Thursday, March 1, 2012

Foreclosure Options

If you are facing foreclosure there are a few options still available to you that you may not be anywhere of.

You could call the lender or the bank and asked them to reinstate your loan. You have to make a one-time payment to make loan current. You may increase your home payment so that in a scheduled time you could be caught up. For example if your home payment was $1000 per month you might agree to pay $1500 to make the loan current.

You also may try to negotiate a settlement where the back payments could be added on to the end of the loan this is called a forbearance agreement. If you have a lot of equity in your home you might simply try to refinance it. You also may try to sell the home yourself. These are just a few options available to you if you are going to lose your home it might be beneficial to you to contact a real estate attorney let them explain all the options open to you.

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