5 Options to foreclosure

STOP FORECLOSURE TEXAS

5 Options for Stopping Foreclosure On Your Home

Hi, I’m George Mello with My Rock Real Estate. I’m a real estate investor, and I’m going to share some important information with you to help you understand that you DO have options when you’re facing foreclosure on your home. Here are 5 of those options. So let’s get right to it.

1. Special Forbearance: this is where your lender MIGHT be able to arrange a repayment plan that’s based on your financial situation that lower your payments temporarily, and sometimes even suspends them for a little while. You have to qualify for this along with meeting the requirements for paying it all back.

2. Loan modification: with this option, your loan is actually restructured to better suit your current situation. You have to qualify for this as well, and you really need to know what you’re doing to get the best results.

3. Partial Claim: you’ll need your lender’s help for this option to get an interest-free loan from HUD to get your mortgage current. As in both options 1 & 2, you have to qualify. If you meet all of the qualifications, your lender can file a Partial Claim with the U.S. Department of Housing and Urban Development (HUD) that will pay your lender the amount needed to bring your mortgage up to date. You have to execute a Promissory Note, and a Lien is put on your property until the Promissory Note is paid in full. This Note is interest-free, and will be due when your mortgage matures or if you sell or leave your property.

4. Pre-foreclosure Sale: a.k.a. the short sale. This option lets you sell your house and pay off your mortgage loan to avoid foreclosure and the damage it does to your credit rating. Usually the other debts and fees that have piled up on you since your financial difficulties started are taken care of during this process too. This can be a good option if your not trying to stay in your house and you just want to get out from under and get a fresh start.

5. Deed-in-lieu of foreclosure: this last option is certainly what I consider to be your least option – sort of a last resort. Here you MIGHT be able to “give back” your house to the lender. The main only real benefit of this option is that it gives you a better chance to qualify for another mortgage loan in the future.

That’s your 5 options on how to stop foreclosure on your home in a nutshell. If your need more info on the loan mod option, or need help selling your house fast, I just might be able to help. Check out the info on my site at:

This is George Mello signing off and wishing you all the best.

www.myrockrealestate.com

www.quickhomesalepro.com

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