Solutions that Advantage Foreclosure can provide:
If you are facing a foreclosure situation and don't know what to do, here are some of the options that may be available. This is by no means a comprehensive list, and other options may be available depending upon your specific circumstances. Please contact Advantage Foreclosure Services to set up a consultation.
Repayment
When you have suffered a short term financial setback and have fallen two months or more behind in your loan, we can help you submit a payment plan to your lender. This program is meant for those clients who have recovered from their hardship, and will now be able to pay off their loan. Please contact Advantage Foreclosure Services to discuss whether you would qualify for a repayment plan.
Special Forbearance (FHA loans only)
There are actually two types of Special Forbearance requests, Type I and II.
Type I requests are meant for clients who have suffered a short term financial setback and have fallen 90-365 days behind in their loan. This program can provide more relief than a regular repayment plan, by spreading the repayment over a period of 12 to 18 months.
Type II requests provide an even further spread out repayment plan, and are meant mostly for unemployment situations where future employment opportunities exist. This type of plan can result in a repayment schedule that can spread out as far as two years or more.
Partial Claim
The partial claim program can be a very helpful option for clients whose loans have fallen behind 120-365 days. This program will essentially create an interest-free second mortgage between you and the Secretary of Housing Urban Development. This second mortgage will require you to start making payments once your primary mortgage has been paid off. This program cannot be instituted for clients who have accrued over 12 months of past due payments.
Loan Modification
So long as your property taxes are current or you are participating in an approved payment plan with your taxing authority, we can help you request a loan modification with your lender. This will restructure the terms of your mortgage, and could result in lower interest rates, or a longer loan period and lower payments. This program is best suited to clients who have suffered a long term financial setback and is subject to approval by your lender.
Short Sale
If you have suffered a financial setback that has made it impossible to maintain your loan, or if you find yourself in the position of needing to sell the property to avoid default loss, your lender may be able to offer you a short sale payoff. You must have a qualified buyer to be able to utilize this program, and you must inform us immediately if this is the program you wish to pursue, as there could be tax issues associated with setting up and accepting a short sale payoff. Because of these possible ramifications, we highly recommend that you contact the tax authorities in your area.