What Options Do I Have? Every homeowners situation is unique, but they all have one thing in common...... Options!
As of February 1, 2007 if you're currently 2 months behind or more on your mortgage and occupy it as your primary residence the sale of your home will be governed by the "Home Equity Theft Prevention Act" which makes its virtually impossibly for us to buy it from you. The good news is you still have other options.
The key is not to procrastinate. The longer you wait the less options you will have. Below is a list of some available options. If you would like to find out more fill out a request form and a specialist will contact you.
Special Forbearance. Your mortgage company may be willing to arrange a repayment plan based on your financial situation. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. Mortgage Modification. You may be able to extend the term and/or balance of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level.
Short Sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan. Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.
Bring Your Loan Current. You will need to pay all your back payments, interest and any penalties/late fees. This is your best option if you have the resources necessary. There are numerous sources of money you may not think of. Retirement accounts, savings, loans from family or friends, credit cards (although credit cards are not a highly recommended solution, under the right circumstances they may provide you enough time to get back on your feet). Although all of the above options are available, you need to be careful not to get scammed by so called "Consultants" that charge a fee for these services. Here are a few tips:
Contact your lender directly and try to refinance the loan or work out a payment plan. Contact an attorney. Contact a HUD Approved Counseling Agency
Don't sign anything without reviewing it with your attorney
Make sure everything is in writing, NO PROMISES!
Listen to the old saying "If it sounds too good to be true, it probably is!"
Don't sign over your deed when someone agree's to let you rent the house and buy it back later.
The fact is you don't have to lose your home, destroy your credit rating and give away your equity. But you do need to know your options and make an educated decision. Complete our request form for more details.
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