What Are My Options?
DO NOT PAY ANY MONEY UP FRONT TO PEOPLE WHO PROMISE TO HELP YOU!
The KEY IS TO STOP THE FORECLOSURE and keep it off your credit report, YOU NEED TO CONTACT US NOW, THE CLOCK IS TICKING!
We understand that it is a difficult time. Do not bury your head in the sand or ignore the situation, the clock is ticking and the auction could be on you before you know it! There are options
Some of your options include the following:
Special Forbearance. Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your mortgage company may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your mortgage company to show that you would be able to meet the requirements of the new payment plan.
Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay).
Partial Claim. Your mortgage company may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current. You may qualify if:
- your loan is at least 4 months delinquent but no more than 12 months delinquent;
- your mortgage is not in foreclosure; and
- you are able to begin making full mortgage payments.
When your mortgage company files a Partial Claim, HUD will pay your mortgage company the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.
Pre-foreclosure sale. This is also called a "Short Sale" and will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating. You may qualify if:
- your bank is willing to work with you. (The MDRE Pros Professional Realtor can make this call for you)
- the loan is at least 2 months delinquent prior to the pre-foreclosure sale closing date; and
- you are able to sell your house within 3 to 5 months (depending on what your mortgage company agrees to).
An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.
Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it will help your chances of getting another mortgage loan in the future. You can qualify if:
- you are in default and don't qualify for any of the other options;
- your attempts at selling the house before foreclosure were unsuccessful; and
- you don't have another mortgage in default.
At MDRE Pros, we understand that BAD THINGS HAPPEN TO GOOD PEOPLE. You NEED TO CONTACT US RIGHT AWAY! The MDRE Pros Team is a team of Professional Licensed Realtors, who specialize in helping folks just like yourself, dig out of these difficult situations.
We specialize in helping people who are in foreclosure. We can help you, too! All you have to do is fill out this short form and we will contact you right away! Time is of the essence!