Examining Foreclosure Options

Posted on September 25, 2010


When facing foreclosure, it is good to be aware of your options. If you are one month late on your mortgage, your lender possibly will offer a simple repayment plan, such as splitting the owed payment and adding half onto subsequent payments, i.e. if you miss August’s $3,600 mortgage payment, you’d pay $5,400 for September and October, thus catching up to avoid foreclosure.

But, if you are many months behind in payment or in fact, your circumstances have changed, your lender sometimes can help with what is called a loan modification., which adjusts the terms of the original mortgage loan to make it more affordable, lengthening the amortization schedule, or even lowering the interest rate to cut the monthly payments.

There is a new government program, the Home Affordable Modification Program (HAMP) which gives homeowners the ability to make their mortgages more affordable, and sometimes can also adjust any second mortgages through the Second Lien Modification Program, when the initial mortgage is modified under the HAMP.

Making Home Affordable Program

 See Axsmith.net for more details.  Christine Axsmith, Esq. is a Washington, DC – based attorney specializing in foreclosure fraud, illegal foreclosure, real estate fraud.  Her credentials can be viewed at her LinkedIn profile.  The Axsmith Law website has a wealth of information for review related to elder law and foreclosure prevention. 

Other sources of valuable information are the AARP website, the Federal Trade Commission website and the HUD website.  See Axsmith Law web site to speak to an attorney.