Foreclosure is a situation where one’s home is taken away from him and sold by the lenders due to the fact that he had been defaulting on his loan payment. When a person who is on a mortgage plan is unable to make his/her mortgage payments, the home is foreclosed.
A foreclosure is a gradual process and there are many viable options for the homeowner to save his home. These options when activated could lead to the home being saved from a foreclosure. Some of the reasons why people default on mortgage payments include death, divorce, unemployment, ill health and any other factor which could cause the homeowners lose their wealth.
OPTIONS TO SAVE YOUR HOME FROM A FORECLOSURE
- Forbearance agreement: this is a special kind of agreement which people on mortgage payment plans can enter into. In order to make such an agreement, you will need the services of a competent loan modification specialist. The agreement will suspend the collection of the installment payment on mortgages for a certain period until the person is able to pay the money again. The reprieve might be given for 3 to 6 months or even as much as 12 months in some cases. A well-known loan modification expert can help a lot in this regard.
- Special Indulgent: a client can seek indulgence and reprieve under special circumstances based on their situations. For instance, those who were civilians and later joined the military get some form of indulgence and reprieve when they cannot pay their mortgage loans.
- Loan Modification: in cases where the client is finding it really difficult to pay the loans, he can rework the payment plans. He can get revised and easier conditions surrounding their loan repayments.