If you are facing foreclosure, we will be able to help you or at least point you in the right direction. Our primary goal is to assist you, the homeowner avoid foreclosure. This can be a very stressful time, so please understand that we're here to help you! Below we have listed some options that may be available to you. Please feel free to contact via phone or email for your free, confidential, in-home consultation.

---

Seller Alternatives to Foreclosure

Your house is in foreclosure; we want to be sure you understand your options. Please review these items, and contact us when you feel comfortable to move forward with setting up an inital consultation.

Do Nothing - If a homeowner does nothing, they most likely will lose their home at sheriff's auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this information. This will stay on your credit report for up to ten years.

Payoff/Refinance - Completely paying off the entire loan amount plus any deficient amount and fees. This is usually accomplished through a refinance of the debt. New debt may be at a higher interest rate and there may be a prepayment penalty associated with the loan, due to recent default.

Reinstatement - Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees. This option will allow you to keep your existing loan and terms, if the lender allows.

Loan Modification - Utilizing the existing mortgage company to refinance the debt or extend and/or change the terms of the loan.

Forbearance - Lender may be willing to arrange a repayment plan based on the homeowner's financial situation. The lender may be willing to provide a temporary payment reduction or suspension of payments and/or penalties. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

Partial Claim - A loan from the lender for a second loan to include back payments, costs and fees.

Deed in Lieu of Foreclosure - The owner simply gives the property back to the bank instead of the bank foreclosing. This is a "voluntary" foreclosure, and still appears as a foreclosure on your credit report for up to ten years.

Bankruptcy - This option can liquidate and/or re-organize debts and/or allow more time.
--Chapter 7 (Liquidation) completely settles personal debts. Mortgages are not included without a complete foreclosure process
--Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts or portions of debts in 3 - 5 years.

Sale - Homeowner may sell the home without lender approval for a conventional home sale. If the property has equity the sale will close, the lender paid off, and the foreclosure is gone.

Short Sale - Also known as a pre-foreclosure sale can be negotiated with your lender by us, your real estate professional team, if what is owed is more than the property's market value. This includes and other judgments or leins.

If you have any questions or would like to have any of these items explained to you in more detail, please contact us, we would be glad to help in any way we can.