You have Options;
Keep your home, Refinance, Loan Modification, Forbearance Agreement, do a Short Sale 
OR Foreclosure.

If you have fallen behind on your mortgage, or fear you are about to, there are options that may be available to you to resolve the problem with your lender and avoid the bigger problem that is foreclosure.

Whatever you do, don’t feel that you are facing a situation that requires that you act before you have a chance to review what your options are.


Don't do anything until you understand your Options.

Now, let’s look at some of your options:

Keep Your Home
If you want to keep your home and believe that, with a little assistance from your lender, you will be able to remain current on your mortgage in the future, you have a couple options. Either a Forbearance Agreement or a Loan Modification could provide you with the assistance you need from the mortgage holder so you can keep your home.

Refinace
You could refinance the property and pay off existing loans.

We have loan sources for these types of loans, but they can be very expensive. Look very closely at all the terms of the loan if you decide to try to refinance.

Loan Modification
For those that want to try to keep the property, a loan modification might make it possible. In a loan modification the lender typically adjusts the payments on the loan to make the payments manageable for the homeowner. For more information, click here.

Forbearance Agreement
Used most frequently when a homeowner has experienced a temporary financial setback and expects to be back on solid financial footing and able to resume making regular payments.

Most times, in a forbearance agreement the basic terms of the mortgage remain the same. The key to a forbearance is the lenders willingness to put together a specific plan in the agreement that allows the homeowner time to catch up on delinquent mortgage payments.

Do a Short Sale
If it turns out you owe more than your home is worth, and you see selling the home as your best option, a Short Sale is something you will want to consider. In a Short Sale, you will be asking your lender to accept net sales proceeds, after all costs of sale are deducted, including commission, as a settlement to “pay” the mortgage.

Your chances of getting a Short Sale sold, approved, and closed goes way up if you have a real estate agent with extensive experience working on Short Sales. You may also want to consult legal, tax and other advisors to review your particular financial situation and the options (and consequences of those options) availalbe to you. For more information, click here.

Short Refincace
Sometimes called a Short-Refi, or Short Pay, a short refinance involves the existing mortgage holder allowing the homeowner to refinance their existing mortgage with a new loan at a principal balance below that owed on the existing mortgage. When the short refinance closes escrow, the old, higher balance mortgage is fully “paid off” and the mortgage is fully reconveyed.

Short refinances are relatively rare. The success of a short refinance is often predicated on the motivations of the mortgage holder.