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Can you work with your lender to avoid
foreclosure?
Working with your lender or bank before
foreclosure issues arise is key. Keeping
communication lines open about your current
financial situation and discussing payment
plans, new terms and even a refinance. But
not all lenders are helpful and going to
listen. Especially if you are several months
behind and they a have started the
foreclosure process.
Here are the top 5 options available ranked
from #1 to #5
1.
Mortgage modification, which refinances
the debt and/or extends the term and reduces
the interest rate of the mortgage loan
to bring payments to a more affordable level to the borrower
- Best option - Use our form above for a
free consultation!
2. Special forbearance, which can help
meet a new repayment plan by providing a
temporary reduction or suspension of
payment. Good option - Use our form above for a free
consultation!
3. A soft second loan, which is a second
mortgage whose payment is forgiven or
deferred until resale of the property
Pre-foreclosure sale, which
will allow sale of the property and pay off
the mortgage loan.
4. Deed-in-lieu of foreclosure, which
transfers title from borrower to lender to
satisfy the mortgage debt ("voluntary
conveyance").
5. Partial claim payment paid to the
lender, which brings the mortgage current
with special assistance from the United
States
Department of Housing and Urban Development (HUD) by way of
an interest free loan upon execution of a
promissory note
and subordinate charge over the property.
Many homeowners are facing foreclosure
because they did not fully understand what
they were signing at the mortgage closing
table. They were only looking at the dream
of owning a home or a lower mortgage rate.
Whether it is considered
predatory
lending or not, do not let it happen
again.
Review all your documents pertaining to any
extension of your mortgage, rate, payment or
term pages. Do not become a victim again use
a trusted
Foreclosure Specialist
at MyLoanSavers.com
Our consultation is FREE there is no
obligation to hear how we can save your
home and mortgage with out
refinancing and with out losing your home. Don't be the next victim at
least hear what we can do to help.
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