Alternatives
to Forclosure
Escape Foreclosure! (Foreclosure
Options)
If
you have experienced increased expenses, reduced
income, or other hardship and are having trouble
making your mortgage payment, you are not necessarily
doomed to the devastation of foreclosure. Here
are six options you may have to keep your house,
if you cannot make your current mortgage payments,
are about to default on your mortgage, or feel
like you are going into “pre-foreclosure”
status:
1.
Refinance: You simply get a new mortgage
loan and pay off your old (unaffordable) loan
with the new one.
2.
Repayment Plan: You work with your lender
on structuring a repayment plan you can live with
– one that lets you catch up on your missed
payments by paying more than one full payment
per month until you are current on your mortgage.
3.
Forbearance Program: You work with your
lender to delay or to suspend all (or a part)
of your normal monthly payment for an agreed-upon
period of time. You may roll the “suspended”
payments into the existing mortgage loan, or you
may make those payments as part of a repayment
plan or loan modification, as agreed between you
and your bank(s).
4.
Loan Modification: You work with your
lender to change the original terms of your mortgage
loan. You may be able to change your interest
rate, the duration of the loan, or the amount
of the loan (adjusted by the amount that you are
behind in paying).
5.
Short Refinance: You work with your lender
to obtain an adjustment or “forgiveness”
of the actual principal portion of the balance.
This may be used with Forbearance and Repayment
Plans.
6.
Bankruptcy: You may change your original
terms of your mortgage loan as part of a bankruptcy
filing, order, reorganization, or repayment plan.
All
of these methods require you to be able to make
a payment that the Bank agrees with and to make
it on-time every month.
If
you have encountered a hardship, income reduction,
or increase in expenses that prohibits you from
participating successfully in any of these programs
or that will simply delay the inevitability of
foreclosure because you’re actually unable
to make acceptable payments, even under modification
or other attempt to adjust your mortgage burden,
you may need to consider a Short Sale to escape
foreclosure and its devastating effects on your
life.
For
more information on what a Short Sale is and how
it can help you, please feel free to call 813-671-6657
for a free consultation or email: info@tampa4u.com
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