Alexandria, Lorton, Woodbridge Virginia Real Estate: 7 Key Ways to Avoid Foreclosure

Are you or someone you know facing the possibility of foreclosure? Here are seven ways to avoid foreclosure now.

Reinstatement. The homeowner pays the total amount owed to bring the mortgage payments current. This includes all overdue payments as well as the current amount due. To obtain lender approval for reinstatement, the homeowner must be able to demonstrate to the lender that funds are available for repayment and the amount in arrearage will be made current within a short time. Some lenders will negotiate up to 24 months for reinstatement.
Forebearance or Repayment Plan. Through negotiations with the lender, the homeowner agrees to repay the amount in arrears over a specified period of time.
Loan Modification. The homeowner successfully negotiates with the lender to obtain a lower monthly mortgage payment. This can be done by modifying the interest rate and/or principal balance on the existing loan.
Short Refi. The lender agrees to refinance the existing mortgage for less than what is currently owed on the property. With so many homeowners "upside down" in their homes (property value is less than the total amount owed), now is a great time to negotiate a short refi.
Short Sale. With lender approval, the home is sold at an amount less than the payoff of the existing loan. Today, short sales are now being approved for a variety of reasons under far less scrutiny. In addition, many banks and lien holders are offering financial incentives up to $30,000 for a successful short sale transaction. Find out if you qualify today.
Home Affordable Foreclosure Alternatives Program (HAFA). Homeowners who qualify for the HAFA Program can sell their homes under pre-approved short sale terms and receive a cash incentive of $3,000 for the purposes of relocating.
Homeowners Assistance Program (HAP). Offered to eligible military employees and federal civilian employees under specific guidelines. The program offers homeowner assistance in private home sales, government home purchases, as well as other specific areas.

To prevent your home from going into foreclosure, please contact me for immediate assistance!

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance. My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.