8 ways homeowners can stop foreclosure
DESCRIPTION
Can loan modification stop foreclosure? Can refinancing stop foreclosure?? Can ignoring it stop foreclosure? Find out 8 solutions that may stop foreclosure. Presented by Amerihope Alliance Legal Services, a law firm that has helped over 5,000 homeowners keep their homes from foreclosure.TRANSCRIPT
8 Ways Homeowners Can Stop Foreclosure
1). Be on Top of Your Situation
Reach out to your lender for a solution- 1oz of prevention = 1lb of cure
If you've already received a Notice of Default:- You must respond within 20-30 days.
Talk to a foreclosure attorney at once.
Don't ignore your problem; do something!
2). Refinancing
Must also have a good FICO score and equityfor a new loan.
Only for homeowners who are current on their mortgage payments
3). Repayment Plan Allows homeowners to repay missed payments
Missed payments are “spread out” over time
Best for homeowners who've suffered temporary hardship
4). Forbearance
- Only a temporary solution
- Allows a homeowner to suspend or reduce payments for up to 6 months
- Borrower must pay an additional amount at end to become current
5). Proactive Foreclosure Defense
A lawyer fights foreclosure as long as possible
Many homeowners use this to buy time to obtain a loan modification.
Some law firms combine proactive foreclosure defense and loan modification.
6). Loan Modification
The ideal solution for homeowners in trouble.
Changes terms of the mortgage agreement tomake it more affordable.
Works best as compliment to foreclosure defense
7). Bankruptcy
Only viable for some homeowners.
Harms long-term financial future
May not save a home from foreclosure
Should be considered a last resort
8). Suing Your Lender In a Class Action Lawsuit
High Risk of Losing Your Home
Completely different from foreclosure defense
Involves extensive- and expensive litigation
Requires time, money, and a good attorney
Sometimes used as part of proactive foreclosure defense.
9. Suing Your Lender Individually
There is no one-size-fits-all solution;not every strategy or law firm is for everyone.
?Questions? Comments?
Do you need to speak with an attorney about your foreclosure?
Call 877 – 882 – 5338
Email [email protected]
Schedule a Consultation at www.amerihopealliance.com
Solutions presented by Amerihope Alliance Legal Services, a foreclosure defense law firm representing homeowners in FL, IL, NJ, NY, & PA.
(877) 882-5338www.amerihopealliance.com