Helping you understand your options is our highest goal. For help in understanding the right option for you, call 333-6363.

* Reinstatement of Loan (or Curing the loan): This will require you to immediately pay the arrearage (all of the money owed, including back payments, attorneys fees incured by the bank, late fees, escrow shortages, etc.).

*Loan Modification: A Loan Modification is an agreement between you and the bank where the original loan is changed to allow all the arrearage to be spread out over the remaining term of the loan.

*Forbearance Agreement: Under this agreement, which must be negotiated with the lender, your arrearage would be repaid over a 3 to 6 month period, IN ADDITION to your regular monthly payment.

* Deed-in-Lieu: A Deed-in-Lieu is where the bank agrees to allow you to give them the property instead of them going to court to foreclose. Banks are not in the real estate business, and typically don’t want to own houses. They generally prefer to continue pressuring you for the money.

* Cash Sale: With a cash-sale, you can quickly sell your property to a QUALIFIED BUYER who can properly handle the settlement. The important thing to remember in selling the property is to get to settlement WELL BEFORE the foreclosure proceeds.

*Refinance: You may be able to refinance your mortgage, depending on certain variables, and this will result in a higher rate and higher payments.

*Do Nothing: This is the worst option. Your credit will be ruined and you will be eventually evicted.

Call 333-6363 today to learn more about your options!

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