Options To Help Prevent Foreclosure – Stop Losing My Home To Foreclosure

Has your job or major source of income disappeared in the recent past? Does it look like you will fall behind on your mortgage payments soon, or are you delinquent already? Do you have an Option ARM or an Alt A ARM that is about to modify? Do you have mortgage payments that have gone up in the recent past? If so, there may be solutions from your lender to help you prevent foreclosure that you are not aware of.
Mortgage loan workouts are mortgage options centered around helping you avoid losing your property to foreclosure. Mortgage loan companies provide mortgage workouts to their clients in several different ways.
Preventing Home Foreclosure

Deferment – Deferment is an agreement that your mortgage lender makes with you to let you to pay part of your mortgage payment later. The reduction total of your present payment is tacked on to your principal, which you will have to remit at a later date. If you need some short-term relief due to a brief loss of pay that has been settled or soon will be, this is a great solution to avoid foreclosure.Student loans, which are normally deferred until sometime after the student graduates from college, are similar to this type of workout. A mortgage can work in the same fashion.

Repayment Agreement or Forbearance Plan – Your mortgage lender might offer you a forbearance plan if your mortgage is in arrears due to some short term decrease in income that is now settled. Spreading the delinquent amount of money that you owe over a series of monthly payments is the idea behind repayment agreements. You will see a temporary increase in the amount of your mortgage payment, at least until the past due money that you owe is paid back during the forbearance plan. Once the money is paid back that you owe, your mortgage payment will return to its normal level.
Partial Claim or Second Lien Mortgage – In this mortgage workout, another mortgage that you may or may not have to make payments on is taken out for the amount of the past due money that you owe. Once you are able to refinance or sell your property, this type of mortgage will have to be paid back.

Solutions If You Want To Move
Foreclosure on your home can be stopped by the following solutions.

The first option is the short sale. A short sale is when you get your mortgage company to agree to let you sell your home for less than what you owe on it. If you plan to sell your home for less than you owe, you will have to get your mortgage company to agree, since they have a lien on your home. This short sale process will take some time so get started early if you plan on selling your home.
A Deed In Lieu of Foreclosure is the second option. Your mortgage company would acquire legal custody, or title, of your home in exchange for the amount you owe them in this option. You will want to make sure that they totally erase your debt if you give them legal ownership of your home. If you no longer own or live in the home, the last thing you want is to still make loan payments on it.

Preventing Foreclosure-How To Start
Get the assistance of your mortgage company as they are best able to avert foreclosure. You will be on the way to quickly solving your problems if you contact them and ask for their assistance. Putting in the effort to arrive at a solution in good faith will make them more willing to work with you. Good luck.