Honest Realestate Agent

Try to call the lender or the bank and request for a reinstated loan. The lender or the bank may allow you to reinstate or make a certain loan current by paying the lump sum or you can also make scheduled payments to the lender over a certain time frame. Provide a reliable explanation to lenders.

Take this for example:

Ed is unable to pay the mortgage for 3 months. Monthly payments is usually $2,000. Late fees usually charge $500. For the reinstated loan, $6,500 is owed by Ed. He was able to get $10,000 by selling some of his belongings. The payment will be given to the bank which will in turn thank him; then he continuos with the monthly payments. The NOD is canceled and the home is saved making everyone happy. Still, the Notice of Default is going to hit ED a little.

Forbearance Agreement is similar to it. This happens when you negotiate with a bank. You need to ask the bank to add the amount you owe in the back payments. You can also ask if the bank can shoulder the small portion and the rest will be added to the loan. Or you can ask for the upfront and ignore the rest. Why don’t you ask the whole amount to be forgiven? Try to ask so that you can get an answer. Most banks are willing to work with homeowners like you, just try.

Refinance your home. If you have very little overdue payments and your home has a lot of equity, this is one option for you. Lenders will usually refinance your existing loan including the late payments and the fees. For one mortgage, everything is already included. You should leverage your house. You see, it’s difficult to refinance when you have little home equity.

Enlist your home with a reputable realtor. If you have equity, this is an excellent option. Home with little equity are harder to sell. You will need to pay a commission or fee to the realtor to get your house listed. A 4-6% fee is usually charged depending on the purchase price of the home. The realtor will increase the price of the home to recompense the commission. Don’t apply for the loan if the selling price of the house exceeds the market value. You can sell your house.

Sell your house. Just put up a sign on the yard. Tell everyone you know that you are now selling the house. You can sell the house soon if you live in a huge neighborhood. When in doubt, you can always sell your house to us and enjoy some discounts. We purchase houses and if we’re successful, you won’t have a foreclosure record and you also get money.

Give the house to the lender. Properties can be taken back by lenders when there is no lien. This process is called Deed in Lieu of Foreclosure or otherwise called friendly foreclosure. This doesn’t protect credit and it will not cut off the junior lien holder’s rights. The lender will simply take the house and it is subject the lien holders. Deficiency judgment can be avoided when the house is subjected to an auction. This is not a good option for houses with equity. It will involve giving up rights to get the surplus.

Sell your house to us. We will try to negotiate with the lender to accept a discounted loan. This is also called short sale. With the process, you can avoid foreclosure auction. We will also help you move into a new house.

You need to file bankruptcy. You need to understand bankruptcy thoroughly. To scare others, you can also use this tactic. You should know that bankruptcy has different chapters. To some, it might work but for others, it might not. When you file for bankruptcy, you’re also placing a ‘bulletproof’ for your home. No one will dare to touch you. Still, you have responsibilities. Know the difference between chapter 7 and 13.

Chapter 7 works this way.

The assets are all frozen if you file chap 7 bankruptcy. Attorneys call this automatic stay. You can ensure that all will remain in place. As a homeowner, you can’t purchase or sell anything; you can’t give away some of your belongings. You should never sell your house. Don’t even attempt to give away your savings. Unsecured debts and loans are wiped out or eliminated. Such things no longer exist. The attorney or trustee will look at all your assets and liquidate them to pay off the wiped out debts.

End foreclosure now with Chapter 7. Banks will request for the property’s release to proceed with foreclosure. Foreclosure will again begin once bankruptcy ends. You will usually have 3 to 5 weeks when the foreclosure process starts again.

Chap 13 is different. In this case, not all assets are taken and sold. All monthly payments are taken and discounted. It is similar to the debt consolidation plan. The agreed amount should be paid monthly for 3 to 5 years. Homeowners can still keep their house, cars, and other assets. You will be fine as long as you pay on time. If you miss payments, bankruptcy will be dismissed and the foreclosure will again start.

Note: bankruptcy should be your last option or alternative and it should not be used to escape foreclosure. Seek legal help if you want to opt for this option.

Finally, allow the foreclosure process. Don’t attempt to do anything. In 2 to 3 weeks, you will need to leave the house. You won’t be able to carry anything and the foreclosure will reflect on your credit. This is the worst of all options. Don’t listen to others who are trying to convince you on this one. Try something for the sake of your home. You can’t lose anything. It may just be a couple of thousand dollars or nothing at all.

One thing can still halt foreclosure. This is known as the Soldier Relief Act (1940). You can use this if you’re a military personnel but it will be based on certain criteria. To qualify, you should be active. Mortgage loan should be established before the person was called out. This can stop foreclosure and the personal property will stay intact.

Decide now and choose the option wisely.

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