Refinancing to avoid foreclosure

The type of mortgage you have and the status of that mortgage will be big factors in what products and services are available to you. There’s a host of other factors too, employment history, marital status, down payment, etc.

There’s quite a few options available to help you change your current situation.

1.) You can get a repayment Plan: Working together with you current lender, make a schedule of a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.

2.) You can try Refinancing: Use the equity you have in your home to pay the delinquent amount. Current low interest rates might reduce your monthly payments. Check your current lender and other ones too. Make them compete and really get yourself a bargain.

3.) See about a HUD Partial Claim: If your loan is an FHA insured loan, your lender can ask for a one time payment from the FHA-Insurance Fund to cover the delinquent portion.

4.) Or Back to your lender for a Special Forbearance Plan. This gives you a temporary reduction or suspension of payments. Later the payments are increased to repay the delinquent amount over a specified period of time.

5.) Lastly, Mortgage Modification might allow you to refinance the debt and/or extend the term of your existing mortgage loan.

Seriously, interview a wide array of mortgage brokers to make sure you have all options presented to you. Let them know what you’re doing so you get the best prices and terms. Before committing to anything, check with a real estate lawyer. For a nominal fee, be sure you’re getting the best option.

Lew McConkey
Focused on Home Buyers and Sellers in Brockton, Abington, Whitman, Hanson, Halifax and East Bridgewater

Rosen Realty