Avoid Foreclosure

 

 

 

 

The word "foreclosure" strikes fear in the heart of many homeowners, however there are several ways that you can avoid the foreclosure process.

 

If you are concerned that you may fall behind in your mortgage payments soon, but haven't missed a mortgage payment yet, now is the time to take action. Contact your lender and determine if you are eligible to refinance or modify your loan, in an effort to lower your payments and make them more affordable. 

 

If you are ready to leave your home, but do not want to just walk away, there are options available that can assist you. One of these options is known as a short sale.  A short sale is the sale of a home for less than the balance remaining on your mortgage.  For more information on short sales, please visit my "Short Sale Help" page. 

 

Another option is known as a mortgage release. With a Mortgage Release (Deed-in-Lieu of Foreclosure), you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments. This will allow you to eliminate your mortgage debt, start repairing your credit sooner than if you went through a foreclosure, and you may be eligible for up to $3,000 in relocation assistance.

 

If you are over the age of 61, you could be eligible to receive money from your mortgage company by borrowing against the value of your home through what is known as a reverse mortgage. To find out more about avoiding foreclosure, click on the "stop foreclosure" link below.

 

 

 

 

 

 

 

Stop Foreclosure

 

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