Home Owner's Help Info

The economy is taking its toll making it difficult for many homeowners to stay in their homes

At NoForeclosure.com we understand that there are events that cause people to fall behind on their mortgage payment. When times are difficult the most important thing to do is ask for help from a professional. If you have been unable to make your payments, we want you to be aware that there are several options that are available to you that can assist you in resolving your delinquency on your loan or providing you with alternate solutions.

Homeowner Retention Options

We need to find out what will work best for you with the various homeowner retention options that may be available to you. If you have the desire to stay in your home, and the ability to resume monthly payments (currently or in the near future), one of these programs may be available for you.

Loan Modification Plan

This option changes the terms of your loan without refinancing and may include adding delinquent payments to the balance of your loan (repaid over the remaining term).

How the Process Works

This option changes the terms of your loan without refinancing and may include adding delinquent payments to the balance of your loan (repaid over the remaining term). You will first be pre-qualified for a modification program. Once approved, we work with your lender to complete a modification agreement for your signature. Your monthly statement will then reflect your new due date and modified payment amount. For a modification to work you will need to be pre-qualified with at least enough income to support your new payment and have enough left over to pay bills with a reserve. If you do not show enough income to meet the lender's guidelines that you might need to look for another alternative. This process can take from 3 to 4 weeks to complete, providing you give your information to us complete in a timely manner to provide to your lender.

Required Documents

To get started you will need to at least have the following documents:

• Updated financial information for all parties on the loan
• Verification of income
• Updated funds may be required in order to complete the loan modification process. This requirement will be determined at the time you are pre-qualified
• A signed and notarized modification agreement will be needed to complete the Modification.

Repayment Plan or Special Forbearance Plan

Your lender, mortgage insurer and investor may agree to delay any foreclosure or other legal action if you promise to repay the delinquent amount over a specified period of time. This plan works well for commissioned owners who are expecting a bonus or commission. Let us help you to negotiate this in your best interest on a plan that works.

How the Process Works

You may be able to delay any foreclosure or other legal action if you promise to repay the delinquency amount over a specific period of time. Just like the loan modification you will be pre-qualified for a special repayment/forbearance plan. Your loan will then be monitored until the loan is brought current. This process can take from 2 to 4 weeks to complete,providing you give your information to us complete in a timely manner to provide to your lender.

Required Documents

Just like the loan modification to get started you will need to at least have the following documents:

• Updated financial information for all parties on the loan
• Verification of income
• Updated funds may be required in order to complete the loan modification process. This requirement will be determined at the time you are pre-qualified
• A completed repayment agreement.
• Certified Upfront funds paid to your lender may be required.

Short Sale

For property disposition options go to our short sale section of our web site for details.

We Want to Help You

If you have a hardship that has affected your financial ability to make your payment, such as unemployment, reduced income, divorce, disability, or illness, click on Submit a Free Consultation below and let us walk you through your options.