No matter what your individual situation is, you have options. Whether you want to stay in your home or sell it, we may be able to help. Here is an overview of the most common workout options.
Modification - We may be able to modify the terms of your original loan to make the payments more affordable. Or, we may be able to reduce your interest rate, extend the term of your loan or add the delinquent interest amount to the unpaid principal balance or defer past due interest.
Repayment Plan - In some situations, we can work with you to form an agreement where you would resume your regular monthly payments, in addition to paying a portion of the past due payments.
Partial Claim / Claim Advance - If your mortgage is insured, you may qualify for an interest-free loan from your mortgage guarantor in order to make your account current.
Short Sale - If you can no longer maintain the payments on your property due to financial hardship, and have not been successful in selling your property, we may be able to approve the sale of your property for less than full payoff of the loan to avoid foreclosure. However, you typically will still be obligated to pay the remaining deficiency balance of the loan.
Assumption - A qualified buyer may be allowed to assume your mortgage, even if your mortgage states that it is non-assumable.
Deed in Lieu - If your property has been listed for a period of time with no activity, we may accept the title to the property as settlement for the debt, to avoid foreclosure proceedings. A deed in lieu may not be an option for borrowers who can still make their mortgage payments.
Forbearance - If you are delinquent on your loan, we may be able to help postpone legal action in order for you to make satisfactory arrangements to bring your overdue mortgage payments up to date.
Please contact us at 1-866-601-6391 to discuss any of these options.