Foreclosure Tools

If your personal situation is going to change (job loss, medical considerations, etc) talk to your family Realtor as soon as possible. You need to face life's chalenges with your eyes wide open and as many resources to assist as possible. Pride does not matter when the family is at risk.

I try to provide information to allow you to make knowledgeable decisions. I put you in touch with the professionals that can best assist with your situation. There are times that I try to spot ads that may allow you to get another job. There are many scams available to take your money for credit repair, or to steal the title to your house.

Deed in Lieu of Foreclosure: You basically give title back to the bank.
Forbearance Agreement: Temporarily freezing the monthly payment due on your mortgage, but with terms for catching up.
Loan Modification: The bank changes the terms of the loan.
Short Sale: You sell the home at a market price and the bank agrees to the sale with conditions.
Foreclosure: You stop making the your mortgage payments and the bank auctions off your home.
Refinance: No explanation needed.
Reinstate Your Loan: Pay all you back mortgage payments, plus late fees and legal fees.
Chapter 7: This bankruptcy is a liquidation to pay off the creditors.
Chapter 11: This is available for corporate, partnerships, or individuals to reorganize their debts. Individuals usually use 7 or 13.
Chapter 13: The court provides the plan for the individual to pay off the debt, and sets the terms which the bank, credit cards, etc must except.