In this video we will provide you with the tips to avoid foreclosure, what you don't have and do have to do in order to avoid negative consequences. It is important to understand your rights and foreclosure prevention options. This video also explains how to work out a plan with your lender and what kind of plan it should be (i.e. forbearance agreement, loan modification, reinstatement plan, repayment plan, refinance). Generally foreclosure means the process when the “Lender” takes possession of the property when the borrower fails to keep up their mortgage payments. If you want to cancel your mortgage debt, you can sign over deed to your lender. The Deed-in-lieu of foreclosure transfers the title of your home to the lender and cancels the mortgage debt. Filing for bankruptcy may temporarily delay the foreclosure process because the bankruptcy stay is issued for only a temporary period. If you want to show your lender that you are taking action to correct the overdue payments, you can list your home for sale. It is important to know that the Obama Administration has implemented a number of programs that are meant to assist homeowners who are at the risk of foreclosure or behind on their mortgage. Most of the programs are administered by the U.S. Treasury Department and U.S. Department of Housing and Urban Development, additional information you can find in our video.
