FORECLOSURE RESOLUTIONS STRATEGIES

 

Working with Your Foreclosure Busters, who understands how to get you the best possible workout is always your best choice. We can assess your financial situation and help you determine your best strategy. Some lenders are extremely hard to deal with. Your Foreclosure Busters knows how to handle these lenders.

Following are some Foreclosure Resolution Strategies:

Total Reinstatement

Repayment Plan

Forbearance Plan

Loan Modification

Partial Claim Program

Refinance

Short sale/Preforeclosure Sale

Total Reinstatement
This process involves totally bringing your loan current in one payment. This amount will include all past due payments, late charges and any legal fees assessed to your account.

Repayment Plan
This process involves making up the amount past due over a period of months by paying a full payment plus a partial payment on the past due balance each month. Coming up with such a lump sum is quite difficult for homeowners who just faced a hardship.

Forbearance Plan
This process involves the reduction or suspension of payments for a period of time followed by a period of time during which the deferred payments are made up, similar to the repayment plan.

Loan Modification
This process involves the change of the original terms of the mortgage. A cash contribution toward compliance with any additional requirements of the lender and/or investor.

Partial Claim Program
Certain loans qualify for this program, in which the homeowner is required to give a cash contribution equivalent to 40-50% of total arrears, and the remainder of arrears is loaned to the homeowner interest free.


Refinance
This is another one of the more heavily marketed solutions. The main barrier that most people run into with refinancing is not having enough equity to obtain a "sub prime" or "bruised credit" loan. This is the type of loan that you will most likely need to refinance into due to your foreclosure situation.


Shortsale/Preforeclosure Sale

This strategy can be attempted with great success if you don't have the funds or the ability to keep your home.

A short sale is when the lender agrees to accept less than the full principle plus arrears as payment in full in exchange for being paid off right away. Your Foreclosure Busters are very knowledgeable and successful in this process and will assist you fully. There is NO cost to the Seller when a shortsale is performed.  The upside of this for the Seller is that the Seller will not have a foreclosure on their credit report which can be very damaging to their credit.  It is the best option when all other options are exhausted.  We are very confidential and will do everything possible to assist a Seller.  For more information, please contact us by clicking below.