In spite of the current housing market, home foreclosure is not a foregone conclusion should you develop financial problems. While foreclosure laws vary from state to state, this information can help you identify some possible alternatives in order to avoid a foreclosure on your home.
If you or a family member has received a Notice of Election and Demand for Sale, this signifies the beginning of the foreclosure process. You should consult with your lender, an attorney, financial adviser, accountant or other real estate expert to discuss your specific situation. The information contained here should be used only as a starting point for further discussion.
Definition of Terms
Sell property, pay lender(s), may require cash to close.
Replace loan in foreclosure with new financing, may require cash to close.
A voluntary adjustment of the terms of a loan by the lender to enable the homeowner to continue making payments, may include repayment plan for missed payments.
Sale transaction in which lien holders agree to accept less than full amount owed to release their liens against the property.
Process whereby lender agrees to take back title to property by way of voluntary transfer of title/deed to avoid the foreclosure process.
Seek discharge of potential deficiency and other unsecured debts through Chapter 7 or Chapter 13, depending on qualification.
If you are currently facing foreclosure or are concerned you might be, please contact your lender, an attorney, financial adviser, accountant or other real estate expert to discuss your specific situation.
|YOUR HOME EQUITY POSITION|
|YOUR FINANCIAL SITUATION||Solvent||Positive Equity
||Value = Loans
|Income = Expenses||