Understanding the Foreclosure Process

Knowing what to expect can better prepare you to leave your property and move forward. We’ll hlep guide you through the process and, if we can find an alternative solutions for you, offer you assistance with your transition out of your property.

If you’re facing a foreclosure, we may be able to find an alternative. Don’t wait until you receive a notice of foreclosure. If you want to avoid foreclosure, you should consider other options as soon as you become concerned about your ability to make your payments. The sooner you call us to explore your options, the more that may be available to you.

I want to stay in my home

Refinance

If you’re having difficulty making your home loan payments, refinancing your mortgage may be an option. It may make your monthly mortgage payments more affordable by lowering your interest rate or moving you from an adjustable-rate mortgage into a fixed rate loan. Sometimes, depending on your circumstances, both are possible.

Home Affordable Refinance Program

Part of the federal government’s Making Home Affordable program, it may help you qualify to refinance your mortgage and take advantage of lower rates. It’s an option if you are current on your loan but are having trouble refinancing because the market value of your home is lower than the total you owe on it.

HOPE for Homeowners Program

The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments and are at risk of foreclosure but can afford a new loan insured by HUD’s Federal Housing Administration.

Home Affordable Unemployment Program

Part of the federal government’s Making Home Affordable program, this program is designed to help homeowners who are unemployed. If you are currently unemployed and struggling to make your mortgage payments, you may qualify for a period of at least three months of suspended payments while you look for new employment.

Home Affordable Modification Program

Part of the federal government’s Making Home Affordable program, if you qualify, you may be able to restructure your mortgage payments to make them more affordable. The FHA Home Affordable Modification Program may be right for you if you have an FHA loan.

Home Affordable Modification Program Military Modification

Part of the federal government’s Making Home Affordable program, if you’re a military servicemember having difficulty making your mortgage payments, you may be eligible for assistance, including principal forgiveness.

FHA Home Affordable Modification Program

Part of the federal government’s Making Home Affordable program, if you have an FHA-insured home loan and you’re having trouble paying your mortgage, you may be able to arrange a more affordable mortgage payment under this program.

National Homeownership Retention Program

A Bank of America modification program for certain former Countrywide borrowers with pay-option or other adjustable-rate mortgages. Like the Home Affordable Modification Program, this approach is focused on restructuring payments to make them more affordable.

Forbearance

You either make reduced mortgage payments or no payments for a period of time (generally three months) to give you a chance to get back on your feet during a temporary hardship. The missed payments are then repaid through a repayment plan where you would resume making your normal monthly payments plus an additional amount over time.

Bank of America Home Loan Modification

Bank of America offers different modification programs which may be available to qualifying borrowers. The goal of these programs is to modify your home loan, making the monthly payments affordable and sustainable so that you may be able to avoid foreclosure.

Hardest Hit Fund

This program was created by the federal government to help homeowners in states most affected by housing price declines and the recession. If you are having difficulty making your mortgage payments and you live in a participating state, the Hardest Hit Fund may be an option.

I would consider leaving my home

Short Sale Programs

The goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your house. In the short sale process, you sell your house and settle your mortgage debt for less than the amount that you owe.

Deed in Lieu

This option lets you avoid going through the foreclosure process by signing the deed to your property over to your lender. A deed in lieu can negatively affect your credit score, but the impact is generally less severe than a foreclosure.

Contact Us

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