Category Archives: refinance with foreclosure

All About Foreclosure

As you know, if you don’t pay your monthly mortgage payments over a period of time, the mortgage company can foreclose. This means you will lose title to your property and may be evicted from your home. A foreclosure becomes part of your credit report and may adversely affect your ability to obtain credit in the future. To avoid possible foreclosure, it is helpful to have money saved to cover several months of your housing costs in case of an unexpected emergency, like job loss, divorce or separation, serious illness, or the death of a loved one.

What if You Cannot Pay Your Mortgage?

1.  Apply with us today!  Click Here Now.  A representative will contact you shortly thereafter.
2. Contact an attorney.  We cannot stress this enough.
3. You have likely called your mortgage company and they refuse to help you.  This is standard.  But again, do not despair.

Too many people in financial trouble wait until the last minute.  Some hope their problems will quickly resolve themselves. Others worry the mortgage company will rush to collection or foreclosure. In a significant number of all foreclosures, the borrowers did not return their mortgage company’s calls or written invitations to discuss payment options.  The truth is: the longer you wait, the greater your chance of losing your home. If you are unable to make your mortgage payment, use the form above. Depending upon your situation, here are a number of alternatives that professionals will discuss with you.  Here’s things you should know:

  1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
  2. A Reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
  3. A Repayment Plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
  4. A Loan Modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include:
    • Adding missed payments to the existing loan balance (get current with your payments)
    • Making an adjustable-rate mortgage into a fixed-rate mortgage (turn your high ARM into a low fixed rate mortgage)
    • Extending the number of years you have to repay (to lessen your monthly payments forever)

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