Options for Homeowner’s in Foreclosure
December 4, 2011 by admin
Filed under mortgages, real estate info
Originally posted 2008-12-14 10:06:26. Republished by Blog Post Promoter
 The homeowner can call the lender’s loss and mitigation department and ask them to reinstate the loan. There are several ways the homeowner may be allowed to reinstate the loan. The homeowner may bring the loan current by paying a lump sum or making scheduled payments to the lender over a given amount of time. Explain to the lender about the hardship and let the lender know the hardship is over and that you are now able to make your payments.
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Re-financing may be an option with the lender. Â
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If the homeowner has not been able to resolve his or her hardship then listing the home with a Realtor to attempt a short sale is still yet another option. Remember, the homeowner will need a hardship package from the lender. This package consists of the homeowner providing their financial documents, the listing agreement. Preliminary HUD-1, and a purchase agreement if there is a buyer.
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The homeowner can do a deed in lieu. A deed in lieu is walking away under friendly terms with the bank and giving up the deed to the lender.
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The homeowner can file bankruptcy. Homeowners please seek the advice of an attorney. There are two type of bankruptcy. They are Chapter 7 and Chapter 13. Chapter 7 is called the “wipe out”, and Chapter 13 is called the “work out”. Both Chapter 7 and Chapter 13 immediately stop the foreclosure process and stop any creditors from taking further action against you.
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