Is My Lender Useful in Avoiding Foreclosure?
Despite the myths, banks want you to avoid foreclosure just as much as you do. Your money and interest is much more valuable to them than your house. Simply make sure you communicate with them before the foreclosure is inevitable and your lender will most likely provide you with some form of assistance.
How Can I Avoid Foreclosure?
There are several options that may be available to you to avoid foreclosure:
- Short Refinance - A very forgiving plan offered by your lender where part of your debt is eliminated and the rest of the loan is refinanced.
- Short Sale - Another very forgiving plan offered by your lender whereby you are to sell your house for an amount lower than the loan amount still owed. The money goes to the lender and the rest of the loan is eliminated.
- Repayment Plan - Unlike the first two, you will not be off the hook to repay your loan with this one. This is usually offered by your lender in the case that some unforeseen expenses arise setting you back financially. Lenders generally provide a couple of months for you to repay the overdue amounts and get back on track.
- Loan Change - This usually involves changing the terms of the loan so as to bring your loan balance current.
If my House has been Sold at a Foreclosure Sale, is There any Possibility of Redemption?
Different states have different requirements, but generally speaking, you will have the opportunity to do so provided you can do so within specific time requirements, which also vary by state.
Should I Consult a Lawyer about my Mortgage Issues?
Buying and financing a piece of real estate can be one of the most important experiences in your life. An attorney can advise you of the different mortgage financing options for this financial endeavor. An attorney can also review any financial documents, and advise you about your obligations and the best way to proceed.
Consult a Lawyer - Present Your Case Now!
Last Modified: 08-20-2012 04:41 PM PDT