Help, how can I avoid going into foreclosure on my Denver home? It is an unfortunate call that we get a lot at our office. Homeowners who can no longer afford their monthly house payments and foreclosure seems like the inevitable. Luckily, over the past few years, there have been a number of options introduced by the government to not only help people avoid foreclosure, but possibly even stay in their homes.
If your mortgage is owned by Fannie Mae, then there are a lot more options than you think. Fannie Mae has a very informative site that tells you if your mortgage is owned by them, click here, and also what all your options might be if facing foreclosure, click here.
There are 6 options that Fannie Mae offers for you to stay in your home. They include refinancing, repayment plan, forbearance, military forbearance, modification and the brand new one,deed for lease. Deed for lease actually allows you to rent back your home at the current market rate fora year or longer. This way you don't have to leave the home you love right away and have options to lower yourmonthly expenses.
If these 6 options don't work for you, then Fannie Mae offers two options before foreclosing on your Denver home. The first is the most common and most likely, short sale. The other is a deed in lieuwhich allows you to sign over ownership of your home to Fannie Mae in exchange for them not foreclosing on you.
Hopefully you will never be in a situation where you need to take one of these actions. But just in case you do, it is good to know options are out there other than foreclosure. Make sure to contact me if you are facing a situation like this and I can help you figure out what your best options are in the short and long term.
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