So you are behind on payments now what? One very important thing to remember: Time is of the essence, so sit and take serious thought of your situation and take quick action in order to allow yourself enough time to complete the chosen process.

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1. Do Nothing:
If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance:
Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at normally higher interest rates and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home. Also with this option you need to have good credit. Typically, if you are behind more than one house payment this option will not work.

3. Reinstatement:
Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Partial Claim:
A loan from the lender for a 2nd loan to include back payments, costs and fees.

5. Deed in Lieu of Foreclosure:
Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payments and taxes must be current. Most loan applications ask if this has ever happened

6. Sale:
If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Approved Short Sale and Loss Mitigation Specialist if what is owed is MORE than the property's value.

 

NO MATTER WHAT OPTION YOU WANT TO CONSIDER, SET A CONFIDENTIAL APPOINTMENT WITH OUR SENIOR HOME SOLUTION ADVISOR. WE CAN HELP YOU REGARDLESS OF WHAT OPTION YOU THINK IS BEST.

Set a Free Confidential Appointment
Phone: 801-485-SAVE (7283)
Email: info@saveutahhomes.com
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  • We help stop foreclosure for 90% of the homeowners we work with (national average is 20%).
  • We can sell your home with no or minimal obligations to the bank whatsoever In other words you can sell your home and in most cases not have to pay the bank back any money.
  • We complete the short sale process in less time than the national average.
  • Our team has 19 years of experience working with homeowners behind on payments.
  • We save your credit from the devastating effects of foreclosure.
  • Our foreclosure assistance is completely confidential. Friends, relatives, and neighbors will never know.
  • Save you from the embarrassment and life altering effects of bankruptcy.
  • Stop the bank and their collectors from calling and harassing you.
  • We do not charge any fees whatsoever. We are compensated by the bank when we are successful at solving your problem.
  • The only company that is a member of the National Short Sale Organization and can help you avoid foreclosure in Utah.
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