HOW TO AVOID FORECLOSURE
OPTIONS FOR HOMEOWNERS
To reinstate a mortgage, the homeowner has to pay the missed payments, late fee and legal fees that are due up to the date that the loan is reinstated.
Sell The Property
If sellers have equity in their property, they can sell it and prevent a foreclosure.
Deed-in-lieu of Foreclosure
A deed-in-lieu of foreclosure is sometimes referred to as a friendly foreclosure because the homeowner essentially gives the deed back to the bank.
When homeowners owe more on a property than it is currently worth and one of the previous solutions does not apply to their situation, there is a the option of pursuing a short sale.
If homeowners have sufficient equity and income their credit has not been too badly damaged, they may be able to refinance.
Forbearance Repayment Plan
The lender allows the buyer to pay the missed amount over a period of time or the lender places the missed payment on the end of the amortization of the loan.
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Rent The Property
In some cases, homeowners facing foreclosure will have payments low enough to allow them to rent their property and keep up their mortgage payments.
A loan modification is very similar to a lower interest refinance where the lender lowers the interest rate on the exiting loan to lower the payments.
The process involves the refinance of a home with a reduction in the principal balance and often they interest rate as well.
The law provides certain protection to military personnel who are in foreclosure in specific situations.