Modification
Modification may be available in curing the delinquency by modifying the terms of your mortgage/deed of trust
to add a portion of the past due amount to the current unpaid principal balance. Extending the maturity date and adjusting
the interest rate may also be considered, when necessary, in order to make the monthly payment affordable.
Claim Advance
Claim
Advance is available if your loan has mortgage insurance, you may meet the requirements of the mortgage insurance company
for a loan to bring the account current.
**(NEW!)THE FORECLOSURE EXCHANGE**
This unique program may tailor one or more of the above solutions to bring
the defaulted loan current. A third party would take possession of the property and its financial obligations during a short
“Exchange Period”. At the end of this period the homeowner would redeem possession of the property along with
its financial obligation. This option allows homeowners time to get on solid financial ground while avoiding the
finality of a foreclosure or short sale.
Options to Sell Your Home
**(NEW!)THE FORECLOSURE EXCHANGE**
This unique program may tailor one or more of the above solutions to bring
the defaulted loan current. A third party would take possession of the property and its financial obligations during a short
“Exchange Period”. At the end of this period the homeowner would simply waive his right to redeem possession of
the property and the property would be sold to the third party or placed on the open market.
Short Sale
If your property is in need of repair and you can no longer afford
your home this option may fit your need. Lenders may not allow a sufficient discount on a property that does not need
repair to make them competitive on the open market. Thus, making The Foreclosure Exchange a better choice. A short
sale puts most of the control in the hands of the lender not the homeowner.
Deed-in-Lieu
If you have had the property listed for sale at fair market value for 90 days with no activity, we can review
the account for a deed-in-lieu. If you qualify, we could request the lender accept title to the property by warranty deed
as settlement of the account in full.
