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Foreclosure Avoidance Programs

Foreclosure Avoidance Programs

It’s important to fully understand your options in moving forward so that you can begin to formulate a proper defense to any foreclosure action. The path you take can have a critical impact on the outcome you desire. So, if you are desirous of keeping your home, let’s say until the kids are out of school, you may want to deploy an entirely different strategy than if you no longer wish to live in your home, which may be the case in a divorce situation or an out of state job transfer. An excellent resource to help you determine your best options is found on a website: www.knowyouroptions.org Upon visiting the site, you will find plenty of information to get your thought processes flowing. Of course, you can always call us at: 609-315-1511 or 609-796-0030 to get some advice as well. 

So if you are having difficulty making your payments and would like to remain in your home, you may want to explore some of the options listed below:

Loan Modification

A permanent change to your existing mortgage note. This may include the capitalization of the delinquent balance of the loan if applicable, a reduction of your current interest rate or an extension of the term of your present note.

Forbearance

A temporary reduction or suspension of your monthly mortgage obligation. This is designed to help borrowers whose hardship is temporary, such as short- term disability or unemployment.

Repayment Plan

A scheduled payment arrangement that results in bringing your loan current at its conclusion.

At Loan Mod Coach, we are committed to helping our clients get back on track and stop struggling to make their mortgage payments. To help us better assist you, you’ll need to gather the following documents to qualify for any of the options listed above.

  • Most recent year’s Tax Returns
  • Paystubs for last 60 days
  • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
  • Last 3 months bank statements (All pages, annotate all large deposits and expenditures over $100)
  • Supporting documentation to help validate your hardship

Alternatively, if you can no longer afford to stay in your home or have vacated your property, these options may help you avoid foreclosure

Short Sale

The sale of your current property for an amount less than what is currently owed on the property.

Deed in Lieu

An agreement to deed the property back to the bank in an effort to avoid foreclosure in exchange for the discharge of the debt.

To expedite your review please begin to gather the following documents:

  • Most recent 2 Years tax returns
  • Paystubs for last 60 days
  • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
  • Last 3 months bank statements (All pages)
  • Other documentation showing hardship
  • If your property is currently listed with a real estate agent, we require a third party authorization form containing the agent’s name and contact information.

In order to complete a Short Sale, be aware the following requirements:

  • You must cooperate and allow the bank’s representative/appraiser to access the interior of your property to enable us to determine an appraised value.
  • The sale must be an “Arm’s Length Transaction” which means that all parties involved must be unrelated or unaffiliated.
  • If there is a deficiency, or shortage between how much you still owe and the final proceeds received from the sale of your property, you may be required to make a contribution toward any such deficiency. The contribution could be in cash or a promissory note.
  • If the property is sold as a Short Sale you will not be permitted to receive any proceeds from the sale of the property, or to receive funds that may be paid in relation to a hazard/flood insurance claim.

To discuss any of the above options that may be available to you, or to request a Borrower Response Package which must be completed and returned to us along with the aforementioned documents please contact us at: 609-701-2737

For additional guidance, you may want to consider HUD Counseling

The United States Department of Housing and Urban Development (“HUD”) has designated HUD-certified counseling agencies that may be able to assist you. To find a HUD-certified housing counseling agency near you, call (800) 569-4287 or you may use the following link to find a HUD certified counseling agency: http://www.hud.gov/offices/hsg/sfh/hcc/fc