Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. Marshall Realty, located in Reno NV, is here to to help you avoid foreclosure. Find relevant and interesting articles about avoiding foreclosure on RenoHelp.org.

1. Top 10 Best Ways to Stop Foreclosure
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2. 1. REFINANCE OPTION:
• With this option, you receive a completely new mortgage with new
terms, interest rates and monthly payments.
• The new loan completely replaces your current mortgage and may lower
your payment, which may be helpful to improve your financial hardship.
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3. Refinance may be a good option for you if:
• You are current on your mortgage payments. Have not been more than
30 days late in the last 12 months, you may also qualify for the
government’s HAFA program.
• You have an adjustable rate mortgage or a high interest rate.
• You have equity built up in your home. If you do not have any equity,
you may still qualify for the government’s HAFA program.
• Talk with your mortgage lender.
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4. 2. MODIFICATION OPTION:
This is an option that may allow you to reach an agreement with your
mortgage lender to change some or all original terms and conditions of
your mortgage, such as reducing your monthly payment to a more
affordable amount, length of loan term, interest rate and in some cases
your lender may reduce your principal balance.
This is may be an option if:
• You are not eligible to refinance.
• You are facing long-term financial hardship.
• You are several months behind on your mortgage payments or likely to
fall behind so.
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5. 3. FORBEARANCE OPTION:
• This option temporarily suspends or reduces you monthly mortgage
payments for a determined period of time.
• This is an agreement made between you and your lender.
• “Forbearance” allows you to deal with your short-term financial
difficulties, it provides you with some time to get back on your feet and
bring your payments up to date.
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6. Forbearance may be an option if:
• You are not eligible or wish not to refinance.
• You are facing short-term financial difficulties.
• You are several months behind on your mortgage payments.
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7. 4. DON’T RUN OUT OF TIME, KNOW YOUR DEAD LOANS:
• If you default on your loan and don’t work out a plan of resolution with
your lender, the lender will take the necessary steps to schedule a public
foreclosure auction of your property.
• In some cases countdown to the auction is less than 30 days.
• It is critical that you understand exactly how much time you have before
you loose your home.
• A Tangible deadline will help you set goals, find the right resource for you
with the help of a professional you trust and take control of the situation.
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8. Remember, the longer you wait, the fewer are the options that
you will find.
• Contact your mortgage lender to find out the status of your situation and
discuss options.
• If you feel you are getting nowhere with your lender, seek other
resources.
• The worst thing you can do is DOING NOTHING about your situation.
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9. 5. SHORT SALE OPTION:
• This transaction is carried out by a REAL ESTATE AGENT.
• Your mortgage lender agrees to discount a loan balance because of
economic or financial difficulties on the part of the homeowner.
• The homeowner sells the mortgage property for less than the
outstanding balance of the loan, and turns over the proceeds of the sale
to the lender.
• Doing a SHORT SALE is simply the most economical solution for a
homeowner who cannot afford the mortgage payment anymore.
• It is much more beneficial to do a SHORT SALE versus just letting a
property go into FORECLOSURE (which is likely to have very serious and
negative consequences).
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10. This is a good option if:
• You are not eligible to refinance
• You are at risk of foreclosure
• You have tried to work a modification with your mortgage lender and
failed
• You have fallen behind on your mortgage payments and cannot afford it
anymore
• You are facing financial hardship and are struggling
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11. 6. APPLY FOR GOVERNMENT ASSITANCE PROGRAM “HOPE”
OPTION:
• This is a home retention program for homeowners provided by
government assistance.
• This program helps distressed borrowers refinance into affordable
mortgage payments.
• For more information about this program visit www.HUD.GOV
You may qualify if:
• You are not eligible to refinance
• You are currently facing financial hardship and are behind on your
mortgage payment
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12. 7. DEED-FOR-LEASE OPTION:
• This is an option offered by Fannie Mae that may allow you to lease your
house after you have transferred the title to your property to the
mortgage company (normally called a Deed-in-Lieu of Foreclosure).
• The lease terms are up to 12 months (with the possibility to extend
longer).
• The monthly rent is based on the current rental rates for your area-not
on your original mortgage payment.
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13. It is very important to find out who owns your loan.
Deed-of-Lease is available for loans owned by Fannie Mae.
• To see if your loan is owned by Fannie Mae visit www.fanniemae.com.
• However, if your loan isn’t owned by Fannie Mae, there could be
similar leasing options offered by your lender.
• Ask your mortgage company if they offer this option.
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14. Deed-for-Lease is an alternative to foreclosure and may be an
option if:
• You are not eligible to refinance or modify your mortgage
• You are facing a long-term hardship
• You are months behind on our mortgage payments
• You may owe more on your house than it’s worth
• You have not been able to sell your house
• You want to remain in your house
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15. 8. REPAYMENT PLAN OPTION:
This is an option that may allow you to spread out your accumulated
past due balance and add it on to your current mortgage payment
over several months which would help you bring your mortgage up to
date.
You might be eligible if:
• You are not able or do not want to refinance.
• You are facing short-term financial difficulties.
• You are a few or several months behind on your mortgage payment.
• You can now afford your monthly mortgage payment.
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16. 9. BE WARY OF SCAMS!!
• If you need to refinance your loan to help you stop the foreclosure,
there are reputable lenders out there who can help you out.
• If you decide to sell your home on a SHORT SALE, before the
foreclosure, choose your agent wisely.
• You need these professionals to help you avoid a foreclosure.
• Know that some people take unfair advantage of homeowners in
default.
• Scammers will promise to help you but will only leave your in a worse
mess than you started.
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17. 10. KNOW YOUR MORTGAGE RIGHTS!!
• Yes, you have mortgage rights. Find your loan documents and read
them so you know what your lender may do if you can’t make your
payments.
• Learn about the foreclosure laws and time frames in your state (as
every state is different).
• You can learn about your state laws by contacting your State
Government Housing Office, you may do this by visiting www.hud.gov
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18. Contact MARSHALL CARRASCO
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9740 S. McCarran Blvd #103, Reno,
NV 89523
Call Us : 775-525-1205
www.renohelp.org