Welcome back! Are you getting the deals yet? If not, Basic Membership is only $2.99 per month, Silver ($25 pm), Gold ($100 pm) or Diamond ($1,000 pm). The realestate deal alerts and luxury goods deals go straight into YOUR mailbox before anywhere else! Want to be notified the next time we post something? Get the O-GRADY.com RSS feed.
Here are Three Stop Home Foreclosure Options:
There are several options a home owner may take to stop foreclosure. Below we list three stop foreclosure options that may help you if you are currently facing foreclosure.
Choosing which option will work for you, depends on your current situation:
- Special Forebearance
- Mortgage Loan Modification
- Particial Claim
Special Forebearance Option to Stop Foreclosure:
The Special Forebearance Option is where your mortgage lender could arrange a new repayment plan based on your current financial status.
Your lender could also offer a reduction of your monthly mortgage payment, or allow you to not have to pay your mortgage for a few months (yet adding this time to the length of your mortgage term).
Usual Qualifications Required For Special Forebearance:?
Qualification for Special Forebearance to stop home forclosure, usually requires that you have recently experienced a sudden reduction or loss of income (an injury, loss of job); or an unusual increase in living expenses.
Your lender will usually require you to provide proof to show your income hardship situation, or you may also be required to write a Hardship Letter to Stop Foreclosure.
Your mortgage lender could also request you provide proof that can now make the new mortgage payment amount, if a new payment plan is setup.
Mortgage Loan Modification Option to Stop Foreclosure:
With a mortgage loan modification option you may be able to refinance your current mortgage at a lower rate and / or add years onto your mortgage loan term. Using the mortgage loan modification to stop foreclosure may be able to lower your mortgage payment where it is more affordable for you.
Would You Qualify for a Mortgage Loan Modification?
You could qualify for a mortgage loan modification if you have just recently recovered from an income hardship situation. To qualify for a mortgage loan modification you will need to be able to afford the new loan payments.
Partial Claim Option to Stop Foreclosure:
With a partial claim option to stop foreclosure, your lender could apply for a payment from the FHA Insurance fund, US Department of Housing and Urban Development – HUD on your behalf. The amount would equal the total funds required to bring your loan payments current.
Would You Qualify for a Partial Claim?
You may qualify for a partial claim if your mortgage payments are at least 4 months past due, yet are not more than 12 months past due. Documented proof would also be required that shows you will be able to make you loan payments now.
The partial claim to stop foreclosure will require you to sign a promissory note for the amount required to bring your loan up to date.And, a property lien will be added to your property, until the promissory note is paid. The HUD provided promissory note is interest free. It must also be paid when you pay off the mortgage and/or sell your property.
The above three options are an example of what may be available for you to stop home foreclosure. You can learn about many more options if you visit the free information site: Stop Foreclosure Tips.
Related posts:
Recent Comments