If you are trying to avoid home foreclosures, keep in mind that time is not on your side. Whether your goal is to stay in your home or to get out from a mortgage that is killing you, you need to act quickly. Further, you need to know what your options are so that you can act. This article will explore various ways to avoid home foreclosures.
First of all, we will look at avoid home foreclosures solutions that keep you in your home.
If your situation is temporary, you can ask the bank to do what is called a forbearance. This is where they reduce or suspend your mortgage payments for a short period of time (generally no more than 6 months) when you have extenuating circumstances. Generally, forbearances are granted when someone has been laid off and has a realistic chance of finding new work in the time period or when there has been a major medical situation.
If you got behind but can now catch up, you can make one lump sum payment and have your loan terms stay the same. This is called reinstatement.
If you can start making the monthly payments and also pay something towards the amount owed, you can do something called redeem the loan.
But, if...
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