- Special Forbearance - Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your mortgage company may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your mortgage company to show that you would be able to meet the requirements of the new payment plan.
- Partial Claim - Your mortgage company may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current. You may qualify if:
- Your loan is at least 4 months delinquent but no more than 12 months delinquent
- Your mortgage is not in foreclosure
- You are able to begin making full mortgage payments.
When your mortgage company files a Partial Claim, HUD will pay your mortgage company the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.
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Short Sale Option - If your Mortgage Balance is higher than your homes Market Value, you have an option to Sell your home at a price lower than your Mortgage balance. A Licensed Real Estate Agent that is an expert in Bank Negotiations can assist you with obtaining a Short Sale. I specialize in negotiations with banks in obtaining a Short Pay off and release of debt, let me help you sell your home!
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- Selling Prior To Foreclosure- This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating. You may qualify if: The "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value.
- The loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date
- You are able to sell your house within 3 to 5 months (depending on what your mortgage company agrees to).
An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs. I know sometimes this can be a tough decision, because you may have raised your family in the home or you may have inherited it. However, do not let the emotional attachment limit your options. For example, many people are so emotional about their home, they don’t even consider selling until it is to late. I do not want you to have to sell or to find another place, however if you are running out of options, then consider this one.
- Deed-In-Lieu Of Foreclosure - As a last resort, you may be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it will help your chances of getting another mortgage loan in the future. You can qualify if: you are in default and don't qualify for any of the other options; your attempts at selling the house before foreclosure were unsuccessful; and you don't have another mortgage in default.
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