Foreclosure IS NOT How Your Game Has to End. Our Team Provides FREE Help Along with the Empathy & Honesty You Deserve.
Going through a foreclosure is one of the most difficult things you can experience, and it’s still considered to be a widely misunderstood process for many people. Our ShortStop team knows from experience that every foreclosure situation is a unique one. Which is why we are dedicated to creating a personalized, tailored process of solutions for every client.
By leveraging our vast network of real estate, legal, and service professionals, we can be sure that all the clients we serve receive the best possible outcome. We help you understand what to expect in the event of a foreclosure, all while offering support, guidance and hope along the way.
Let’s view a few of those options now to see which one just might be the right solution for you.
Options for Foreclosure Prevention
- Ask For A Forbearance
A forbearance allows you to pause your mortgage payments for a limited time while you rebuild savings, increase income or decrease debt after experiencing a financial hardship. During this process, the payments aren’t erased, but there are plenty of options available for you to resolve the delinquency: repayment plans, loan modification, deferral, partial claims, etc. The more common option used by homeowners and what our team has successfully helped many get approval on is a loan modification.
Ask For A Loan Modification!
** Our services are completely FREE throughout the LOAN MODIFICATION process! **
With a loan modification, or principal reduction, you can often prevent foreclosure by reducing your mortgage payments during a time of financial hardship. Unlike a forbearance, which is typically a temporary solution, a loan modification permanently alters your loan payment plan and is a longer-term solution if you do not think your financial situation will improve. The changes to the terms can lower your monthly payment and interest rate.
- Apply For A Refinance
While the option to refinance won’t be available if you have already begun the foreclosure process, it can be a viable solution for those that qualify. If you sense you’re headed toward foreclosure, refinancing into a more affordable payment can help you avoid defaulting on the loan. However, this can only be done if you’ve yet to miss a mortgage payment, so unfortunately this option isn’t feasible for everyone.
- Get Approved For A Repayment Plan
You may be able to get approved for a repayment plan to help make your loan current again. Under these arrangements, borrowers will typically pay a specified amount extra each month until the missed payment balance is satisfied, upon which they’ll return to making the original monthly mortgage payments like before.
- Ask For A Mortgage Reinstatement
Similar to the repayment plan above, if your financial hardship has passed and you have the means to repay your mortgage per usual going forward, you can also ask for a mortgage reinstatement. Under mortgage reinstatement, you make a lump-sum payment for all of the payments you missed, and your mortgage will once again be current.
- Sign A Deed In Lieu of Foreclosure
If you can’t catch up on mortgage payments or don’t qualify for any retention loss mitigation option and know you won’t be able to go forward, you can still sign a deed in lieu of foreclosure and avoid the repercussions of the typical foreclosure process. When you sign a deed in lieu, you voluntarily give your lender the deed to your home.
- Apply For A Short Sale
A short sale is when you sell your home for less than what you owe on the mortgage. The lender has to approve this and will receive all the proceeds of the sale. The borrower must be able to prove financial hardship and the home must be worth less than the borrower owes on it for a short sale to be considered.
No one wants their home to be foreclosed upon – and fortunately, before you reach that point you have many options to avoid the foreclosure process. If you decide that a short sale is the best solution for you, contact us to schedule a consultation.
Our Short Sale services are available at no charge or obligation.
Working with lenders can be an intimidating and stressful process. We are here to help reduce that stress.
Here’s What Our Team Can Do For YOU:
- We explore all government loan assistance programs
- We help you to understand all of your current options
- We help to complete your loan modification paperwork, at No Cost to You
- We contact your lender and help you work through the intimidating process
- We help you gather the supporting documentation your lender will require
- We help to find verified qualified licensed legal help for any legal matters
- We help with any and all questions related to your mortgage and foreclosure
Our team has been successful in helping many different homeowners get approval on their loan modifications, however, if your lender chooses to decline your modification, our team will then have to work with you to explore your other options (i.e. short sale) to avoid foreclosure.
** All of our services are completely FREE throughout every process! **
CAUTION! *Foreclosure allows the opportunity for lenders to come after any of your outstanding debts.*
Without help, many homeowners feel that foreclosure is inevitable if they can’t get something done soon.
So, please be proactive and. . .
PLEASE NOTE:
***Save Your Homes IS NOT AN EMPLOYER. Save Your Homes and Short Stop Home and Equity Protection DOES NOT BUY HOUSES. Neither are governmental agencies nor associated with any government agency. All information you provide us is kept completely confidential. Your information will never be shared with anyone at anytime, including your lender, IRS or any collection company or agency. The purpose of this website is intended to provide you with general information only. Much of the content on this website comes from current information on state and local foreclosure agency websites. We are NOT lawyers or tax advisors. Nothing on this site should be taken as legal or tax advice for any individual case or situation.