What can I do to save my home from foreclosure?
Many lenders provide alternative solutions for qualified borrowers to resolve defaulted loans. Your lender may have a special loss mitigation program to fit your situation that could stop the foreclosure.
While we understand you may be experiencing temporary or permanent financial troubles that have caused you to be in default of the terms of your mortgage, we may be able to assist you in finding a mutually agreeable work-out option that fits you and your lender's needs.
Common options include, but are not limited to, the following:
Reinstatement: A curing of a default and restoration of the loan to current status through payment of past-due amounts together with any additional fees and expenses.
Forbearance Agreement/Repayment Plan: An agreement between the lender and borrower where the lender agrees to stop the foreclosure and the borrower agrees to a payment plan that will, over time, bring the loan current. It is primarily used when borrowers have a temporary financial hardship.
Loan Modification: Typically a loan modification results in a permanent change to the existing loan documents due to the borrower’s long-term inability to repay the loan. Lenders may agree to reduce the interest rate, extend the length of the loan, change the payment options, or change the type of the loan to resolve the default.
Deed in Lieu of Foreclosure: The lender will release the borrower from their mortgage obligations in exchange for the deed of the property.
Short Sale: The lender may accept less than the full amount of the loan if the borrower is able to sell the property. For more information about the alternatives to foreclosure, please contact our Loss Mitigation Department at 913-663-7600 or email us at LossMit@SouthLaw.com.