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Can My Lender Help Me Avoid 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. If you communicate with your lender before the foreclosure is inevitable, your lender will likely be willing to work with you to avoid foreclosure by offering you alternative options to repay your loan.
How Can I Avoid Foreclosure?
There are several options that may be available to you that will allow 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.
Should I Consult a Lawyer about My Mortgage and Foreclosure Issues?
Buying and financing a piece of real estate can be one of the most important experiences in your life, and facing the possibility of losing that property can be one of the scariest. A foreclosure attorney can inform you of your rights and obligations with regard to your mortgage and the foreclosure process. An attorney can also review any financial documents and advise you on the best way to proceed.
Consult a Lawyer - Present Your Case Now!
Last Modified: 05-29-2014 12:05 PM PDT
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