What to do if your house is in foreclosure

It’s important to know your options and understand all the potential solutions that may be available to help you avoid foreclosure. It’s also important to understand what can happen if you fail to take action and foreclosure becomes unavoidable. The process can be stressful, embarrassing, and it can have long-lasting consequences. If your house is in foreclosure, you can do one of the following.

Mortgage repayment plan

If you suffer a short-term financial setback (i.e. expensive car repairs, a medical emergency), your lender may provide some breathing room by agreeing to let you pay off your missed payment in two instalments over the next two months.

Loan modification

Mortgage servicers can adjust the terms of your loan — most often by lengthening the amortization schedule, lowering the interest rate or rolling the delinquent amount into the loan and re-amortizing the new balance — to help you bring the loan current.

Deed-in-lieu of foreclosure

A deed-in-lieu of foreclosure is when over your home to a lender voluntarily to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan balance on your mortgage, but that depends on your lender’s rules and the state you live in.

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Short sale

A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt.

Short refinance

The lender forgives some of your debt and refinances the rest into a new loan. This type of refi was more common in the aftermath of the mortgage crisis and may not be available for most homeowners now.

Beware of foreclosure relief scams

Sometimes, you’ll receive notices from people other than the loan servicer who promise to help you pay your mortgage and avoid foreclosure. Shred these notices as soon as possible. Many times, these people use publicly available information about your loan to offer mortgage relief. But this is false; most of these schemes either involve transferring your home to the scammer in return for a large loan or charging fees and giving you nothing in return.

For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.

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