Ready to take the next step? Not sure if now's the right time to buy or sell? I would love to get to know more about you and your needs! Feel free to use any of the options here to get in contact with me!

Options for Homeowners to Avoid Foreclosure

REINSTATEMENT -
Homeowner requests the total amount owed to bring mortgage payments current and pays it. 

FORBEARANCE OR RE-PAYMENT PLAN -
Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time.

SELL THE PROPERTY-
Homeowner with sufficient equity lists their property with a qualified agent that understands the foreclosure process in their area.

RENT THE PROPERTY-
Homeowner with a mortgage payment low enough that market rent will allow it to be paid converts their property to a rental.

MORTGAGE / LOAN MODIFICATION-
Homeowner negotiates with the lender to modify the interest on the loan, the principal balance, or any combination of these, resulting in a lower payment.

HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM (HAFA)-
Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.

SHORT REFI-
Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.

DEED-IN-LIEU OF FORECLOSURE-
Homeowner returns the property to the lender rather than go through the foreclosure process.

DEED FOR LEASE-
Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.

REFINANCE-
Homeowner will significant equity in his/her property and good credit standing refinances their mortgage.

BANKRUPTCY-
Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.

SERVICEMEMBERS CIVIL RELIEF ACT (SCRA 303)-
A member of the military who is experiencing financial distress due to deployment (and can prove entered into debt before employment) qualifies for temporary relief under this act.

HOMEOWNERS ASSISTANCE PROGRAM-
A member of the military or federal employee qualifies for this program which has a variety of assistance programs including private sales, government purchase, and/or foreclosure assistance.

SHORT SALE-
Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed. 

Call or email me today if you need any assistance in these options.  I can help! 

Janene Spencer
Realtor
RE/MAX Platinum
(810) 844-2633 Direct
jspencerhomes@gmail.com email