Are You or Someone You Know 

Facing Foreclosure?

Like most people, you never thought you would be in this situation.. you are not alone.

There are many reasons why people fall into foreclosure: 

  • Job loss / unexpected unemployment
  • Sudden illness or medical emergency
  • Death in the family
  • Divorce / loss of second income
  • Excessive debt obligations
  • Job demotion or promotion denials
  • Inability to pay adjustable interest rate that increases
  • Unexpected major home maintenance expense

Now is the time to do something about it!  Don't give up and let the bank take your home, ruin your credit, and damage your future plans!  I can provide the guidance you need but here are 9 ideas to get you on the right track. 

9 Ways to Fight Foreclosure:

  1.          Reinstatement - Pay all Arrears* to bring loan current.  Unless you get a windfall of cash, this can be difficult because most people would’ve paid as scheduled if the funds were available. 
  2.          Forbearance - Lender must approve to suspend or reduce payments for a brief period but homeowner must resume the full payment at the end of the forbearance period, plus pay an additional amount to get current on the missed payments.
  3.          Refinance - New loan with reduction in monthly payments.  May be difficult to get approved if payments have been late/missed
  4.          Loan Modification - Lender must approve to modify original loan terms for homeowner.
  5.          Sell Property – Homeowner can use equity to pay Lender or pay difference (shortage) out of pocket
  6.          Rent the property – Homeowner must pay loan current prior to leasing to a tenant
  7.          Short sale - Homeowner can apply for Short Sale approval in hopes that the bank will allow them to sell the house for less than the mortgage balance.
  8.          Deed in lieu of foreclosure - “Friendly foreclosure”.  Homeowner offers deed to bank with less hassle.
  9.          Bankruptcy - Bankruptcies are handled by attorneys which makes them costly.  Filing bankruptcy can temporarily delay foreclosure but rarely prevents it.  (Hint – All bankruptcy lawyers will advise filing bankruptcy...)

*Arrers – Missed Payments + penalties

There is still hope while facing foreclosure, but don't take on the bank alone! Get a professional in your corner that can guide you through this stressful and complicated process!  Complete the form below if you would like a free confidential, no-cost consultation to discuss your available options.

CLICK HERE if you would like more info on Avoiding Foreclosure and a free e-book on 
"How to Stop Foreclosure in Less than 7 Days".

Delrick Brown
Delrick Brown
REALTOR®