How To Avoid Foreclosure
There are always a certain percentage of Atlanta home owners in distress situations, in default of their mortgages and facing foreclosure. In these turbulent economic times, the number of families facing econmic hardship is growing at an unprededented rate. Unfortunately, these distressed home owners don't always understand that foreclosure of their Atlanta home is not the only option.
Possible Options For Homeowners In Default or Foreclosure
- Mortgage Loan Reinstatement
Paying all missed payments, late fees, and legal fees that are due up to the date the loan is re-instated. - Forbearance or Re-Payment Plan
Negotiating a repayment plan to pay the monies due over a period of time. - Mortgage Modification
The interest rate is lowered on the existing loan to lower the payments. - Refinance
The loan is replaced with new financing at lower interest rates. Sometimes the homeowner's credit is too badly damaged for this option. - Short-Refi
Refinancing with a reduction in the principal balance, as well as the interest rate. - Rent the Property
Lease the property to keep up with mortgage costs. - Deed-in-Lieu of Foreclosure
Referred to as a ‘friendly foreclosure,' with the homeowner giving the deed back to the bank. - Service Members Civil Relief Act (SCRA)
Temporary relief provided to service members. - Bankruptcy
Bankruptcy stops foreclosure giving the homeowner time to reorganize his debt. - Short Sale
Lender agrees to sell the property for less than the loan balance for homeowners facing a hardship.
If you or someone you know is behind on their mortgage payments, contact me for a private consultation. As a Certified Distressed Property Expert (CDPE), I have the skills and knowledge to help save your, your family and your home from foreclosure.
Certified Distressed Property Expert Explained
What Is A Short Sale
Reasons to Avoid Foreclosure
Short Sale Qualifications
