Avoid Foreclosure: Option 1- PAY THE DELINQUENCY

Option 1. PAY THE DELINQUENCY.

Definition: Use personal assets to pay what is past due to get your home out of foreclosure.

Under most circumstances, loan holders are required to accept payment of the full delinquency and reinstate the loan even after foreclosure proceedings have begun. Keep in mind, the delinquency may include certain legal costs since you are already in foreclosure. Many holders require certified funds for reinstatement. Some assets to consider would be to utilize your 401K, the “Friend asset”, (borrow from friends and family), sell some assets, borrow against assets, use lines of credit and credit cards.

IMPORTANT POINTS TO REMEMBER:

• Only utilize the options listed here to get money if you are bringing in income that will pay the additional debt you might incur. Since you have performed a careful evaluation of your bills at this point, you should know if you have room to add additional expense to your month with credit card bills or a loan from a friend.

• This is for you if you will be able to keep the payments current once you have paid the delinquency. Tapping yourself out on credit cards or selling assets does not make sense if you are just going to get behind on payments again. Also, doing so could be considered fraud if there is not a intent to pay the bills you incur.