Tag Archives: How to Avoid Foreclosure

Avoid Foreclosure: Option 8 – Payment Assistance

Option 8. PAYMENT ASSISTANCE.

Definition: Programs that make mortgage payments for people who are at risk of losing their homes without assistance. Mortgage payment assistance programs may have age, income, disability, need or other eligibility requirements.

Many State and local governments, as well as private charitable organizations, have programs which will pay all or part of your mortgage obligation for a fixed period of time. Google the words “mortgage payment assistance programs”.See what is available in your area.… Read the rest

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Featuring – “Avoid Foreclosure following the S.M.A.R.T. S.T.E.P.S. Plan” eBook

Over the course of the next few weeks we will be featuring segments of our newly released eBook, “Avoid Foreclosure following the S.M.A.R.T. S.T.E.P.S. Plan”. This eBook is written to inform Homeowners going through foreclosure and Real Estate Investors about foreclosure.

Our eBook highlights “18 options to Avoid Foreclosure”, which we will be sharing with you through this blog. Please feel free to post questions and comments, it is easy to learn by studying, but it is through discussion that you begin to understand.

This is only one of the many useful sections of this 50-page eBook. If you are … Read the rest

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Avoid Foreclosure: Option 12 – V.A. Loan Modification/Refunding

Option 12. V.A. LOAN MODIFICATION/ REFUNDING
(Available for VA loans only) (Need at least 30 days to process)

VA Loans

Definition: VA has the discretionary authority to buy a loan from the holder and take over the servicing. This is called “refunding”. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the … Read the rest

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Avoid Foreclosure: Option 10 – Repayment Plan

Option 10. REPAYMENT PLAN

Definition: You coordinate with lender to agree upon a monthly payment and the payment and interest on past due amounts. So, providing you keep up the appropriate payments, at the end of the term you will have repaid the loan in full. Terms are set up in the same way as most types of loans with % rate and time frame to pay off.

If you have incurred a short term financial hardship and your loan is two or more months past due, you might consider submitting a request for a repayment plan to your lender … Read the rest

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Avoid Foreclosure: Option 9 – RE-AMORTIZATION

Option 9. RE-AMORTIZATION.

Definition: The delinquency is added to the loan balance in order to bring your payments up to date. Adding past due loan amounts to your current loan balance increases your loan balance and will also increase your monthly payments. The amount of the payment increase will be smaller if the life of your loan is extended at the same time as well. This is a good option if the reason for your mortgage default was temporary and your future income will support the new payment.

Go here for more Foreclosure Coaching… Read the rest

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