Home Owners can lower their likelihood of foreclosure by being directed into the proper retention option. To get more info on foreclosure you can visit http://www.resilientpma.com/foreclosuredefense.html.
A quick list of Retention options offered by a lender includes: Forbearance – enables borrowers to skip payments.
Reinstatement – enables borrowers to bring the payments to current status sometime in the future, typically with one lump sum payment.
Loan Modification – The creditor can restructure the loan to accommodate the borrowers’ financial circumstance. A quick list of all Liquidation options offered by a lender include Short sale – this allows the homeowner to sell the home for significantly less than the payoff – The lender will admit this as compensation.
Deed in lieu of foreclosure – this allows the homeowner to voluntarily transfer title back to the creditor. Assumption – This allows the homeowner to move the obligations to another qualified buyer.
Which option to choose when facing a prospective foreclosure, retention or liquidation, entirely depends on you, the homeowner, along with your unique financial situation.
You have a statistically higher probability of maintaining your home by working with a foreclosure specialist that focuses on retention plans. This is extremely critical if you’re anticipating the potential loss of your house because you cannot meet your monthly obligations, either temporary or long-term.
Why work with a professional? Because you’ve got a statistically higher probability of keeping you are home by working with a foreclosure pro that focuses on retention plans.