Best Foreclosure Service Downey Near Me

4worldlovers:
1. REINSTATE THE LOAN – The most obvious option is to pay the loan current. If foreclosure proceedings have already been filed then the amount needed to get the loan current will not only include back payments, but also late charges and possibly attorney fees. This is the quickest and the most efficient way of ending a foreclosure action.


2. FORBEARANCE – The lender stops or postpones legal action. Usually granted when you make satisfactory arrangements to bring the overdue mortgage payments current.

3. LOAN MODIFICATION – A loan modification seeks to avoid foreclosure by negotiating with the lender to modify the terms of the loan. Loan modifications may include adjusting the interest rate, extending the loan period, or adding the delinquent portion and fees back onto the principal of the loan to be repaid over time.

4. MORTGAGE REFINANCING – In most cases, once foreclosure has started, you have been through several months of late payments or no payments. These late payments have a devastating effect on your credit rating. In addition, the new mortgage company will easily find out about the current foreclosure action. This most often leads to a denial of the refinance loan application. If you are approved you can bet it will be at a VERY high interest rate with higher than normal closing costs etc.This option is normally only for those with excellent credit histories and who have only suffered a temporary setback. If you are seriously considering this option then call us. We have connections with the companies that are most likely to be able to help you. Remember that time is of the essence so don’t waste a lot of valuable time on this option. You could lose your home while waiting on loan approval.