Loan Modification
A loan modification is a change in one or more of the terms in your original loan. This can be a lowering of the interest rate, removing an adjustable rate, or increasing the term of your loan. The main goal of a loan modification is to give you some form of payment relief so that you can stay in your home. After we analyze your financial situation we will work one on one with your lender to negotiate the best possible terms for you.
Forbearance Agreement
Forbearance is the postponement of loan payments, granted by the lender for a temporary period of time. Based on our review of your unique circumstances, we will create a realistic and mutually beneficial agreement between you and your lender. This agreement will give you more time to get your mortgage current and include your normal monthly living expenses. This win-win agreement is a perfect solution as both you and your lender are satisfied; you keep your home and can again start living comfortably.
"Deed-In-Lieu"
A Deed-in-Lieu of Foreclosure is a voluntary transfer of ownership of your home to the lender that releases you from most or all of the personal indebtedness associated with the defaulted loan. If you cannot afford to keep your home and your home cannot be sold, then we will work with your lender to ensure you have the best success at achieving this option. Although it is a negative strike on your credit rating and will not save your home, it is less harmful than a mortgage foreclosure and will help your chances of getting another mortgage loan in the future.
Short Sale
Short Sale is a negotiated sale of your home at a price below what you owe on the mortgage. If you face an uncontrollable hardship that makes it impossible to afford your home and because of a market fluctuation you owe more then your home is worth, then we will work with your lender to negotiate for a short sale. By approving a short sale, the lender can avoid a lengthy and costly foreclosure, and you can pay off the loan for less than you owe.
