The Wickland Groups Top Tips to Avoid Foreclosure

The best way to avoid foreclosure is to prevent the filing of a Notice of Default - If you know you are unlikely to meet your mortgage obligation, the first thing you should do though is to call your mortgage lender. Depending on your particular situation, here are some potential options for the homeowner to avoid foreclosure:

• FORBEARANCE - Lenders may agree to wait before taking legal action allowing you time to make up your payments or work out a repayment plan that's affordable to you!
• DEBT FORGIVENESS - Lenders may give you a break and waive your obligation, although this rarely happens.
• REPAYMENT PLAN - Lenders sometimes spread out the missed payments over a longer term.
• LOAN MODIFICATION - If your mortgage is an adjustable loan, the lender may change the terms of your loan.
• REFINANCE - A lender might increase your loan balance to include the back payments and re-amortize the loan.
• PARTIAL CLAIM - Certain government loans contain provisions allowing borrowers that meet specific criteria to apply for another loan to pay back the missed payments.
• REINSTATEMENT - Home owners are given the chance to bring mortgage payments current, pay the costs of filing the foreclosure and stop the foreclosure.
• SELL YOUR HOME - Get a market value on your home from a local Real Estate Agent.
• SHORT SALE - Consider a short sale if your home is worth less than the amount you owe. 
• DEED-IN-LIEU-OF-FORECLOSURE - Deed the home back to the lender.  The homeowner gives the lender a notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action.  

After the mortgage lender files a Notice of Default, homeowner options are limited - That is why it is better to call the lender before falling behind on payments.  Lenders are often reluctant to work out repayment schedules after foreclosure proceedings have commenced.

As a Certified Distressed Property Expert, The Wickland Group can assist you in the best way to avoid foreclosure for YOUR family.  Contact us today for your complimentary home evaluation and advice on avoiding foreclosure for your family!