Foreclosure Options

Below are examples of some of the foreclosure options available to you as a homeowner facing possible foreclosure. If you prefer an option we do not provide, we can refer you to the appropriate resource.

BEHIND IN YOUR PAYMENTS?

If you are behind on your payments and not in foreclosure yet, you may be able to get your bank to do a loan modification so you can get current. If this is not an option to you, we can help by evaluating your situation and exploring alternatives. Even if the bank is owed too much to make a transaction feasible, we can help get the bank to discount.

SELLING TO AN INVESTOR

To avoid a foreclosure and possibly put money in your pocket, some homeowners opt to sell their property to an investor who pays them immediately. Estate Rescue can facilitate this transaction.

LISTING

With enough time, you may be able to list your property with a real estate agent and find a buyer to avoid foreclosure. Estate Rescue can help facilitate this transaction.

REFINANCE

Homeowners with a good credit score, equity and enough time can qualify for refinancing and avoid foreclosure. Unfortunately while you are in foreclosure, it is very difficult to find a lender who will loan you money. Estate Rescue can refer you to a mortgage counselor.

BANKRUPTCY

Chapter 7 bankruptcy lets you eliminate (discharge) most of your debts in exchange for giving up property that is not protected by "exemption" laws. A "bankruptcy trustee" sells your property and distributes the money to your creditors. Any remaining unpaid debt is elliminated. If you don't have many assets, you may get to keep what little you have.

Chapter 13 bankruptcy lets you rearrange your financial affairs, repay a portion of your debts and gain control of your financial situation. You repay your debts through a Chapter 13 plan, where typically you make monthly payments to a bankruptcy trustee for three to five years. The bankruptcy trustee distributes the money to your creditors.

FORBEARANCE

Some lenders allow you to do a forbearance on your property where you postpone, a portion of or all of you mortgage payments. In most cases, the bank requires a lump sum portion of your arrears up front, leaving the remaining arrears to be spread over several months' payments. This makes it difficult for many homeowners to accomplish.

With any of the options above, time is of the essence. Contact us immediately for more information and assistance.