Category Archives: Foreclosures

Avoid Foreclosure: Option 7 – Loan Forebearance

Option 7. LOAN FOREBEARANCE

Definition of Forbearance: The act of a creditor who refrains from enforcing a debt when it falls due.

Loan forbearance is a new agreement with your lender to repay your past due payments when you are behind on mortgage payments. This will stop foreclosure sale of your home quickly.

Forbearance is easier to arrange prior to the Mortgage Company filing a foreclosure lawsuit. Some lenders will not consider this after filing, but it’s worth trying.

This is the most common way of resolving a loan default. You and the lender agree to work out a … Read the rest

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Avoid Foreclosure: Option 11 – MORTGAGE LOAN MODIFICATION

Option 11. MORTGAGE LOAN MODIFICATION

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)
Definition: A restructuring of loan that could result in a lower interest rate, extending the term of your loan, thereby lowering your monthly mortgage payments.

If you have incurred a long term financial hardship and can afford a new agreed upon payment, this might be an option for you. A loan modification is a permanent change to your mortgage. There are costs and fees associated with a modification that you will be responsible for. All property taxes … Read the rest

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Hope for tomorrow…

Hope for tomorrow….

These words are from a “tag line” I used to put under my real estate investing business name.

“Support for today, hope for tomorrow.”

Even though I don’t use that tag line any more, it is still the basis for all I do.

Now more than ever, I plan to continue to support others with all that I have to offer and in the process, providing hope.

I know this is last minute – but some extra seats just opened up.

I wanted to give you an opportunity to receive a free trip and free training when … Read the rest

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Avoid Foreclosure: Option 2- Refinancing

Option 2. REFINANCING

Definition: Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral.

I don’t believe that refinancing your home is always in your best interest. Sometimes, once your financial situation is examined in both the short and long term it may be the worst thing you could do at this particular time. However, sometimes, refinancing your home is the best move you can make providing you have the income to support the new payment. This option is only available to you if your … Read the rest

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