Your Options In A Foreclosur Situation . 1-718-927-3500
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Your OptionsBelow is a list of plans and methods that we use to stop the foreclosure sale. These plans are summarized briefly below. LOAN MODIFICATIONIf you have incurred a long term financial hardship you can ask for loan modification. It's most often used to reduce a borrower’s payment when the cause of the default is permanent or long term. The loan is modified to better suit the borrowers current income and situation. The amount owed can sometimes be tacked on to the back end of the mortgage which prevents the borrower from having to put so much money down up front FORBEARANCE AGREEMENTSpecial forbearance may be offered to borrowers who have recently experienced a verifiable loss of income or increase in living expenses, but who now have sufficient monthly income to correct the delinquency and reinstate the loan within the duration of a monthly plan either through gradual repayment of the delinquent amount, or through a combination of repayment and modification SHORT SALE / SHORT PAYOFFA short sale or quick sale is a plan to sell your house. When a lender agrees to allow a short sale, they agree to accept less for your house than you owe on it to avoid foreclosure. There may be tax ramifications associated with any short payoff or foreclosure,therefore we recommend you contact your tax advisor for details. DEED-IN-LIEU OF FORECLOSUREIf you have incurred a long term financial hardship and your house has been on the market. A deed in lieu is somtimes acceptable to a lender. When accepted, this option allows you to deed your house back to your lender to avoid foreclosure. The lender releases you from the mortgage and repossesses the house. |
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