A Homeowners Solutions Company
A Homeowners Solutions Company
Mortgage Underwriters Helping Homeowners
Mortgage Underwriters Helping Homeowners
Foreclosure Prevention Options
Refinance your home
When you refinance, you receive a completely new mortgage with new terms, a new interest rate, and a new monthly payment amount. The new loan completely replaces your current mortgage and might lower your payment, which could help improve your monthly financial situation. If you are current on your monthly mortgage payments, but would like to lower your payment amount, a refinance option may be the solution for you.
Payoff your mortgage
Paying off your mortgage entails receiving a payoff statement from your lender for the full balance on your home's first mortgage. One of the biggest advantages of paying off your mortgage early is peace of mind. Once you've paid it off, you'll wake up every morning and fall asleep every night knowing that the roof over your head is 100% yours. For many people, you can't put a price on that sort of security.
Sale your home
This requires you to sale your home for the full amount due on your mortgage(s) as stated by your lender. Unlike a short sale, this requires no lender approval because you're selling your home for the full amount due on your mortgage.
Foreclosure Retention Options
Mortgage Reinstatement
A reinstatement is when you agree to bring your delinquent mortgage current by making a lump sum payment of all past due amounts before a certain deadline. If the reason that you're behind on your mortgage is only a temporary hardship, and you think you will be able to keep up with your mortgage payments in the future, a reinstatement might be just the solution you're looking for.
Forbearance Plan
Forbearance is an offer by your lender to temporarily suspend or reduce your monthly mortgage payments for a specified period of time. If the reason that you're behind on your mortgage is only a temporary hardship, and you just need some time to improve your financial situation and get back on your feet, a forbearance could be the right option for you.
Repayment Plan
A repayment plan is an agreement between you and your lender that lets you pay past due amounts added on to your regular mortgage payments over a specified time period to bring your mortgage current. If you can keep up with your current mortgage payments, but need a little help catching up on past due amounts, a repayment plan could be the solution you're looking for.
Loan Modification
A loan modification is an agreement between you and your lender to change the original terms of your mortgage. For example, a loan modification might allow you to add past due payments to the balance of the loan, lower your monthly payment, lower your interest rate, change your interest rate from a variable rate to a fixed rate, and/or extend the number of years you have to repay your mortgage. If you are facing a long-term hardship, and you need permanent (rather than just temporary) help, a loan modification may be the right solution.
Foreclosure Liquidation Options
Short Sale
A short sale is one way of leaving your home while still avoiding foreclosure. A short sale is when you sell your home for less than the balance remaining on your mortgage. If your lender agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. If you are facing a long-term hardship, and other options for keeping your home are unavailable, a short sale might be just the solution you're looking for.
Deed-In-Lieu
A deed-in-lieu is one way of leaving your home while still avoiding foreclosure. With a deed-in-lieu of foreclosure, you transfer ownership of your home to your lender in exchange for a release from your mortgage and payments. If you are facing a long-term hardship, and other options for keeping your home are unavailable, a deed-in-lieu might be just the solution you're looking for.
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