YOU CAN STOP FORECLOSURE

HAF (HOMEOWNERS ASSISTANCE FUND)

An option to apply for federal assistance through your state to bring your account current. For more information on this program click here.

More information from the CFPB: HAF (Note: A number of states have run out of HAF funds and closed the program)

REINSTATEMENT

Payment in full of all open installments, late fees and loan charges.

REPAYMENT PLAN

A plan that allows homeowners to pay a percentage of the past due balance each month together with the scheduled monthly mortgage payments until the loan becomes current – typically within six (6) months or less.

LOAN MODIFICATION

When a homeowner cannot reinstate their loan or afford a repayment plan, a modification permanently changes the terms of a loan to cure the debt. In most cases, to qualify for a permanent modification, homeowners must first complete a Trial Plan which requires them to make reduced payments for a period of time in order to evidence their ability to afford modified payments.  The Trial Plan Agreement may require an upfront payment.

CASH SALE

When time is of the essence and there is equity to utilize a cash sale can be the home owners best option for selling the home. The process is short, convenient and requires little to no money out of pocket.

SHORT SALE

In a short sale, the lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed homeowner. The lender forgives the remaining balance of the loan. For more information on a short sale click here.

MLS SALE

Selling on the MLS can be the best way to maximize your profits depending on the quality of your home. 

DEED IN LIEU OF FORECLOSURE

A deed in lieu of foreclosure is a document that transfers the property from the homeowner to the lender in exchange for a release from the mortgage obligation. This allows homeowners to satisfy a mortgage loan at risk of defaulting and thereby avoid foreclosure proceedings.