Your individual circumstances will determine what options are available. The Lenders / Banks also treat each case individually and can vary greatly from case to case and institution to institution. We will work with you and the Lender / Bank to negotiate a solution that works for you. Some of the options that may be available are:

Forbearance Plan
This is when the Lender / Bank agrees to take the current payments as scheduled and, in addition, a plan to repay the past due amount is created. These plans typically spread out over time and careful consideration is given to your ability to make the monthly payments. This is often the preferred option for those who have suffered a short-term financial hardship that has been resolved.

Loan Modification
This is when the Lender / Bank will agree to renegotiate the terms of the original loan. A variety of terms can be renegotiated and the end result must leave you and the bank feeling more confident about your ability to make the payments. The bank may agree to lower the interest rate, extend the length of your loan, reduce the amount you owe, or even freeze the interest rate on adjustable loans. A successful loan modification almost always produces a lower monthly mortgage payment. This option can provide great relief for many homeowners.

Short Sale
This is when the Lender / Bank will allow you to sell your house for less than the balance of your loan. Your consultant, along with a realtor, will negotiate with the Lender /Bank and find a buyer for your house. Congress has approved friendly tax treatment for many of these transactions and the banks will often consider the account to be ‘settled’. There are tax and legal considerations with short sale. In either case, we will likely recommend consulting other professionals who can advise you accurately in their fields of expertise. This is an option for those who have been unsuccessful selling their home and falling behind and those who cannot afford other ‘work-out’ options.

Other Remedies
Don’t panic if none of these remedies will work for you. There may be other options to explore. We will accurately and quickly analyze your individual situation and guide you down the path most likely to provide you relief.

Caution
If you are currently considering another firm or organization to help you, please check their qualifications carefully and never pay a consultation fee in advance. It is unfortunate, but we hear horror stories every day.

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