Alternatives to Foreclosure
Is your loan currently past due or delinquent? Have you recently received a 30 day demand letter or is your loan already in foreclosure? If you answered yes to any of these questions then, you want to resolve this situation immediately. While PMH’s primary objective is the collection of past due amounts on your loan we do want to work with you to find the best available alternative to resolve your delinquency. We specialize in resolving delinquent mortgage loans and have successfully assisted many others, just like you, in similar situations, for years. Our Loan Counselors are highly experienced and since you have expressed your desire to remedy this situation, PMH wants to help you try to reach that goal.
Below are several alternatives that might be available regarding your delinquent mortgage loan.
Repayment Plans - Depending on your current financial situation, there may be an alternative payment plan available to you.
Loan Modification - Depending on your current financial situation and the requirements of your loan, we may be able to modify your current loan terms.
Selling Your Home - By listing your home, you may receive a sale offer that concludes with a net amount acceptable to both you and to PMH. The sale of your home could help you to avoid the foreclosure sale of your home.
Voluntary Surrender - You agree to surrender possession of your home, possibly in conjunction with a cash-for keys workout.
The above are just a few of the alternatives that may be available to you. If you do not start working on an alternative to resolving the delinquency of your mortgage it may result in one or more of the following:
Increased Costs - If the delinquency continues on your loan it may result in additional costs being assessed to your loan. These include, but are not limited to the following depending on your specific mortgage terms and the state where the property is located:
- Late charges
- Attorney fees
- Foreclosure costs
Damaged Credit Rating - Late payments or a foreclosure on your credit record may damage your credit rating and may likely impair your ability to get credit in the future.
Property Loss - After foreclosure, you will no longer own your home and would be obligated to vacate the premises.
Deficiency Liability - After foreclosure, if the proceeds from the sale of your property were less than the amount you owe, you will, under certain circumstances, be liable for the difference.
Tax Ramifications - If you do not pay the deficiency liability as explained above, the IRS may have the right to consider this unpaid debt part of your taxable income.