What are Some Other Solutions for "Temporary" Problems to Avoid Foreclosure?
Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date.
Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later.
Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current.
Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify:
You may qualify if:
1) Your loan is at least 4-months delinquent, but not more than 12-months. 2) You are able to begin making full mortgage payments again.
When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold.
Everwise Home Loans and Realty is licensed and/or registered to conduct residential mortgage origination under NMLS #1739012 and in: Arizona Lic #1002618; California DRE Lic/Reg #02067255, Colorado under its NMLS #1739012; Florida Lic/Reg #MBR3070; Oregon Lic/Reg #ML-5713; Washington Lic/Reg #MB-1739012. https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1739012
Everwise Home Loans & Realty 15615 Alton Pkwy, Suite 450 Irvine, CA 92618 Phone: 833-4EVERWISE [email protected]
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