If you’re having trouble making your mortgage payments, alternatives are available to help you avoid a. If you want to keep your home, you might qualify for a loan modification or repayment agreement, for instance. Or if you’d like to exit the home without going through a foreclosure, you might be able to complete a short sale or deed in lieu of foreclosure. And if the government owns or backs your loan, you might qualify for a special workout option.Here are some foreclosure prevention alternatives to consider when you think foreclosure is on the horizon. Reinstate Your LoanIf you have enough cash on hand, you can by making up all the missed payments, including principal and interest, plus fees and expenses.

Avoid Foreclosure can provide the foreclosure help you need. We assist homeowners nationwide with just about any foreclosure related service you can think of. After years of research in the foreclosure market we have put together the very best list of resources can help you stop foreclosure.

Often gives homeowners a certain amount of time to reinstate.Even if state law doesn’t give you the right to reinstate, many provide this right as part of the agreement. And more and more lenders are not eager to push ahead with foreclosure; they would prefer to work something out with you.

You might be able to reinstate up until the sale. To find out how long you have to reinstate, call your. Enter Into a Repayment PlanIf you aren’t too far behind in payments, you might qualify for a repayment plan. With a repayment plan, you arrange to make up missed payments over time and stay current on your ongoing payments in the meantime. For the plan to work, your income will have to be able to cover both current and overdue amounts. Typically, a repayment plan lasts three, six, or nine months, depending on the situation.

Enter Into a Forbearance AgreementIn a forbearance agreement, the lender gives you permission to make reduced mortgage payments—or no payments at all—for a while. Forbearance for three to six months is typical, though a longer period might be possible, depending on the lender’s guidelines and your situation.You might qualify for a forbearance agreement if you’re currently having trouble making the payments, but you can convince the lender that you’ll be able to afford them in the near future. At the end of the forbearance period, you’ll need to resume paying the regular amount plus extra to pay down the missed payments.

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Alternatively, you might be able to pay the skipped amounts in a lump sum, or the lender might agree to complete a loan modification (see below) and add the unpaid amounts to the balance of the loan. Work Out a Loan ModificationA is an agreement between the borrower and the lender to adjust the terms of the loan. The goal of a modification is to lower the monthly payment.Usually, a modification involves reducing the interest rate, adding any overdue amounts to the loan balance, and extending the length (the term) of the loan, say from 30 years to 40 years. As part of a modification agreement, the lender might also agree to set aside a portion of the unpaid balance as a “principal forbearance” that does not accrue interest. The set-aside portion becomes due in a balloon payment when the loan term ends.Workouts for Government-Backed MortgagesSpecial workout options are available if:. or owns or guarantees your loan.

the (FHA) insures your loan. the (VA) guarantees your loan, or. the (RHS) financed your loan.You should know if one of these agencies has purchased, insured, or guaranteed your mortgage because you will have been informed in writing. But if you don’t remember and don’t want to tear your house upside down looking for the paperwork, ask your housing counselor, servicer, or lender.

RefinanceIf you can refinance at a better rate and pay off your old loan, you can start fresh. All states give you the right to “redeem” your mortgage by refinancing up until the time of the foreclosure sale. Some states even let you.Unfortunately, refinancing is very difficult if you have bad credit due to many late payments or a pending foreclosure.

File for Chapter 7 or Chapter 13 BankruptcyIf you want to keep your home, a might help you accomplish this goal. You probably won’t be able to use a to save your home unless you're current on the loan and don't have much equity in the property. A Chapter 7 bankruptcy usually won’t stop a foreclosure long term (unless you can get a modification). But you will likely get a delay of a couple of months until the lender can get relief from the.It’s not a good idea to file for bankruptcy just to delay a foreclosure. But if you have a lot of other outstanding debts that you can discharge (eliminate) through the process, filing for bankruptcy might make sense.

Talk to a to learn the pros and cons of filing Chapter 13 or Chapter 7 bankruptcy during a foreclosure.Get Foreclosure Help From the Hardest Hit Fund Program in Your State (If Available)A federal mortgage relief program called the provided money to 18 states and the District of Columbia to provide various foreclosure avoidance options, like mortgage payment, reinstatement, and transition assistance, to homeowners.While the states have until the end of 2020 to utilize their Hardest Hit funds, some states have ended their programs early because their allocated money ran out. So, if you think you might be eligible for a particular program, it's a good idea to apply as soon as possible. Give Up Your House In a Short Sale or Deed in Lieu of ForeclosureFor some people, it makes economic sense to give up their house and move on. If so, there are a couple of ways to say goodbye to it; you’ll want to choose the method that causes the least financial and emotional upset to you and your family.

Arrange a Short SaleIf your lender agrees, you might be able to avoid foreclosure by selling your house for an amount that’s less than your outstanding loan balance. This is called a short sale. If you live in a state that allows lenders to sue for a, you should try to get your lender to release you from repaying the deficiency in writing.

Though, if the lender forgives the deficiency, you might face. Hand Over the House In a Deed in Lieu of ForeclosureYou might be able to get your lender to let you deed the property over so that no foreclosure is necessary. This process is called signing a “.” But before you go this route, you’ll want to have an agreement (in writing) that the lender won’t go after you for any deficiency (the difference between the home's fair market value and your outstanding debt) that remains after the house is sold. Again, you might face a tax liability if the lender forgives a deficiency.Also, this remedy probably won’t be available if you have second or third mortgages on your home. Getting HelpIf you're facing a foreclosure, look into your options and don't wait to ask for help if you need it. Contact a —who will help you for free—as soon as possible to explore different foreclosure avoidance options.

Also, consider talking to a to learn more about the foreclosure process in your state and find out what you should do in your situation. Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.

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If you fail to make your each month, your bank or may take action to repossess your home.After all, it’s not technically your home until you’ve paid the mortgage in full. Until that time, you AND the bank own the home. So if you don’t hold up your end of the bargain, the bank could come knocking. And the news won’t be good!The legal proceeding is known as a “foreclosure,” and will result in the loss of your home, foreclosure fees, additional legal fees, and possibly a deficiency judgment if your outstanding liens exceed the current value of your home. Your credit will also be shot when all is said and done.

The foreclosure process usually goes something like this:. Become ill or lose your job (or mortgage adjusts significantly higher). Fall behind on monthly payments. Once you’ve missed 3 mortgage payments lenders can file NOD.

And begin foreclosure proceedings. At any point you can try to save your home in a number of waysYou lose your job, become ill, or simply fall behind on your mortgage payments after your resets. Unfortunately, these aren’t typically valid reasons to miss your mortgage payment(s). When you originally applied for your mortgage, you probably verified to prove to the bank that you could afford to pay the loan for a certain period of time, even if you failed to receive additional income for some period of time.Once you miss your first payment, the bank or lender will hit you with a 30-day late.

At this point your credit will take a huge hit , and a representative from the bank or lender may call you, or send you a notice in the mail regarding your failure to pay on time. Your bank may also be able to save you from foreclosure by putting you on an or a shorter-term ARM to lower the monthly mortgage costs. Ironically, these will reset in the future and could land you back in a tough spot.

However, it would buy you some time to get back on your feet.A forbearance plan is a payment plan set up by your lender/servicer to ease or even suspend payments until you are current again. It can be helpful if you’re simply experiencing a temporary hardship.A partial claim allows the to advance funds to the mortgagor (the borrower) in the form of a promissory note. So long as you are not delinquent over 12 months, HUD may grant you a partial claim , which will bring your mortgage payments current. It is essentially a second mortgage behind your existing lien that collects no interest, and is not due until you pay off your first mortgage or sell your home.A pre-foreclosure sale, such as a short sale, will help you avoid a foreclosure, but unfortunately at the cost of selling your home, likely for much less than it’s worth. It will also. But it could lessen the blow, and help you avoid any deficiency judgments after the fact.Another option is a deed in lieu of foreclosure, which allows you to sell your home back to the bank that financed your mortgage.

It is a great way to avoid foreclosure proceedings, but again results in the loss of your home.It must be voluntary, and both parties must act in good faith. The bank/lender must buy the property for at least fair market value, but will usually not proceed if that value exceeds the existing liens.There’s also the possibility of getting a loan modification, such as one through the Home Affordable Modification Program (HAMP) offered by the government. But if you don’t qualify for that, your individual loan servicer may have a proprietary loan mod program as well.Ultimately, you really have to hustle and exhaust all options if you’re serious about saving your home and avoiding foreclosure. No one said it was easy, nor is there a one-size-fits-all solution. So expect a long and hard journey. Speak with an Independent Housing Counselor.

A legitimate housing counselor. Such as a HUD approved or state housing finance agency employee. Can provide assistance to help you prevent an avoidable foreclosure.

They should never ask you to pay any fees for their servicesYou can also contact a local HUD approved counselor for help in foreclosure matters. Click the following link for a.Or look into non-profit programs and services offered by your state housing finance agency. For example, in my home state of California there is an organization called “Keep Your Home California,” which is a federally-funded free service for struggling homeowners who need help staying in their homes.They work with a large number of loan servicers to achieve affordable mortgage payments and help homeowners avoid foreclosure.

There are similar agencies in every state throughout the nation, so be sure to consider that route as well.Just make sure they are the official housing agencies backed by the state or the United States Department of the Treasury. These government-backed agencies will never request that you pay fees for assistance, which is a good indication you’re working with the right type of organization.One final thing to note is that despite all the available, regulated, and honest means available for saving your home from foreclosure, many foreclosure scams are also prevalent.These scam artists will do their best to contact you during pre-foreclosure to rip you off using a variety of tactics including bait and switch schemes, equity skimming, fake bailouts, and overpriced help that leads nowhere. So always do your due diligence when seeking foreclosure help to avoid making matters even worse. Hi Colin,My boyfriend has been dealing with his mortgage company’s 3rd party people for months now. He had spoke to a woman who “Supposedly” modified his loan for him and dropped the payments and just extended the length of years to pay the house off. He is constantly working and never paid attention but he sent in the payments and 3 months found out that they weren’t accepting them and had sent them back.

The woman who made the modification didn’t make it and now according to the 3rd party company doesn’t exist. They are giving him information he needs last minute and making it impossible for him to do the modification. They are putting the house up for sale Sept.

25, 2015Friday. Is there any way to avoid this other than filing for bankruptcy?. My wife and I started making payments in August of 2005. We paid each and every month on line and was 2-3 weeks early on every payment we ever made. In June of 2013 the mortgage company locked us out of our online account with no explanation.

I called them and asked them why are we locked out from making our monthly payments. The response was it was in legal. I asked why and they said that they couldn’t tell me. I asked them can we still pay on our loan and they said no because it is in legal. At this time they stopped all monthly statements that were being mailed each and every month.

I would keep in contact with them each month asking them why is it in legal and can we make a payment. Same answer as before. I went to bank and even tried to pay it at their branch. Again I was told by the bank itself, we can’t take your payment. Now here we are over 2 years of them not wanting to except our payments to where they are foreclosing on us. I had to retain a lawyer to help us with everything that happened to us.

They finally sent a letter to our lawyer stating that they locked up our account and refused our payments because of some type of description problem. Now they want the payments that they wouldn’t take from us before or we face foreclosure. Do we as consumers have a chance to go after them for wrong doing and or have a chance to make them stop the foreclosure. We have proved that we we’re never late not even 1 time and as stated before we never missed a payment. Not sure if we would have any legal recourse against the mortgage lender. Any information will greatly help us.

Hey Colin,We aren’t in horrible shape, we have been catching up on our mortgage, and at this point we are only 15 days behind. We had Wells Fargo send us a letter at the end of November saying if we didn’t make our single back payment by Dec 16th they would foreclose. We made the payment on time, but are currently 15 days behind on this month.

We received a call from WF tonight and they threatened to start foreclosure on the 31st of Dec if we aren’t fully caught up.Can they file foreclosure on us for being (currently 15 days) one month behind as this bully on the phone with my wife claimed? WF has been a horrible lender, and instantly started to bully us when I had a job loss last year. We were originally 2 months behind but are less than one month behind now. They have been a horrible company to deal with, and I just want to know if they are just making empty threats, or can file foreclosure for being a month late, even though we continue to pay them. I had gotten sick and had to stop working about 2 1/2 years ago.

I’ve been trying since then to modify my mortgage. The bank did nothing to help. At first we were on time with payments, but I did notify the bank very soon we’d be unable to make the payments.

They said if you’re current on your mortgage you won’t qualify for a modification. They told us we’d have to be behind on our payments before the bank would even open a mod application. Wellunfortunately that is where we ended up, late as we told them we would be. Then they tell us, you have to be current for them to help us.

We had to hire an attorneyafter the bank filed a foreclosure on our home, and after us submitting countless mod packages never seeing the bank review one of them. They’d constantly tell us we were missing documents and continue to close the package process on us. The worst part is that it is a Sonymae mortgage and the lender does not participate with any of the government assistance programs that any other mortgage could help us. This lender ends up getting paid for the home whether we pay it or not.

It is a horrific situation. What would give them incentive to help anyone in this type of mortgage if they lose nothing. Any advice would be so helpful. I’m at my wits end with this bank. Hi Patrice,Thank you for your comments. It is a very good question you asked“what did the lawyer actually do for you?” I am very concerned about my current legal representation.

I felt that once a lawyer gets involved, there should be more aggressive action taken, to force the banks’ hand. I have not seen anything new happening. Only more of the samesubmitting package after package with the exact same issue, where the bank just continues to ask for “so called” missing documentation. Or more of the same documents, already submitted. The only thing that had changed from hiring an attorney is that they submit the package for me, and ask me only for what new or current docs that are requested by the bank. Although it alleviates the stress of me having to deal with the bank directly, if no momentum in the process is gainedwhat actual benefit is there.

Oh, and they do attend the settlement conferencestwo so far with no assertive action by the court. I know I shouldn’t have to ask my attorney to take a more aggressive stance, as it should be what one hires legal council for. But it is unfortunately the situation I’m in. I have asked my attorney to contact the banks attorney and work to make something happen. But nothing new has transpired. I’d hope to avoid having to change legal representation and then have to start over. I could not afford that financially or emotionally.

I did contact another lawyer for advice to see if my current representation was on the right track. They said the repetitive nature of the package submission is typical even after the courts are involved, but felt the response that was sent to the initial foreclosure action wasn’t as strong as it could have been. I thought once the courts are in the picture it should expedite this process.

But I’m finding out that is not the case. This has certainly taken its toll on me and on my husband. So I recently did some research online to try and find help, and that’s when I found this site. I have a follow up call with my lawyer today to discuss what options there are to put us in a stronger position. This whole nightmare feels never-ending and I feel completely helpless! I am open to trying anything at this point. Colin,My bank has informed my attorney that they are going thru with the foreclosure on my home even after telling us both they were going to work with us and allow me to make payments but (no letter).

The bank understands the tragedy that took place to me and that I was unable to work for 1 year after being shot multiple times by my neighbor; which is the reason I had an attorney prior to the foreclosure. I have been assisted by a broker who told me he would get me my loan modification. He had a lawyer who would help but I learned three years ago that no documents were actually submitted and the bank has recently taken ownership over the house. I am still in my home but I am fighting eviction and just want my house back. I payed my mortgages on time but the bank wouldn’t restart my mortgage after it was stopped even, after me requesting several times to allow me to continue paying if the modifcation wasn’t going through. This was done initially because of the high interest rate but now I am faced with possible eviction.

My parent’s were trying to bring their mortgage payments down, they had refinance once a couple years back. That had helped at the time but in late 2015 they decide to try refinancing once again with help of some lady, who told them to stop payments for 3 months. She also asked for 5 thousands dollars then she disappeared.

My parent’s seeking for help went to other lady, who told them to pre-foreclosure sale to stop the bank from foreclosure but my parents were seeing that the lady was just asking for money but nothing had changed. They completely stop working with this lady and went straight with bank to get help from them.

They have continued paying the mortgage but they very close to losing our home. What advice can you give to help prevent that from happening. George,Unfortunately this type of scam/bad advice seems to be rampant. While it may not be completely avoidable, perhaps researching the company/individual thoroughly, checking their business license, etc.

To ensure they are legitimate. And that what they’re offering is legal/makes sense. Hopefully they get it worked outif their own bank can’t help, maybe the bank can advise them of other options or programs to save their home.

There are also government options such as Making Home Affordable. Robertson,I am trying to find something out that seems to be eluding my research.My husband and I are considering relocating down south (for multiple reasons, we live in PA and do not care for the condition, and high taxes of the state).We are able to pay our mortgage.

However, our neighborhood is going down hill. Everyone is in such a hurry to sell their houses, they drop to a very low amount and the wrong kind of people buy them. To add to it, the county in which we live invites the wrong crowd by offering government supplied incentives.Should the worst case scenario occur, and while we are able to make mortgage payments, we would have to spend thousands and thousands out of pocket to close to sell (given its dropped value, if something comes up in the inspection that must be fixed, a request for sellers assist, the realtor fees and so on), we would not be able to sell. We would not be liquid enough. Therefore, we would have to walk away.We both agreed we would be more than okay with renting for awhile. So here’s my question: If we obtained a place to rent before the foreclosure hit, and kept our mortgage current, would we have to prove to the landlord that we can afford the mortgage AND the amount of the rent?Kind Regards. I had taken a 30 k a year pay cut when I became an employee of a company instead of continuing to contract.

I have lived in my house for close to 13 years now. I went through loan modification & it lowered my 1st mortgage about $150 a month. Lowered my 2nd by about $75 which is my line of equity There is a third one as well but that one is almost paid off in full. I have missed a month here & there my dog got really sick & vet bill’s ran me over 2 k. My credit is in the toilet because of this. I have been cutting back on all expenses.

To catch back up. I need power & internet as I work from home. I think I’m about 3 months behind total I know I can pay 2 of them right now but they will not let me access the accounts to pay it What should I do?

When I call I get transferred here & there then back & then by the time I would be able to talk with some one it’s past their normal working hours. My parents both just pasted away one July 8th & the other in Aug 9th. Both had stage 4 lung cancer. Father had been battling it for 2 years mother found out she had it day after mothers day my birthday. Needles to say 2 months later she died I have had one hell of a summer this year let me tell you.

But I am now ready to come back to earth & try & fix this??? What do I do?? Any advice would be greatly appreciated??.

Unfair and corrupt mortgage practices. Wells Fargo was the original mortgage on our new brownstone in downtown Savannah. We had to move to Cincinnati because of my wife’s work. We missed a few payments and were notified the day before (one day) Wells Fargo sold out property and brownstone to another individual.

Now we are renting and have lost all of our equity that we had in that brownstone (100K+). Is there a statute of limitation on how long we have to take WFM to court to try to get our money back? Is there anything we can do? This happened in 2012.

Hello Colin,my family and I have been renting a house for the last 4 years and then we received something in the mail that the house is going to be auctioned in December of this year if the back taxes are not paid or the house is not brought up to current status. So I asked a few friends from church and they advised us not to pay the landlord rent but to find out who the owner of the home is and to pay them while I try to find another place to live. I’m obviously finding another place to move us but now the landlord is saying that its not true and is trying to get money out of us and saying he has to move back in. I haven’t made a payment in a few months but during that time he never contacted us in anyway the only form of communication that i received was a notice to vacate in 60 days as per the civil code of my state but it was given 2 days after we received the notice in the mail of the property auction. Will i be forced to pay the landlord the money he is demanding on top of saving to get a new place.

I’m a single father with 5 kids and not many options. Brutal truth if possible. I am 2 bank payments behind on my mortgage. My husband had major heart surgery. So he on disability. We went 8 months without any income our children paid the bills.

Because 1 year ago he had his knee replaced so all of our money we had saved is what got us thru that 3mths. We had no time to save any money.

Then all of a sudden this happens we had to wait 6 mths to sign up on disability it got approved quick no back pay from them. We owe 15 thousand more on the mortgage. Is there any program in the state of w.v that could help us. Are credit is ruined it is like a 570. Kim c from barbour county w.v today date is Dec.

My Mother passed away Jan 2016. I was living with her and I am still living here. The payments are $950.00 a month.She went through a divorce and was re buying the house.I am waiting for a disability hearing. I had worked for 20 years for the United States Postal Service.

So I had a retirement account. I was able to get that money and make the payments. The money ran out after a year and a half.I am now behind 5 months.

I will be getting my pensionbut not until May. Yes, the mortgage people will not talk toto me because my name is not on there. And the worstthing is no will was ever done! I don’t know what to do.