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
In my last article I talked about Pre-NOD.Today I am going to talk a bit about Pre-foreclosures. The Pre-foreclosure niche is the process leading up to the final day a property in pre-foreclosure is possessed by the bank. This is the time you will reach out to homeowners in order to find out if you can help them with their situation to avoid foreclosure You want to approach the homeowner heading toward foreclosure with a spirit of caring.Your job is to discover what they need and find out if you can help them avoid foreclosure. This is where the