Foreclosure Prevention
What Are My Options?
Preventing the foreclosure of your home can be a stressful and daunting task. This is why we at Humilix have developed this website to assist you in making the best-educated decision during the foreclosure process. There are several programs that the government, your lender, local agencies, and possibly even your attorney can provide. If those programs are not a fit for your current situation, Humilix may have the creative options you need that others cannot provide.
Of course, what is actually available is dependent on many factors concerning your loan and current financial position. We hope you find our website is informative and leads you to make the best decision for the desired outcome. It is important to know and understand that in the business of foreclosure “Time Waits For No One!” Nor does the Lender! and Time Is Of The Essence! The longer it takes to make a decision or take action the less time there is to help.
Short Term and Temporary Financial Situation
MORTGAGE REINSTATEMENT
If you have enough cash, you can “reinstate” your mortgage by making up all the missed payments plus fees and interest the lender/mortgage company charges you in one lump sum.
FORBEARANCE
A temporary period of time during which a regular monthly mortgage payment is reduced or suspended.
REPAYMENT PLAN
A process in which a homeowner promises to pay down past due amounts on a mortgage while continuing to make regular monthly payments on a property.
Long Term and Permanent Financial Situation
MORTGAGE MODIFICATION
A modification is any change to the terms of your mortgage loan, including changes to the interest rate, loan balance, or loan term.
SHORT SALE
A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance. Consider this option if you can no longer afford your home.
DEED-IN-LIEU OF FORECLOSURE
With a Deed-in-Lieu of Foreclosure (DIL), you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.
The Raw Truth
Though the Making Home Affordable Program has been created to help homeowners find a solution to making your home more affordable, there is another side of the spectrum that isn’t fully disclosed to the homeowners. Read and learn how many homeowners do not qualify from a recent article from HousingWire.com. Listen to a Maryland Lawyer explain the incredible percentage of clients she has to turn away because the client doesn’t qualify for a loan modification. Then watch the UGLY TRUTH about HAMP.
Of course, what is actually available is dependent on many factors concerning your loan and current financial position. We hope you find our website is informative and leads you to make the best decision for the desired outcome. It is important to know and understand that in the business of foreclosure “Time Waits For No One!” Nor does the Lender! and Time Is Of The Essence! The longer it takes to make a decision or take action the less time there is to help.
Bankruptcy Chapter 13 & 7
Now if the Making Home Affordable Program has proven itself not to be a solution, then finding out more about bankruptcy may be an alternative. The information we provide you on the bankruptcy page should give you a better perspective.
Apply Now To See If You Qualify For A Loan Modification
IMPORTANT NOTICE:
Humilix.com is not a government agency, is not affiliated with or approved by the U.S. Department of Agriculture (USDA), US Department of Veterans Affairs (VA), United States Department of Housing and Urban Development (HUD), or the Federal Housing Administration (FHA) in any way, is not associated with the government and is not approved by the government or your lender. FHA.US.com is a publisher of mortgage information and is not a lender. Even if you accept the use of our service, your lender may not agree to change your loan. Even if you accept a mortgage assistance relief service offer and use an attorney’s service, your lender may not agree to change your loan. 16 CFR 322.4(a)(1).