When your home is in foreclosure you have four options to choose from:
Do Nothing That will result in loosing your home within 4 months. You probably not going to be happy with this choice unless you do not have equity in your home and you have a solution for housing.
Bankruptcy This will buy you more time but will not eliminate the problem. Many people filed for a bankruptcy in attempt to save their home, some even succeeded in keeping the home through chapter 13, a reorganization of their financial affairs. This option can work for you if you can come up with money for the attorney, court, payment plan on top of regular payment and addition for the court trustee. It is an expensive process build for people with a good, solid flow of income that went through temporary hardship and needs the court help in forcing agreement on the creditors. Bankruptcy will blemish your credit and will stay on your record for at least 10 years.
Modification Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Simply put, with loan modification the back payments and other lender’s allowed expenses will be added to the principal amount and will be spread over the life of the loan.
Forbearance Payment plan agreement with your lender to pay your delinquencies. This is definitely the most common way, but can be frustrating if you are not familiar with your rights, the banking system and their duty to you or when the lender doesn't have a helpful department or a hardship program. It is highly recommended, to hire a specialist to handle this negotiation.
Refinance Take a new loan to pay off your delinquent loan. If your hardship that got you into this unfortunate situation was temporary and is over by now, you can apply for a new loan to refinance your home. Many lenders will not refinance a property that is currently in foreclosure but there are others that will - provided you have equity in your home, your income is steady and verifiable and you can prove your ability to pay.
Sell Sell your home and cash out any equity you may have. In every market status, there are home buyers looking for a good buy. Selling your home will get you out of the foreclosure situation, can help you restore your credit status and may get you your equity as cash in your pocket so you will be able to walk away from your home with dignity and cash. In many cases we can help in finding a buyer that will close the purchase quickly to avoide the foreclosure sell and you may be able to buy it back.
Call us by phone or Contact us via e-mail for fast response