Category Archives: Foreclosures

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 13 – PARTIAL CLAIM

Option 13. PARTIAL CLAIM.

(FHA mortgages only) (Some Freddie Mac Investor loans)

Definition: This is a loss mitigation option that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date

Partial Claim

You may qualify if:

 

  • Loan must be 92 days delinquent (4 full payments due and unpaid).
  • Mortgagor must have overcome the cause of default.
  • Owner-occupant committed to continuing occupancy as primary residence.
  • You are able to begin making full mortgage payments.

 

 

When your lender files a Partial Claim, the U.S. Department of Housing and … 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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