Avoid Foreclosure: 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

Avoid Foreclosure: 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