Foreclosure options

If you're one of the millions of homeowners facing foreclosure you have options.  The key to successfully emerging from foreclosure is by taking quick decisive action.  Regardless of where you live, when a foreclosure action is filed you have a limited amount of time to save your home.  The amount of time depends upon where you live.  For example, Georgia homeowners only have 30 days while New York homeowners have about 12 months, but must appear in court within 20 days. Therefore, your first step is to contact your lender.  In the meantime, here are some options that are available:

Forbearance
The lender agrees to delay the foreclosure to allow the borrower to catch up with their mortgage payments within a specified time.  This is commonly used where the borrower's financial limitation is temporary.

Repayment Plan
The lender agrees to let you catch up by creating a schedule of payments to repay the past due amounts.  This is commonly used when the borrower had a temporary financial problem that caused the foreclosure but is now able to make mortgage payments.

Loan Modification
The lender agrees to modify the terms of your mortgage to lower your mortgage payments.  This is commonly used when the borrower's mortgage payments increased due to an increase in the adjustable interest rate.

Loan Refinance
The lender agrees to refinance the borrower's loan.  The borrower must be able to qualify for the new loan. This is commonly used when the borrower takes action prior to missing payments and has strong credit.

Selling Your Home
If you're financial problems are more serious and are no longer able to afford your home it may be time to consider selling your home and moving to more affordable housing.  If you're able to sell your home and avoid a foreclosure on your credit report you will be able to purchase another home in the future when your financial condition improves.

Deed-in-lieu of foreclosure
If you're unable to sell your home your lender may agree to allow you to transfer the deed to them to avoid the impact of a foreclosure on your credit report.

HomeplexNation offers free assistance to homeowners.  We can help you understand the foreclosure laws of your state and explain your options. If you need to sell, learn about our TRUEoffer^tm. Click here to learn more.