When you fall behind on your payments on your home, it may feel that foreclosure is the only option, but understanding your options may help you to remain in your home. Many people find that there are available options to help you remain in the home and provide the time to help get your finances back on track.
One of these available options is a Claim Advance. This is simply when a mortgage holder provides you with a cash advance to bring your payment up to date. With this option, the amount is established as a second loan with a flexible payment start date. Many mortgage holders provide this option with little to no interest charges to the amount advanced. In cases where you have available equity in the home, you can use this to help you regain balance of finances.
Another option to consider is Re-Amortization. This option allows you to add the amount that you are behind to the original home loan. Keep in mind that with this option, adding to the amount of the loan will increase your payments unless the lender extends the length or term of your mortgage. Re-amortization is a great option for those who had an unexpected event result in the missed payments and the fresh start balances the finances.
Research the options that your mortgage holder offers before the foreclosure process begins to determine what the best solution is for you. One step that many people forget or fear is speaking with the mortgage holder about your late payments. The lack of communication hurts your potential for staying in your home. Be honest and upfront with the mortgage holder and work with the lender to determine the best solution for you.
The decision for a claim advance or re-amortization to remain in your home is a big decision, and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin, at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.
