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WHAT ARE MY OPTIONS?
Homeowner Assistance will consult with you to help you find the best way to stop the
foreclosure on your home. Our staff specializes in the following alternatives. It is extremely important
for you to understand what alternatives are available to you. The next page has a brief
description of the different options that should be considered.
- ssssForbearance or Moratorium: Many lenders favor this program but you must fully understand the pros and cons. Your lender may voluntarily agree to accept a payment plan that would allow you to pay your regular payment plus a fractional payment that would bring your mortgage account current in a short period of time. Your lender may agree to allow you to make your regular payment and then on a specified date make a lump sum payment, which would then cure your default. These two workout methods are the most commonly used, however these workouts require certain formats that we have and understand here at Homeowners Assistance Services.
- Deed in Lieu of Foreclosure: You may choose to try and sell your home before the foreclosure sale occurs. It should be noted that time is of the essence and you should consider other options we will discuss with you. In the event that you try to sale your house you may be subject to attorney costs as well as a realtor?s commission. This may cause you to come up short and this can cause you to come up short and cause a deficiency so beware.
- Reamortization : If your loan is reamortized, this will increase your loan balance and possibly your payment. It is important that you fully understand the ramifications of a loan reamortization. We specialize in providing you with answers and solutions.
- Refunding: This is a program that is exclusive to VA mortgage loans. VA has the discretionary authority to buy a loan from the mortgage holder and take over the servicing. If you have the ability in the near future, but your loan holder has decided it cannot extend further forbearance or payment plan, you may qualify for refunding.
- Many state and local governments, as well as private charitable organizations and investors, have programs which will pay all or part of your arrearage. Home Owner Assistance Services has worked with many private investors willing to consider helping home owners in distress.
The above options are considered the most common and are usually used. Homeowner Assistance Services will consult with you to help and find the best way to stop your foreclosure. Our staff is standing by to help, so contact us today.
Contact us
today so we can begin working on finding a solution to stop your foreclosure.
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Call 888 424-0877 Today!
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