– Special Report –
“11 OPTIONS FOR HOMEOWNERS FACING FORECLOSURE” Thank you very much for requesting this free report! I understand that bad things can happen to good people, and I want you to know that you are not alone. Millions of homeowners are in a similar situation where they are in danger of losing their homes to foreclosure. The problem is that a majority of people simply don’t know that to do. So congratulations on taking the first step to understanding your options. There are options for the homeowner that wants to stay in their property, options for the homeowner that needs to sell their property and a couple of other “last resort” options as well. It is very important that you to understand your 11 options.
Options to Stay in the Property 1. Cure/Reinstate – If you are behind on payments, you are considered “in default” with your lender. At any time prior to foreclosure, you have an opportunity to cure the default, which is called “reinstatement” of your loan. You have from the time the notice of default is recorded until the time set for the foreclosure auction/trustee sale to make up any back payments, late charges and other costs that may have been incurred by the lender to bring your loan back into good standing. 2. Conventional Refinance – At all times before the foreclosure auction actually takes place, you have an absolute right to “pay off” your loan that is in default. This right extends to until the gavel falls at the auction. In most cases, this pay off of the defaulted loan occurs through a sale of the property or refinancing of the property with a new lender. In today’s housing market, it may be difficult for you to secure a conventional refinance of the loan because of the damage to your credit from the foreclosure or because you have little or no equity in your property. Even if you are able to secure a refinance, the terms of the new loan may be burdensome and the interest rate very high. In this situation, the property may need to be refinanced a second time once your credit improves to obtain a loan with more favorable terms. Otherwise, the loan terms of the new loan are usually too expensive, and your home may end up going back into foreclosure again. 3. Equity Loan – Equity lenders are commonly referred to as “hard money” lenders. A hard money loan is not based upon the credit worthiness of a borrower but is usually made solely based upon the equity in the subject property. The availability of this type of loan would require substantial equity in the property. In most instances, the amount of money being loaned would not exceed 65-75% of the... For the remaining 8 options of this report please fill out the form below: |
