Are You Eligible? Use the self-assessment tool to determine if you can benefit from a mortgage modification.
 
HOW CAN I SAVE MY HOME?
If your primary goal is to stop foreclosure in order to keep your house, then you'll most likely want to consider Foreclosure Mitigation Services which usually results in a restructuring of your current delinquency. Other options may include refinancing or Chapter 13 bankruptcy. However, if you know that you can't afford to keep your house and you are looking for a way to avoid a deficiency judgment and minimize damage to your credit, other options to stop foreclosure are available. We will gladly take the time to provide you with a FREE CONSULTATION where we can assess your options. If we can't help you, we will let you know right away and point you in the right direction.
Facing mortgage foreclosure is scary, and it can be hard to make informed decisions to stop foreclosure when under pressure. Make sure that you understand all of your options to stop foreclosure, which may include:
  • Loan Modification
  • Turning over the Deed in Lieu of Foreclosure
  • Selling the Property
  • Surrendering the Property in Bankruptcy
Loan Modification:
This is the most desired strategy if you would like to stay in your home and protect your credit. Our Experts have over 15 years combined experience in dealing with the Collection/Foreclosure Departments of most lenders. In order for you to be able to qualify for this option, you must be able to afford your mortgage. Your current income must be sufficient to meet your financial obligations. If your delinquency was caused by a one-time event like illness, loss of job or financial mismanagement, this may be your best option.
Deed In Lieu Of Foreclosure:
May Be an Option. If you're sure that you can't afford to keep your house, you may be able to reach an agreement with the mortgage holder whereby you simply give it back and stop foreclosure. The mortgage holder would agree to accept the deed as full settlement and cancel the remainder of your debt. We can help negotiate this option on your behalf.
Sell your Property To Avoid Foreclosure:
If you have significant equity in your house, selling it is a good option. Where equity is limited (or non-existent), it can be difficult to sell the property because of the need to cover the mortgage and the other associated costs of a sale. This is especially true if you're working with a realtor, since you'll have to cover a commissionaswell. In some cases, the mortgage holder may agree to a short sale. That means the lender will agree to accept less than the full amount of the mortgage. This allows you to stop foreclosure and avoid a deficiency judgment, while the lender recovers the bulk of the amount due without having to pursue foreclosure proceedings. We can help negotiate a Short Sale for you to bring you the most value.
Surrender The Property In Chapter 7 Bankruptcy:
Chapter 7 bankruptcy does not provide a means to save your house from foreclosure. The automatic stay entered in most bankruptcy cases will stop foreclosure proceedings, but the Chapter 7 process does not provide a mechanism by which you can catch up on your past-due payments and keep your home. However, if you've been unable to work out an alternative and you know that you cannot afford to keep your house, Chapter 7 bankruptcy has advantages. The automatic stay will temporarily stop foreclosure proceedings, giving you time to make necessary arrangements. Chapter 7 bankruptcy will eliminate most of your unsecured debt (credit card debt, outstanding medical bills, etc.), so that you may be more able to meet your regular living expenses. Most importantly-Chapter 7 bankruptcy can eliminate any deficiency judgment, so that you don't end up losing your house and still make payments to the lender.
A Specialist At Porter Group Can Help You.
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