The ONLY Six Ways to Avoid Foreclosure and Stop a Notice of Default and Trustee Sale! After working on thousands of foreclosures, short sales, and distressed properties - we have provided home owners with the best options to avoid foreclosure. In this video I discuss Forbearance, Loan Modifications, Bankruptcy, Reinstatement, Refinance, Short Sales, and Deed In Lieu of Foreclosure.

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0:00 6 Options To Avoid Foreclosure
0:54 Option 1 - Forbearance
1:52 Option 2 - Loan Modification
4:42 Option 3 - Reinstatement / Refinance
5:42 Option 4 - Bankruptcy
7:23 Option 5 - Equity or Short Sale
9:12 Option 6 - Deed In Lieu Of Foreclosure
10:12 Avoid Foreclosure Scams

It’s important to know your options and understand all the potential solutions that may be available to help you avoid foreclosure. It’s also important to understand what can happen if you fail to take action and foreclosure becomes unavoidable. The process can be stressful, embarrassing, and it can have long-lasting consequences.

"What happens if my home is foreclosed on?" Walking away from your home voluntarily, may seem like the best solution when your home is valued lower than what you owe. However, this action may lead to financial consequences in the future. In some states, you may be required to pay a portion of your mortgage debt even after the home has entered foreclosure. Also, the impact to your credit may make it difficult to rent or purchase a home in the future. It may be best to explore other options to foreclosure with your mortgage company before making a decision to leave your home.

Keep in mind, your mortgage company doesn’t want to foreclose on your home. Just like there are consequences for you, the foreclosure process is time-consuming and expensive for them. They want to work with you to resolve the situation. However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only option.

For example, foreclosure could result in you:
owing the mortgage company the deficiency balance of your mortgage (the deficiency balance is the remaining total mortgage balance after the sale price of the home)
lengthening the time you could receive a Fannie Mae mortgage to purchase your next home to at least 7 years.

When you're nearing foreclosure, the first thing you'll want to do is to educate yourself on what's happening. Take a deep breath and read over everything you've received from the lender, including your mortgage itself. Many initial notices of late payment will contain information on foreclosure prevention options. Later mail might contain important notices about the foreclosure process and pending legal action. No matter what it says, it's better to be informed.

Next, you'll want to educate yourself on how foreclosure is handled in your state. Some states are judicial foreclosure states, meaning that the lender has to file a lawsuit against you before moving forward with the proceedings. In other, non-judicial foreclosure states, this is not a requirement. Knowing which type of state you live in can help you figure out how much time you have to find a solution.

Call your lender - get in contact with your lender as soon as possible. The reality is that foreclosure is a very time-consuming and costly process. Most lenders would rather work with you to find a solution than actually repossess your home. Honest communication and a willingness to work together will go a long way towards helping you get back on steady ground.

There are four main options that the lender may offer you. They are:
Refinancing: Where a lender offers you a new loan - with new interest rates and terms - to cover the missed payments, plus what you owe on the home. This doesn't affect your credit negatively and could help lower your monthly payments.
Repayment Plan: Where you and your lender work out a plan that works in your budget, so you'll restart making payments. Over a specified period of time, you'll work to continue making payments and also make up the late payments.
Forbearance: A forbearance is when the mortgage company agrees to temporarily suspend your mortgage payments for a specified period of time. These deferred payments will be tacked on to the end of your loan.
Loan Modification: In this case, the mortgage company will change the terms of your existing loan - amount due, interest rate, length - to make your monthly payment more manageable.

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