Evaluate options to avoid foreclosure

Call 888-566-8222 or www.MyOneStop.net or Text "PLAN" to 82257

Loan Modification-
Chris- A loan modification is a process where the original terms of a mortgage are modified, giving the homeowner new payment terms that they can handle. It will usually involve a lower interest rate, extension of the term, adding missed payments to the end of the loan, reduction in principle, or a combination of these.
Some families find success in modifying their loan, but you must meet all financial, employment and hardship requirements in order to qualify.
Deed in Lieu of Foreclosure-
Deeding your house title to the lender in exchange for their agreement not to foreclose is called a deed in lieu of foreclosure. You negotiate with the lender to accept the deed and they cancel the foreclosure action. It is not without negative consequence to your credit, but If a short sale or loan modification is not an option, a deed in lieu may be an answer. One difficulty in negotiating a deed in lieu settlement is that lenders do not want the property back because it creates liability issues for them and additional costs. If you are able to negotiate a deed in lieu, be aware of the possible negative consequences.
Walk-Away Foreclosure-
Foreclosure is rarely the best option for homeowners. In a foreclosure, the homeowner stops making payments and the lender takes possession of the house. A foreclosure creates additional expense and liability for the lender. You may still owe the debt even after a foreclosure depending on your loan. This may also lead to more severe tax consequences and is guaranteed to significantly impact your credit. A foreclosure will impact your credit for up to 10 years and will affect your ability to purchase a new home for 7.

Call 888-566-8222 or www.MyOneStop.net or Text "PLAN" to 82257

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