Facing the end of your forbearance period?, what to do right now!
IF you’re facing a mountain of debt, don’t panic! Take steps right now to save your home or at least lessen the blow of its loss. Foreclosure is not the only option.
Many homeowners find alternatives to foreclosure by negotiating with lenders, often with the help of foreclosure counselors. If you’re facing foreclosure, call me right now to determine your options, which can include loan modification, Bankruptcy or a sale.
Start by reviewing all correspondence you’ve received from your lender. The letters—and phone calls—probably began once you were 30 days past due. Also review your mortgage documents, which should outline what steps your lender can take. For instance, is there a “power of sale” clause that authorizes the sale of your home to pay off a mortgage after you miss payments?
There are alternatives to foreclosure that your lender might accept. The most attractive option that’ll allow you to keep your home is a loan modification that reduces your monthly payment. A modification can entail lowering the interest rate, changing a loan from an adjustable rate to a fixed rate, extending the term of a loan, or eliminating past-due balances.
Another option, defferment where missed payments are tacked on to the end of the loan.