Helping as many struggling homeowners as we can is our company's aim. You, the homeowner, need someone who can provide you with frank and insightful counsel to assist you make the proper choice at this crucial time. 

Our mission's greatest aspect is that we perform this service at no cost to you. Please give us a call if you have any questions regarding your current circumstance or fill out the Property Inquiry Form under "Contact". We will reach out to you within 24 hours.

To put it simply, a loan modification is the act of altering the conditions of your initial loan. 

Depending on your loan type (conventional, FHA, VA, etc.) and the lender, you may be eligible for a number of different loan modifications. This may involve reducing the payment in some circumstances or adding all or part of the past-due installments to the end of your loan. To be eligible for a loan modification, you must meet certain requirements. 

Various organizations may get in touch with you in an attempt to "assist" you in obtaining a loan modification. They almost all want an advance payment, often in the thousands of dollars, with no assurance that the adjustment will be made. Dealing with such individuals should be avoided at all costs. They don't want to assist you—they just want your money. 

You might be better off with a forbearance agreement if you are not eligible for a loan modification. A negotiated arrangement with the bank is the Forbearance arrangement. This is the operation of a forbearance agreement. 

In addition to legal expenses, the bank will want between 40% and 50% of the overdue payments. Your monthly payment will increase for the next six to twelve months due to the equal distribution of the outstanding balances. 

The payments will then revert to their previous, lower amounts at that point.

Keep in mind these two crucial points: 

1. 90% of homeowners terminate their forbearance arrangement due to nonpayment during the first two to three months. 

2. You are not automatically out of foreclosure just because you and the bank came to an agreement. Until you make your additional payments, you remain in foreclosure. 

You will then receive a foreclosure withdrawal notice from the bank confirming that your loan is current, and only then. The bank will continue to extend the date of the foreclosure sale each month in the interim. 

If you are in foreclosure or have missed payments on your mortgage, it is doubtful that your refinancing application would be accepted. 

Giving up ownership of your house and returning it to the bank is known as a deed in lieu of foreclosure. This will always be accepted by the bank. That isn't a wise choice for you, though. The bank will often file for foreclosure on your credit, and if the bank sells the property for less than what you owe, you may receive a 1099-C from the IRS as additional revenue.

Recall that you must notify your listing agent of any payment arrears or impending foreclosure. 

It will usually take 30 to 45 days to close, even if your listing agent wrote a deal on your home today. 

You won't be able to choose this if your foreclosure date is earlier. 

If you're not willing to sell your house for far less than its market value, you might not be able to list it with an agent at this time. The closing process will take 30 days, even if the price is less than market. 

We do have knowledgeable realtors on staff who are willing to deal with you quickly. 

Ensure that everyone you collaborate with puts everything in writing, including a procedure for terminating the agreement without causing further harm to yourself or your circumstances. 

This might be the best course of action for you. We'll pay cash for your house. When it's feasible, we will purchase your house from you, settle the debt, and give you cash in hand. 

This is yet another excellent choice. 

The property will be transferred to us by Warranty Deed from you, the homeowner. We will settle all of your past-due mortgage payments in return, bringing the loan current. The mortgage will be paid each month until it is sold or refinanced, whichever comes first. 

Next, in order to safeguard both your and my interests, we shall file the deed at the courthouse. Once the property is deeded to us, we will pay you the agreed upon payment and schedule a time for you to leave the premises. 

This approach aims to relieve you of the monthly debt by having us take over the present loans, make the payments current, and keep them current for the term of our agreement. Your credit will improve over the length of time we handle the payments on your behalf. 

Make sure that everyone involved in this transaction is informed of all the specifics of every option, including this one. Recall that we will be paying the mortgage on your behalf, and your name will still appear on the loan. 

Although it doesn't seem like a viable alternative, we have to provide you all of your options. 

Your house will be taken over by a local option in a foreclosure. A Sheriff's Deputy will arrive at your residence shortly after the auction to take you, your family and all of your possessions outside. 

You might think of a foreclosure as an atomic bomb being dropped on your credit. Your credit will undoubtedly take a knock and you will probably not be able to get new credit cards, a new car, a new job, another house, or even rent an apartment after this.

 Your credit will be affected by a foreclosure for seven to ten years. 

Now that you have a better understanding of your options, give us a call so we can go over them in more detail and help you and your family decide which is best. 

For legal guidance, tax counsel, and mortgage information/questions, please get in touch with an accountant, a mortgage broker, or an attorney. 

We want you to know that you don't have to lose your house to foreclosure—you have a number of options. We wanted to share this information with you because we know that every person's circumstances are unique and that you should make the best choice for your family. We'll be of assistance however we can.  

Our goal is to provide you with the information and insight required to enable you to make the best choice possible for your circumstances.