If you fall behind on your mortgage, you’re most likely going to face foreclosure, and this is an overwhelming and frightening thought. Before you panic, however, you need to know that there are options. Here, we’ll provide you with some possible alternatives by using foreclosure defense services.
Loan Modification
The purpose of loan modification is to provide you with a long-term solution because unforeseen circumstances have prevented you from being able to continue to pay on your loan as you have been. When seeking a loan modification, the lender grants you a repayment plan that you can manage in order to keep your home.
Deed in Lieu of Foreclosure
If you can no longer afford your mortgage payment, you can also file for a deed in lieu of foreclosure. This means you hand over the deed of your home to the lender in exchange for the assurance that the lender will not initiate foreclosure proceedings. Once the home is legally owned by the bank, the home is put up for sale and the proceeds go to the bank.
Short Sale
If you can no longer afford your mortgage, you can also ask the bank if they would be willing to allow a short sale, where they would take less than what is owed on the house. This can be a solution for both the homeowner and the bank if the property is no longer affordable for the homeowner.
If you’re facing foreclosure, contact us. We can work with you to come up with a solution that’s right for you.
