Choosing a Foreclosure Prevention Specialist
Over the past few years, foreclosure has affected millions of families in every state in the country. The economy, unemployment and mortgage crisis has resulted in foreclosures and the problem has no immediate solution in sight. However, there are alternatives available to struggling homeowners and a foreclosure prevention specialist can help you find the right solution.
A foreclosure prevention specialist will help you understand your rights and explain the options available to foreclosure. Too often, homeowners just walk away without pursuing any of the possible alternatives that can help them minimize the effect on your life and help you get back in control for the future.
Alternatives to Foreclosure
Loan modification is designed to assist struggling homeowners. This program creates a lower monthly mortgage payment that the homeowner will be able to meet each month. For homeowners with the ability to make payments in the future, this can allow you to stay in your home with an affordable mortgage payment.
Repayment plans are intended to help homeowners bring the mortgage current. This involves paying an additional amount each month toward the delinquent balance in addition to the regular payment. When negotiating a repayment plan, it is important that the payment negotiated is affordable for the homeowner to avoid falling into default in the future.
Short sale is an option for homeowners who are unable to keep the home, but want to avoid foreclosure. In a short sale agreement, the homeowner is able to sell the home for less than the amount owed on the mortgage. You won’t be able to keep the home, but you will be able to suffer fewer negative consequences and avoid the disastrous affect on your credit score.
Deed in Lieu of Foreclosure is a process in which the lender accepts the property as payment for the mortgage. The homeowner is basically giving up their ownership in the property to the lender in an effort to avoid the foreclosure process.
How a Foreclosure Prevention Specialist Can Help
A foreclosure prevention specialist will help you find the best alternative to foreclosure for your situation. Whether this involves finding a way to modify your payments and reinstate the loan so you can stay in your home or negotiating a short sale or deed in lieu of foreclosure so you can move forward with your life, a professional can negotiate the best terms with your best interests in mind.
The mortgage companies have professional loss mitigation specialists working to get them the best deal possible. At Integrity First Financial Services LLC, we believe homeowners deserve the same benefit of a professional working on their side. If you are at risk of foreclosure, contact a foreclosure prevention specialist today. We offer a free consultation to allow you the opportunity to discuss your situation and get professional advice.
Integrity First Financial Services LLC works to help consumers eliminate debt without resorting to foreclosure or bankruptcy. We have successfully assisted thousands of individuals and families with credit card debt and mortgage trouble. Browse our website to learn more about our services and contact us for a free consultation with a foreclosure prevention specialist.