Team Montalvo
Alex 818 536-2437
Oscar 818 395-1198


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AVOID FORECLOSURE
 
 
 
 
 
We know that during these tough economic times, it might be hard for you to make your mortgage payments and that your options seem to be limited. 
 
Here are some of the options you still have to avoid foreclosure which will completely ruin your credit for ten years.
 
  • Reinstatement:  The repayment of all past due payments, late fees, penalties and costs due on an obligation secured by a deed of trust or mortgage
 
  • Repayment:  Lenders will generally offer terms of 12 months for you to repay your past due balance.  Homeowners are required to make their regular monthly payment plus 1/12 of the past due amount each month for 12 consecutive months. 
 
  • Loan Modification:  If you can currently make your regular payment but you can't catch up with the past-due amount, Loan Modification or Loan Restructuring is a common option to avoid foreclosure.
 
  • Loan Forbearance:  This plan works for borrowers who are experiencing a temporary hardship, such as a sudden living expense increase or income loss. Your lender may allow you to reduce or suspend payments for a short period of time and then agree to another option to bring your loan current. A forbearance option is often combined with a reinstatement plan.
 
  • Short Sale or Pre-Foreclosure Sale:   The “short sale “(PFS) allows the homeowner already in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.  The advantage of a Short sale over a foreclosure is that you avoid having a foreclosure on your credit file for ten years.   If other foreclosure alternatives, such as Loan Forbearance plans or Loan Modification, are unlikely to succeed, the Short sale may be the most suitable course of action.  It is important to note a Short sale must be approved by your lender.  
 
  • Deed-In-Lieu of Foreclosure:  This option allows a homeowner in default, who does not qualify for any other loss mitigation options, to sign the house back over to the lender company. But it has limitations such as verification/documentation that you are unable to make the payments and you will have to try to sell the home for at least 90 days before the lender will consider this option.  Other restrictions and consequences apply.
 
If you don’t know what to do to get started or just want to discuss the options, call us, it doesn’t cost you anything, we are only a phone call away.
 
Yes, I would like more information and to see if I qualify for a short sale

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