Did You Know?

This message will offer a brief summary of the 3 options to saving your home to a foreclosure.

• Forebearance- Is an agreement in writing between the Lender and the borrower not to initiate the foreclosure proceeding in exchange for a promise to make regular payments in the future.  This agreement will be made for up to a year depending on the circumstances and what the borrower is doing to remedy the financial problem.
• Loan Modification- This will permanently modify the terms of the loan; loan amount, term, and sometimes the interest rate.  There may be escrow fees, attorney's fees, past due interest, lates fees and other smaller appropriate fees totalled up then added to the loan balance of your current loan.  The borrower may have to come to closing with a payment predetermined by the loss-mitigation specialist.
• Repayment Plans- With this method, the borrower will start making a regular monthly payment where part of the payment will be added to the arrears to eventually bring the account current.

Please don't hesitate to call or email me with your questions.  If you know someone that is in the market for a home or looking to refinance, I would greatly appreciate your referral.  - Jon Weber