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What are the different options that I may have?
Forbearance Agreement: An agreement to suspend or reduce normal monthly payments for fixed periods of time. At the end of this period the client must cure the delinquency through a lump sum payment or long-term repayment plan
Loan Modification: Written agreement that permanently changes one or more of the original terms of the loan, such as a rate payment amount, maturity date, or the amount of the unpaid principal balance.
Reverse Mortgage (HECM): A type of loan for Seniors over the age of 62. Senior citizens that have a significant amount of equity in their home may qualify for this type of product.
Short Sale: The lender agrees to accept the proceeds of the sale as full satisfaction of the borrower's debt.
Deed-in-Lieu: When a borrower voluntarily conveys title to the lender in exchange for a discharge of the delinquent debt.
Foreclosure: A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.
Repayment Plan: Written agreement where the client agrees to cure the delinquency by adding an additional amount to their monthly mortgage payment until the loan becomes current.