North Dallas home owners who are behind on their mortgage payments have options other than foreclosure. Below are possible strategies to avoid foreclosure.
Short Sale
Lender agrees to sell the property for less than the loan balance for homeowners facing a hardship.
Mortgage Loan Reinstatement
Paying all missed payments, late fees, and legal fees that are due up to the date the loan is re-instated.
Forbearance or Re-Payment Plan
Negotiating a repayment plan to pay the monies due over a period of time.
Mortgage Modification
The interest rate is lowered on the existing loan to lower the payments.
Refinance
The loan is replaced with new financing at lower interest rates. Sometimes the homeowner’s credit is too badly damaged for this option.
Short-Refi
Refinancing with a reduction in the principal balance, as well as the interest rate.
Rent the Property
Lease the property to keep up with mortgage costs.
Deed-in-Lieu of Foreclosure
Referred to as a ‘friendly foreclosure,’ with the homeowner giving the deed back to the bank.
Service members Civil Relief Act (SCRA)
Temporary relief provided to service members.
Bankruptcy
Bankruptcy stops foreclosure giving the homeowner time to reorganize his debt.
As a trained Certified Distressed Property Expert, I have the skill and knowledge needed to help assess your individual situation so you can choose a strategy to avoid foreclosure based on an educated decision. Give me a call for a private consultation. I can help save you, your family and your home.

Many Dallas Fort Worth home owners think it cannot or will not happen to them, but what would you do if you were actually faced with the prospect of foreclosure? It is important to know the “lingo” of lenders and understand what the options are so that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure.
I promise you, that SINGLE STATEMENT right there opens up a whole can of worms on a problem that is taking Congress, the President, and many, many people who are WAY smarter than I am to try and figure out. So I cannot even really scratch the surface of talking about a problem that has taken reams of paper to write the bills that have been created to try and fix it. And listen, I know the ISSUE is the fact that people aren’t or can’t make their mortgage payments are losing their homes, while the PROBLEM is the reasons why they can’t. 

Tags: Foreclosure, plano tx home, short sale
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