Stop Logan Foreclosure

Possible Solutions

Solutions to Prevent Foreclosure

Reienstate the Loan

Lenders are so overwhelmed with numerous foreclosures that they are doing all they can too help make loan terms more affordable. Many mortgage lenders are offering reinstatement plan where you have so many months in which too repay your delinquent balance. They are also lowering interest rates and converting adjustable rate mortgages to generous 30 year fixed terms.

Modify Your Loan

Modifying your loan can be pretty difficult if your credit is already shot. But there are many special new programs many sponsered by the government to help you change your loan terms to a loan with a lower interest rate, longer term, and lower monthly payment.

Sell Your Home

If you have equity in your home, and the mortgage terms will just not work for your present financial situation, selling your home is the best option. By selling the home you can turn your equity into cash and pay off your delinquent mortgage before the foreclosure. When a home is in default it is very important that you sell quickly. To sell fast, it is essential that you higher a competent Real Estate Professional who understands the foreclosure process.

Short Sale

When you don't have equity in your home and the mortgage terms just aren't possible you can still sell your house by using a short sale. With a short sale, the bank accepts less than what is owed to release the lien on your property. Short sales can be very time consuming and complicated. There may also be tax implications and deficiencies that need to be repaid to the lender when a short sale occurs. Allowing a short sale is much better on your credit than allowing the foreclosure auction to happen.

Sell to an Investor - Lease back your Home

There are investors out there who buy distressed homes and then will lease them back too you at rates less than your mortgage payments. Investors will only do this if they can purchase the property with significant equity. They may also not be very forgiving when it comes to missed rent payments. This is sometimes an option to prevent foreclosure while still staying in your home.

Facing Foreclosure