April 12th, 2008 8:10 PM by Uletas Greene Carter
Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future; therefore, you should avoid it if possible.
These are some options:
1. Special Forbearance. Your lender may be able to arrange a repayment plan which would be based upon your financial situation and may even provide for a temporary reduction or suspension of your payments.
2. Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan.
3. Partial Claim. Your lender may be able to work with you to obtain an interest-free loan to bring your loan current.
4. Deed-in-lieu of foreclosure. As a last option You may be able to voluntarily give back your property to the lender. This won't save your property, but it will help your chances of getting another mortgage loan in the future.
Here are some precautions that should help you avoid being taken advantage of by scam artists:
1. Don't sign any papers you don't fully understand.
2. Make sure you get all promises in writing.
3. Beward of any loan assumption where you are not formally released from liability for your mortgage debt and contracts of sale.
4. Check with a lawyer or your mortgage company before entering into any deal involving your home.
5. If you are selling your home yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer.
If you are facing foreclosure or have received a Notice of Default from your lender, act now because delaying can't help. If you do nothing, you will lose your home and your good credit rating.
Contact us today for a free no obligation consultation on how we may be able to help stop foreclosure and possibly save your credit.
Uletas Greene Carter, 213-804-3369.
www.uletas4realestate.com