What Happens After Covid Forbearance?

Need to Find Ways To Avoid Foreclosure?

Options Available To Assist You

After two years of dealing with the pandemic and setting up forbearance plans, many homeowners will be looking for solutions to get back on track.

Did you lose your Job during covid? Did you need to relocate or change careers and your income has changed? I want to go over some of the options available and give you some industry insight. It is expected within the next several months there will be a lot of forbearance plans due as Covid-19 relief programs will soon expire.  

Depending what your current situation with your home will depend on the path taken.

Here Are Possible Solutions To Avoid Foreclosure.

  1. Reinstate the past due balance (large sum payment)
  2. Repayment Plan (pay more monthly till caught up)
  3. Payment Deferral (puts a lien separate amount to be paid later)
  4. Loan modification (Readjust loan with past due balance back into the mortgage)
  5. Receive full payoff (usually by selling the property)
  6. Short Sale property (Take less than what is owed to settle the debt)
  7. Deed In Lieu– (Avoids Foreclosure proceedings by giving the property back to the bank)
  8. Foreclosure– (Last step to go thru the court process to take possession of property)

I am going into detail on all these options. I want to educate you and provide as much guidance so you can make the right decision for yourself. Click on each for a breakdown.  

Depending on your financial situation and property condition depend on which solution is best for you.

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