Options to Stop Foreclosure
The foreclosure options shown below are listed to help you better understand the options available for foreclosure. Depending on your investor, the owner of your loan, all options may not be available. If you are looking for help be sure to click on this Foreclosure Option link. Get the professionals on your side, lenders will many times set you up on a plan that you can not afford. 877YouKeep.com has negotiators that not only work the business day to day but we actually have people working in our organization that have worked for the nations largest lenders.
-
Special Forbearance - is a written repayment agreement between a lender and mortgagor which contains a plan to reinstate a loan that has been delinquent for at least 90 days. Many lenders do not offer this foreclosure arrangement.our 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. You must have a solid reason for default and documentation to support your claim. Find out if you qualify for a Special Forbearance
- Mortgage Modification - You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). Find out if you qualify for a Mortgage Modification
- 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. Find out if you qualify for a Partial Claim
- Selling Prior To Foreclosure - This will allow you to sell your property and pay off your mortgage loan for less than you owe, 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.
- 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.
- Do It Yourself - We have a guide that teaches all of the tricks and give you a complete understanding of how to stop foreclosure yourself (Stop Foreclosure Myself)
We have helped many homeowners stop foreclosure below are examples of homeowners we have helped
City: Laurens
State: South Carolina
Zip Code: 29360
County: Laurens
Stop Foreclosure in South Carolina
I was divorced, my child got sick, I lost my job, my account was frozen, you name it, it happened. I fell behind, I had worked out a loan modification with the loan co and my father fell ill and had to have surgery in over 500 miles away, I did not get the papers and was not able to return them. Now it is turned over to a lawyer. My land has been in my family for over 300 hundred years. I do not want to lose it.
Everything is on track. I have the $1000 my loan co asked me to hold to use as a good faith payment, but no paper work bc i was out of town. I can make my payments and will not fall behind again. I just need to stop my forclosure. A court date is set for Feb 6th. Chase is the mortgage holder. stop my foreclosure
City: Los Angeles
State: California
Zip Code: 90215
County: Los Angeles
Stop Foreclosure in Los Angeles
My mortgage rate has increased from 6.25 to 11.99% from Feb to Oct, with another adjustment to kick-in in Apr. In terms of dollars, the increase is $1,262.00 monthly. Needless to say, I was/am not budgeted for this massive increase and have maxed out all my credit cards to keep up on my payments. I have been working with the mortgage companies lost mitigation department which had informed me in Nov that I pre-qualify for a loan modification. Initially they told me the process would take approx. 45 days. Unfortunately each time I call, the increase the process time. As of today, they informed me it's taking 90 days or more to complete the process. No one can seem to expedite my request or give me a semi-concrete date. Please Help Stop my Foreclosure!!
My situation has not changed, and I am not sure I'll be able to make this months payment on time (I've been 1 month behind but current as of Jan. My mortgage company is Ocwen Mortgage.
|
|
