We want you to know that when you are facing foreclosure by your lender, you have several options:
1. Loan Modification - Most lenders will want 50% - 60% of your arrears paid upfront. Then they will place 2 or 3 payments on the back of your loan. You may also be able to negotiate a reduction in the interest rate, even legthen the term (payback period) of the loan, or both.
2. Forbearance Agreement - Most lenders will require that 40% - 50% of the arrears be paid upfront. Then they will spread the remaining balance of the arrears over a 6 - 12 month period. This payment is in addition to your regular payment. Be cautious! You are in foreclosure with this agreement and if you miss one payment, even by a day, they can sell your home.
3. Subject-To - This requires you to find a buyer that will take over your payments and pay all arrears. This works when you have equity in your property that would attract an investor.
4. Short Sale - Please see our Short Sales page for more information.
5. Chapter 13 Bankruptcy - We can share proven strategies from other homeowners. This is a powerful strategy and the banks hate it, but you need to know understand the process. Most attorneys will only tell you how to go through the process, but will not tell you how to work the system in your favor.
6. Deed-in-Lieu of Foreclosure - This is the worst option you can take. You are basically giving the property to the bank. Yesterday, the bank would happily accept your deed because the home was worth more then you owed. Today, with property values falling through the floor and the large number for foreclosures and banked-owned properties, banks rarely will accept your deed. Then when the bank sells your home for less than what you owe, they can chase you for the deficiency balance. This will negatively affect your future.
More Options ...
1. You can speak to your lender on your own and negotiate one of the options listed above.
2. If you need some help talking to your lender and/or preparing the mountains of documentation to build your case, you will want to purchase our Do-It-Yourself Loan Modification eBook Guide. The DIY guide will walk you through the loan modification process step-by-step.
3. If your lender does not accept a Loan Modification, we can negotiate a Short Sale on your behalf. We never charge the homeowner for a Short Sale. We are paid by the lender or the buyer from the proceeds of the Short Sale. Please contact us for more information info@PurpleSageProperties.net.
Whatever option you choose, when the bank calls (and they will call) be cautious about giving them information. They are trying to "Collect A Debt" and will use any information you give them to do that. Call us immediately and we will speak to them on your behalf. We will help you make the right decision for your situation.