Your Options

At Foreclosure Recovery Group we specialize in supplying services to people who fall behind on their mortgage payments. This can happen to anyone and the odds are that you even know other people this has happened to before. There are many things you cannot control such as, health issues, loss of job and divorce, just to name a few which put good people in this situation. Some of the different options which are available to you are:

Loan Modification


The loan modification basically is modifying your loan.


                        $200,000       Value of the home
                        $185,000       What is owed
                        $    1,500        Monthly Payment 
                        $         10        Payments behind
                        $  15,000       What is owed to bank in back payments
                        $    2,500       Attorney fees

So now to bring this loan current you can try a loan modification. You call the bank and tell them you have 6 or 7 payments and you want to do a loan modification.  This means the bank will put the other 3 or 4 payments on the end of the loan.   


Let's say the payments you owe are payments # 22, 23, 24, 25, 26, 27, 28, 29, 30, 31.  Remember, a 30 year loan has 360 payments..(read more)


Forbearance Agreement


If the Loan Modification doesn't work because you don't have the $13,000 in funds they are asking for, then The Forbearance Agreement may be better for you. The Forbearance is a workout agreement with the bank.

            10 Payments behind
            $1,500 per Payment
            $2,500 Attorney Fees
            $17,500 Total Due to Bank without late Payment Fees or Insurance fees, if any.            

Here is How a Forbearance works.     

The bank will always...(read more)

Giving your house up Subject-To

This could be one of your best options.  Let's discuss this option you, the homeowners, will convey the property to me by Warranty Deed or Quitclaim Deed.  In exchange, I agree to pay the arrearages to bring the mortgage current and make the monthly mortgage payments until the property is sold or refinanced, whichever comes first.  We will file the deed at the courthouse to protect our interest.  We will pay you an agreed upon amount of consideration when the property is deeded to us and then we will discuss a date for you to vacate the premises.  The objective of this method is for us to take over the existing loan, bring the payments current, keep them current for the length of our agreement, and therefore relieving you of the monthly debt...(read more)

A Short Sale

 In a nutshell, a "short sale" is negotiating with a mortgage holder (bank) to accept less than what is owed as payment in full.

A short sale is a strategy when we have a distressed homeowner who owes the bank close to or more than what the property is worth.  

Here's how it looks: The homeowners owe $200,000 to their first mortgage holder and the payments are in arrears.  Their property is worth $200,000 in retail condition.  With the proper negotiating strategies, you get the bank to accept $100,000 as payment in full.  Purchasing a $200,000 retail property for 50% of its value is where we both get paid..

With proper negotiations we can take your deal that most investors would pass on and turn it into an amazing deal.  Some of our happiest homeowners have been from deals that had no equity...(read more)  

Chapter 13 Bankruptcy

First, you need to contact a bankruptcy attorney. We are not attorneys and can not give you legal advice.

 The chapter 13 bankruptcy is a reorganization of the debt. The chapter 13 is the one that's going to buy us the most time. It's going to buy us the time we need to get the property...(read more)  

Deed-In-Lieu of Foreclosure

The deed-in-Lieu of foreclosure is when you give up and deed your home back to the Bank. The Bank will always accept this; however; it's not a good option. The reason it's not a good option is because the Bank could come after you, the homeowner, for a deficiency judgment.  

Let's explain what a deficiency judgment is it's when the Bank takes back a house that has a mortgage balance of $200,000. The house is worth $200,000, and the Bank ultimately sells the house for $150,000. This $50,000 that the Bank does not receive from what was owed to what they sold it for is the deficiency...(read more)  



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