Loan Modification

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If you fit into your lender's guidelines, you may qualify for a loan modification. Banks have been reluctant to do this. This is done by the following:

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1. Extending the term of the loan (Usually 40 years)

2. Principal reduction (Seldom offered)

3. Reducing the interest rate (Usually around 3%)

4. Adding default amounts on to the end of the loan

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Short Sale / Lease Back Option

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If you're upside down, this option allows you to stay in your home. Here are some of the advantages.

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1. You get to stay in your home for 2 years with an Option to buy it back.

2. You pay less than current market rents, less than your mortgage payments. 

3. You receive a good cash incentives to do this.

4. You will be able to buy it back within 2 years for less than what is now owed.

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Refinance

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If your home has plenty of equity and you have good credit, we may be able to get you a whole new loan to pay off the current loan. 

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Cure the Default

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This is called "Reinstatement." In California, you have the legal right to cure the default during the reinstatement period usually within 90 days after receiving the NOD. If you have enough equity, we can lend you the money to cure your default. 

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Chapter 13 Bankruptcy 

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If you can afford to currently make your regular monthly payments, but you can not afford to pay the past due amounts. A Chapter 13 Bankruptcy will allow you to stay in your home for as long as you keep current on your payments. You must also pay the past due amounts divided over 36 to 60 months. This will affect your credit for 7 years. 

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