lower payments on all consumer debt.
•    Drawback: The homeowner must be active military to qualify.

Sell the Property

Propietors with sufficient equity, can list their property with a qualified agent that understands the foreclosure process in the area.
•    Benefit:  Allows homeowner to avoid foreclosure.
•    Drawback:  Homeowners do not have sufficient equity to sell their property without negotiating a short sale in many cases today.

Short Sale

The Homeowner can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender, If athey  owes more on their property than it is currently worth.

This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify.

Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation.

•    Benefit: Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure). A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual's credit record, and in many cases will allow the homeowner to avoid a deficiency judgment.
•    Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. You may email me via the Contact Form link at the top right of the page.

Loan Modification, Lower Interest Rate, Loan Reduction