Alternatives to Home Foreclosure
Do you need assistance preventing the mortgage foreclosure process? Look for independent mortgage professionals with a good track record.
The present economic crisis has resulted in a tremendous rise in foreclosures. With our expertise in mortgage, conventional loans and foreclosures, your home’s future is in trusted hands. Consulting with a knowledgeable advisor from Trusted Mortgage Advice can mean the difference between successful negotiations and losing your home. Schedule an appointment today .
What are alternatives to the mortgage foreclosure process?
- Get forbearance: Foreclosure is expensive for lenders. They might be willing to work out an arrangement that is mutually beneficial. Ask for a temporary reduction or suspension of your payments. An FHA, VA or other government loans may qualify for even more options. “Ask the Expert” , at Trusted Mortgage Advice how to avoid foreclosure. Our advisors have over 20 years of experience in handling conventional loans, including Fannie Mae and Freddie Mac, and Government insured loans, including FHA, USDA and VA.
- Reinstate your mortgage loan: Your lender may allow you to reinstate your loan by adding missed payments, additional late charges or legal fees to your original mortgage amount. It is also known as mortgage loan modification . Ensure that you will be able to make forthcoming payments. Remember, default after re-instatement worsens your credit ratings!
- Reach out to family and friends: Depending on how far behind on mortgage you are, your family and friends might be able to help with a temporary bailout. This will give you time to get back on firm ground.
- Filing for Bankruptcy: This is a legal way to avoid foreclosure; however you can be stuck with bad credit for 7 years. Consult with an experienced advisor from Trusted Mortgage Advice and your attorney before filing any proceedings. We can suggest other ways to prevent the mortgage foreclosure process.
- Selling your home: A real estate agent familiar with foreclosures can get a foreclosure investor to buy your home; or you can try to find a foreclosure investor yourself. Their familiarity with the process can mean a quicker sale of your home.
- Deed in lieu of foreclosure: It means that you will voluntarily offer your house to the lender to redeem your debt. The lender is not obligated to accept it, but may do so if they are concerned about you filing for bankruptcy. This will help you avoid the public notoriety of foreclosure and will be less damaging to your credit scores than foreclosure.
Find an alternative to foreclosure with Trusted Mortgage Advice
Whatever option you choose to avoid foreclosure you need the guidance of mortgage and foreclosure industry professionals. At Trusted Mortgage Advice, we are independent consultants who have your best interests in mind. Contact our expert foreclosure help team today! Email info@trusted-mortgage-advice.com for more information or to request a personal service consultation.