Credit repair - Who Has Knowledge About Choices To Thwart Foreclosure?

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Who Has Knowledge About Choices To Thwart Foreclosure?

2017/11/10

You may not be aware, but there are many options available to you to stop foreclosure. Can bankruptcy prevent a foreclosure? Yes. Can a loan modificationstop foreclosure? Yes. Are there government programs available to stop foreclosure? Yes. Let’s examine each of these options, and which option may be the wisest decision for you.

A Chapter 13 bankruptcy can stop foreclosure, and if you have a 2nd mortgage that values more than your home is worth, there may be an opportunity for the bankruptcy judge to completely remove the 2nd home loan! This is because a Chapter 13 bankruptcy is designed to restructure your unsecured debt and allow you to pay back your creditors at a reduced amount. The courts will bundle all of your credit card and medical debts and give you one monthly payment to keep up with throughout the life of the bankruptcy. Because your second mortgage may no longer be ‘secured’ by the value of the property, the judge has the option to absolve the debt, or enter into a reduced payment plan.

The negatives of a Ch 13 BK to stop foreclosure are that the 1st mortgage will not be touched or modified (you will continue payments under the original loan terms), your credit is blemished for 7 years, bankruptcy is a public record, and the hassles and headaches of the bankruptcy process.

You may need to Need to refinance to stop foreclosure. This is only an option if you have not made a late payment on your mortgage in the past 12 months AND if your mortgage amount does not exceed your home value by more than 5%. There are great government programs to consider for a refinance if you meet these guidelines.

Themaking home affordable refinance program put in place by the Obama administration has created a great opportunity to refinance, as long as you are not too ‘upside down’ and you are current on your mortgage.

Another option for you to consider is a mortgage modification. A loan modification is the changing of the terms of the loan to affordable levels. This can be done through the reduction of interest rate, extending the length of the mortgage, converting to an interest only, and even reducing the principal loan amount on the mortgage. Whereas a bankruptcy will not change the terms of your mortgage, a loan modification will.

If your mortgage is owned by Fannie Mae or Freddie Mac, you may even qualify for the Obama administration Modification plan. Through this government modification plan, the bank must follow certain guidelines. Here are the rules: Your bank must modify the terms of your mortgage to achieve a ‘target debt to income’ ratio. The target DTI is 37%. This means that your mortgage payment must not exceed more than 37% of your monthly net income. The bank can achieve this target DTI by first lowering your interest rate to as low as 2%, and secondly by extending the terms of your loan to as long as 40 years. If neither of these actions achieves the target DTI, then the bank ‘may’ reduce your principal loan amount.

LoanModUS.com is here to help you determine which fit to stop foreclosure is best for you. Whether it is through mortgage modification, refinance, or bankruptcy, LoanModUS.com is here to help. You can reach us on the LoanModUS.com website, or call 1-888-500-2414 for a FREE financial evaluation and loan modification help.



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