| ign="center"> | | | | because of another mortgage problem that |
| Foreclosure is the legal and professional | | | | cannot be worked out. |
| proceeding in which a mortgagee, or other lien | | | | Deed in Lieu of Foreclosure |
| holder, usually a lender, obtains a court ordered | | | | Deed in lieu of foreclosure is relatively quick and |
| termination of a mortgagor's equitable right of | | | | less traumatic than the foreclosure process. Deed |
| redemption. Foreclosure is stressful long before | | | | in lieu of foreclosure is a legal document which |
| the actual process begins. Foreclosure is a | | | | allows Borrowers to transfer all interest of their |
| frightening word for those facing it. Foreclosure is | | | | property to their lender. Deed in Lieu of |
| the flip side of the American dream of home | | | | Foreclosure is a powerful tool when properly used. |
| ownership. Avoid foreclosure now so that when | | | | Using a "deed in lieu of foreclosure," or "strict |
| you get back on your feet, you won't be | | | | foreclosure", the note holder claims the title and |
| restricted by looming credit issues. There are | | | | possession of the property back in full satisfaction |
| steps you can take to avoid foreclosure, but you | | | | of a debt, usually on contract. Once the bank |
| must take immediate action. | | | | agrees to deed in lieu of foreclosure, the lender |
| Avoiding Foreclosure | | | | immediately takes possession of the house. Not all |
| Avoiding foreclosure is the talk of the town; you | | | | lenders will accept deed in lieu of foreclosure. |
| canât ignore its presence and the vast | | | | Repayment Plan / Forbearance |
| numbers of homeowners who are being affected | | | | Forbearance is an agreement that allows you to |
| by the threat of foreclosure. Avoiding a problem | | | | pay less than the full amount of your loan |
| such as nonpayment of mortgages will not make | | | | payment, or sometimes nothing at all, during a |
| it go away and will only make it worse. The worst | | | | certain period of time. This can be done by loan |
| part about foreclosure is it stays on your credit | | | | modification (where the actual loan terms change), |
| report for 15 years. We have listed a few | | | | forbearance (where missed payments are allowed |
| solutions below. | | | | and frequently tacked on to the end of the |
| Loan Modifications | | | | mortgage term) or other payment plans to get |
| Loan modification is a term that many | | | | you back on track. A few examples of these |
| homeowners are becoming all too familiar with as | | | | foreclosure "work-out" plans are as follows: a |
| the foreclosure rate is at its peak. Loan | | | | temporary payment deferment period, a |
| modification is the process of negotiating with the | | | | temporary forbearance period, temporary |
| mortgage lender to decrease the amount of the | | | | payment or rate reduction, and/or a loan |
| loan. Loan Modification is arguably the most | | | | modification. Lenders sometimes combine |
| effective tool you can use if you are behind on | | | | Forbearance with Reinstatement if you know |
| your mortgage and been impacted by a financial | | | | you'll have the funds to bring your account |
| hardship to save your home from entering | | | | current by a specific date. |
| foreclosure. Loan modification agreements come | | | | If you have incurred a short term financial |
| in different forms but quite frequently they | | | | hardship and your loan is two or more months |
| involve the reduction of mortgage's interest rate | | | | past due, your loss mitigation specialist will also |
| for a specified period of time so the homeowner | | | | consider submitting a request for a payment plan |
| can continue to make payments and stay in the | | | | to your lender for approval. Forbearance Plan: If |
| home. Loan modifications used to be reserved for | | | | you are late in your mortgage payments, and |
| borrowers whose mortgages became delinquent | | | | ready for a quick solution, this is the perfect plan |
| because of job losses, divorce proceedings, or | | | | for you, it will give you the opportunity, to pay |
| illness, but today they are also open to those | | | | your delinquent amount, over a period of 18 |
| individuals who are suffering in the aftermath of | | | | months, to bring your account current, and have |
| adjustable rate mortgages skyrocketing and | | | | peace of mind. |
| placing the monthly payment beyond the means | | | | Get Immediate Assistance Now Before It is Too |
| of the borrower. However, loan modifications do | | | | Late. We Can Help. |
| not make sense if you will lose the home anyway | | | | |