Borrower In Foreclosure
Description
How to fill out Offer By Borrower Of Deed In Lieu Of Foreclosure?
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FAQ
You have the right to challenge a foreclosure if you think your lender made a mistake or has violated the law. A notice of preforeclosure does not mean you need to vacate the home.
As a result, a foreclosure in your past lowers your credit score and can make it difficult to get new loans at good interest rates. It can even make it more difficult to find a job or a rental property, as many employers and landlords use credit reports as one way to assess your reliability.
The fastest way to avoid foreclosure is to reinstate your loan, by paying the amount provided on the reinstatement quote. The reinstatement quote can be obtained from the lender, along with a good through date. If you cannot pay your mortgage, or can only pay a portion, contact your servicer.
You may be able to avoid foreclosure by making arrangements with your lender, such as getting forbearance or agreeing to a loan modification. Other options may include refinancing with a hard money loan or reverse mortgage.
Foreclosure is what happens when you can't pay your mortgage and the lender takes over owning your home. The lender then sells your home to pay off what you owe them. You have no control over how the home is sold and will be given notice to leave the property, sometimes even before it's sold.