If you are falling behind on payments or are facing foreclosure,
there are some strategies that may help you provide relief.
Below are a few facts that you must know
if you find yourself in a situation like this:


Loan Modification – your lender most likely can offer a loan modification, where they look to see if they can recast your loan, take some of your back payments and extend the interest or the life of the loan, and keep you in your house in the new payment plan.

Short Sale – Short sales can work really well. A lot of people think short sales steal equity or only pay half price for a house. In reality, the bank doesn’t want your house. So, they will help you work with a short sale specialist, agent, or a company that can help get your property on the market, get as much as you can for it, and sometimes the bank will allow you to sell the house for that price. It may not cover all the principal balance on the mortgage, but you may be able to get a release to prevent the foreclosure.

Bankruptcy – The bankruptcy will stop the foreclosure process, but you have to be able to make the bankruptcy payments during the whole term of the bankruptcy. A lot of times it is a very short-term solution. If you are not able to keep up with the payments, the bank will petition the court to release the home from your bankruptcy and then will foreclose on it.

Another thing that is important to keep in mind throughout the process is that the bank doesn’t want your house. They are not in the business of buying and selling real estate – they are in the business of lending money. To hire attorneys, hire an agent to sell the house, have the house cleaned out, and maintain utilities and other holding costs is very costly for large institutions. They are equipped to do it, but it is a last resort for them, just like foreclosure is a last resort for you.

A lot of times a bank will offer cash for keys. Cash for keys is a program where the bank pays the seller as much as 1% of the home value to move out. But more importantly, the sooner you take action when you realize you are getting behind on payments, the better. If you see yourself getting behind on payments from job loss or other troubles, it’s good to talk to your lender and try to work through the situation.

Of course, in addition to the benefits, there are downsides to each of these solutions, which is why it is best if you contact our team to provide you guidance instead of looking at one solution. You’ll be able to weigh in on pros and cons of several options, thus making a better decision about your situation. Remember, there’s no charge for our services. We are here to help.

Once it gets into the attorney’s hands, the fees go up and you are then negotiating with debt collectors instead of the mortgage holder. It’s always better to work it out with the mortgage company. So, don’t delay and get in touch with us ASAP. We are here to help guide you through your options that you may not know existed. We do not charge you a fee for any of our services, so there’s nothing to lose for you. After you speak with us, it will ultimately be your decision which route you will want to go.