If you or anyone you know are in a situation where they are behind on their mortgage payments this presentation can help you. This short presentation will show you 9 options available for you to consider if you are facing a possible foreclosure situation.

1. 9 WAYS TO AVOID
FORECLOSURE
By: rkiproperties.com

2. Do Nothing
Do Nothing If you do nothing, you will most likely lose your
home in a foreclosure auction and still owe your lender.
Loan applications generally ask if you have been
foreclosed upon. Credit reports also disclose this
information. It is usually not the best option.

3. Payoff / Refinance
Completely paying off your loan amount, plus any default
loan amount and fees. Usually this is accomplished
through a refinance of the debt.

4. Reinstatement
Paying the entire default amount, plus interest, attorney
fees, late fees, taxes and missed payment fees.

5. Loan Modification
Using the existing mortgage company to refinance the debt
or extend the terms of the loan. This may allow you to
catch up at a more affordable level.
To qualify, you usually have to prove to your lender that you
have fixed the problem that caused the late payments.

6. Forbearance
The lender may be able to arrange a plan based on your
financial situation. The lender may even be able to provide
a temporary payment reduction, or suspension of late
payment fees.

7. Partial Claim
A second loan from the lender to include back payment
costs and fees.

8. Deed-In-Lieu
Give the property back to the bank instead of the bank
foreclosing. Banks generally require that the home be well
maintained. Most loan applications will ask you if you ever
had a deed-in-lieu of foreclosure.

9. Bankruptcy
This option can liquidate debt and/or allow more time. It
does not get get rid of the foreclosure.
Chapter 7 - Liquidation
Chapter 13 - Payments are made over 3 to 5 years.
Chapter 11 - Business reorganization

10. Sale
If the property has equity, you may sell the home without
lender approval through conventional home sale. In this
case, you would receive cash from the sale.
On the other hand, a short sale may be negotiated with your
lender if you owe more than the property is worth. You can
have the debt waived and possibly get money for
relocation.

11. Get Help Now
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