Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

Stop Foreclosure: Options To Help Prevent Foreclosure on Your Home

November 16, 2009

Have you inadvertently lost your job or a major source of income recently? Are you delinquent in your mortgage payments, or will you be presently? Is your Option ARM or Alt A ARM getting ready to modify? Have your mortgage payments recently increased? If so, you may not be aware that your lender may have options to prevent foreclosure which are available to you.

Mortgage options centered around helping you avoid losing your home to foreclosure are called mortgage loan workouts. Mortgage lenders provide mortgage workouts to their customers in several different ways.

Ways To Prevent Home Foreclosure

  • Deferment – Deferment allows you to pay part of your mortgage payment at a later date, per an agreement with your mortgage lender. The reduction sum of your existing payment is tacked on to your principal, which you will have to pay at a later date. If you need some short-term relief due to a brief loss of pay that has been resolved or soon will be, this is a great solution to stop foreclosure.Student loans, which are normally deferred until sometime after the student graduates from college, are similar to this type of workout. A mortgage can work in the same fashion.
  • Repayment Agreement or Forbearance Plan – A forbearance plan may be the solution if you have got behind on your mortgage due to some short term reduction in income that has been resolved. The money you owe from missed mortgage payments can be spread out over a series of monthly payments. You will see a temporary increase in the amount of your mortgage payment, at least until the past due money that you owe is paid back during the forbearance plan. Once the money is paid back that you owe, your mortgage payment will return to its normal level.
  • Partial Claim or Second Lien Mortgage – Based on your financial situation you may be able to put the past due amount that you owe into another mortgage that you may or may not have to pay back. This loan will have to be paid back once you are able to refinance or sell your property.

Solutions If You Want To Move

Several solutions exist that can help you stop a foreclosure on your home if you want to move.

  • This first solutions is called a short sale. When you get your mortgage company to agree to let you sell your home for less than what you owe on it, it is called a short sale. If you plan to sell your home for less than you owe, you will have to get your mortgage company to agree, since they have a lien on your home. If you plan on selling your home, get started early on the short sale process because it will take some time.
  • A Deed In Lieu of Foreclosure is the second option. A Deed In Lieu Of Foreclosure is where you would transfer legal custody, or title, of your house to your mortgage company in exchange for the debt that you owe them. If you do hand them legal ownership of your property you will want to make sure that they totally forgive your debt. If you no longer own or live in the home, the last thing you want is to have to make mortgage payments on it.

Get Started To Prevent Foreclosure

  • Your best way to prevent foreclosure is to get the help of your mortgage company. You will be on the way to quickly solving your problems if you contact them and ask for their assistance. If you make an effort in good faith to arrive at a solution they will be more likely to work with you. Good luck.
  • Close behind speaking to your mortgage company is speaking to a short sale real estate company.

Filed Under: Loan Modification Tagged With: options to stop foreclosure, prevent foreclosure, short sale to stop foreclosure, Stop Foreclosure

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us