Alternatives To Foreclosure

Options to Stay In Your Home!!


If you are upside down on your mortgage payments and have had a
temporary setback due to unemployment, health issues, etc, you can
negotiate with your lender on several types of loan options.

These options are different in each case and offer solutions that may or
may not be viable for you:

Loan Modification: use your existing mortgage company to refinance
the debt or extend the terms of the loan. This may allow the homeowner
to catch up at a more affordable level upon qualification.

Partial Claim: an interest-free loan that is tacked onto your existing
mortgage to help you come current on your loan over a pre-determined
period of time.

Special Forebearance: a re-negoatiation of your mortgage loan based
on your financial situation. You must meet specific requirements to be
eligible for this type of foreclosure alternative.

Deed in Lieu of Foreclosure: voluntarily give your property back to
the bank instead of the bank foreclosing on the loan.  Some requirements may have to be met.  Be leery of a deficiency judgment.

Bankruptcy- Chapter 7 vs. Chapter 13: which option is right for you
if you want to stay in your home or sell it in a short sale? Understand the
difference between Chapter 7 liquidation, and Chapter 13 where payments
are made to pay off debts over a set period of time.  Consult with an attorney.

Time is absolutely crucial in these circumstances.  Contact me immediately to start the short sale process or to discuss options.  I will talk to you about any options you wish to consider. Please fill out the form below and I will get back to you ASAP. 


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  • If you are planning to make your move in the next 6 months or less, you'll need to organize yourself quickly.  However, even within this short time frame, there are many issues you can address.  Please order Report #1.

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RE/MAX Property Promotions
975 Merriam Ave Leominster, MA 01453
Phone: 978-847-0898 Fax: 978-847-0892 Toll Free: 800-743-1161 x898
Mike@MikeTolson.com
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