Definition: The delinquency is added to the loan balance in order to bring your payments up to date. Adding past due loan amounts to your current loan balance increases your loan balance and will also increase your monthly payments. The amount of the payment increase will be smaller if the life of your loan is extended at the same time as well. This is a good option if the reason for your mortgage default was temporary and your future income will support the new payment.

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Originally posted 2008-06-16 13:20:46. Republished by Blog Post Promoter

Definition: VA has the discretionary authority to buy a loan from the holder and take over the servicing. This is called “refunding”. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate. For more information you my go to The U.S. Dept of Veterans Affairs.

If you have the ability to make mortgage payments, or will have the ability in the near future, but your loan holder has decided it cannot extend further forbearance or a repayment plan, you may qualify for refunding. If your loan is in default and you are not able to repay the loan according to the lender’s terms, you should download the following forms: VA Form 20-5655, 26-6807a, and Refunding Information List. You should submit these forms along with a letter of request (stating the reason for default and that you would like to be considered for VA refunding) to VA. If refunding is appropriate, VA will notify you.

Coaching you more ways to get out of foreclosure.

Originally posted 2008-06-25 11:45:33. Republished by Blog Post Promoter

Our eBook highlights “18 options to Avoid Foreclosure”, which we will be sharing with you through this blog. Please feel free to post questions and comments, it is easy to learn by studying, but it is through discussion that you begin to understand.

This is only one of the many useful sections of this 50-page eBook. If you are interested in picking up a copy of this coaching guide, please visit http://www.avoidforeclosurehowto.com.

Originally posted 2007-11-30 09:12:51. Republished by Blog Post Promoter

Definition: Use personal assets to pay what is past due to get your home out
of foreclosure.

Under most circumstances, loan holders are required to accept payment of
the full delinquency and reinstate the loan even after foreclosure proceedings
have begun. Keep in mind, the delinquency may include certain legal costs
since you are already in foreclosure. Many holders require certified funds for
reinstatement. Some assets to consider would be to utilize your 401K, the
“Friend asset”, (borrow from friends and family), sell some assets, borrow
against assets, use lines of credit and credit cards.

IMPORTANT POINTS TO REMEMBER:

• Only utilize the options listed here to get money if you are bringing in income that will pay the additional debt you might incur. Since you have performed a careful evaluation of your bills at this point, you should know if you have room to add additional expense to your month with credit card bills or a loan from a friend.

• This is for you if you will be able to keep the payments current once you have paid the delinquency. Tapping yourself out on credit cards or selling assets does not make sense if you are just going to get behind on payments again. Also, doing so could be considered fraud if there is not a intent to pay the bills you incur.

This is only one of the many useful sections of this 50-page eBook. If you are interested in picking up a copy of this coaching guide, please visit our our foreclosure eBook website.

Originally posted 2008-01-01 09:07:34. Republished by Blog Post Promoter

If you have incurred a short term financial hardship and your loan is two or more months past due, you might consider submitting a request for a repayment plan to your lender for approval. A repayment Plan is available if you can make your regular payment plus an additional amount per month until the loan is brought current. This option may follow a temporary forbearance. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.

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Originally posted 2008-06-20 13:04:48. Republished by Blog Post Promoter