If you're facing foreclosure, then you are probably under stress. You don't know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That's why we put this site together. You need to know what your options are. So, let's go thru them here.
Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I've seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare.
Option #2: Deed-In-Lieu of Foreclosure. A "Deed-in-Lieu" is where you surrender your home to the lender. This enables the lender to sell your home faster and protect their investment. What benefit does it give you? None. Do not consider this option unless the lender gives you something in return
Option #3: Loan Modification to reduce your mortgage payment. If you want to keep your home, then it is a good option. Many lenders will reduce your interest rate, or extend the term of the loan. To qualify, you often have to send your lender all of your pay stubs, bank statements, and other financial documentation. Call me for a free concultation.