Avoiding Foreclosure

Posted on December 2, 2010

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There are a variety of ways to avoid foreclosure. One way is called the “short pay”, a refinance system. If Ben owes $200,000 on a mortgage, and gets the lender to settle the loan for half of that, arranging a new loan for $100,000 to pay off the mortgagee, Ben is safe in his house and is no longer in serious debt.

Or the existing loan can be modified by minimizing the interest rate, or elonogating the amortization to shrink the payments. Or sometimes the homeowner can pay part of what is owed, and pay the rest monthly, if they can indicate they have a job that pays well enough for them to do this. Of course you will have to pay a significant portion of what is owed up front.

Get foreclosure help in Washington, DC with Axsmith Law.  Another resource is the HUD or FTC websites.

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