Stop Foreclosure - Keeping your Home using Retention Options
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Foreclosure Retention Options
There are basically 2 options regarding how lenders approach solving foreclosure: Retention and Liquidation - The first exhausts all avenues for the borrower to keep the property; the more favorable option of indeed. Liquidation happens usually when all parties agree there is minimal chance of the borrowers ability to make consitant ongoing payments - thus giving up the property.
Home Owners can lower their probability of foreclosure by being guided into the correct retention option. Freddie Mac studies show 80% of the homeowners who were properly counseled kept their homes while the other 20% that took no action or the wrong action lost their homes.
A quick list of Retention options offered by a lender include:
Forbearance - allows borrowers to skip payments
Reinstatement - allows borrowers to bring the payments to current status sometime in the future, usually with one lump payment.
Loan Modification - The lender can restructure the loan to accommodate the borrowers financial situation.
Stop Foreclosure Resource
Here is a helpful as well as popular e-book in .PDF format that is packed with solutions that can stop the foreclosure process and save you big in the long run. Get Forecloseure HELP