Getting Your Mortgage Back on Track
Job loss, divorce, illness or financial crisis can have a devastating effect on your home. Our trained Counselors will help you evaluate your options based on your circumstances. Help is Just a Click Away!! Your home is often your most valuable asset, and the thought of losing it can certainly bring tamanduas stress to one’s life. If you are behind on your mortgage payments, what you do next can make the difference between saving your home and losing it to foreclosure. At FHRC our certified foreclosure counselors are here to help. We offer free guidance to discuss your mortgage situation and help you find a solution.
Post-Purchase Counseling
FHRC is a HUD-certified housing counseling agency capable of providing assistance to clients seeking help with various housing issues such as predatory lending, loss mitigation, and foreclosure prevention.
Foreclosure Prevention
Repayment Plan:
FHRC can assist individuals with negotiating a repayment plan with the lender for their past due balance, bringing their loan current and preventing foreclosure.
Forbearance
FHRC can assist individuals enter a forbearance with their lender. Forbearance can assist families with a hardship, such as illness or injury that increased their healthcare costs, or loss of jobs. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments, but it can provide a temporary break from your monthly mortgage payments.
Loan Modification
FHRC can negotiate with your lender to help homeowners enter a Loan modification. The Loan modification is when a lender agrees to alter the terms of a homeowner’s existing loan to help them avoid default and keep their house during times of financial hardship. The goal of a mortgage loan modification is to reduce the borrower’s payments so they can afford their loan month-to-month. This is typically done by lowering the mortgage rate or extending the loan’s repayment term. “A mortgage loan modification does not replace your existing home loan or your lender,” explains Karen Condor, a finance and insurance expert with Loans.org. “However, it restructures your loan in the interest of making it more manageable when you experience difficulties in making your mortgage payments
Exit Strategies
Short Sale
FHRC can assist homeowners navigate the Short Sale process. A short sale allows a homeowner to sell their property for less than is owed on their mortgage. The lender must agree to the sale.
Mortgage Release (Deed-in-Lieu of Foreclosure)
FHRC can assist homeowners navigate a Mortgage Release. A Mortgage Release or Deed-in-Lieu of Foreclosure allows a homeowner to transfer ownership of the property to the lender in return the lender will stop the foreclosure process and may be able to compensate the homeowner.
For assistance with your housing needs please call (440)392-0147 today!
Foreclosure FAQ`s
Can I stop my foreclosure once it starts?
At any point in the foreclosure process before the sale date you may come to an agreement with your lender to pay the past due balance bring your mortgage to current status.
How long does a foreclosure take?
In Ohio, the foreclosure process can take anywhere from six to 18 months or longer.
How long will a foreclosure action or bankruptcy stay on my credit report?
A foreclosure stays on your credit report for seven years, and a bankruptcy stays on for 10 years. The impact of both to your credit score will decrease over time. For more information about credit reports and your credit score, visit the Federal Trade Commission online here.
I rent my home and think my landlord is in foreclosure. Does the law protect me?
Tenants who live in foreclosed residential properties are allowed to stay in their homes until they are given at least 90 days advance notice to vacate, with the buyer as the new landlord. Moreover, if the tenants have a current lease, they are entitled to stay until their current lease expires, unless the buyer or some subsequent purchaser intends to move into the home and make it their primary residence – in which case, the tenants still must be given at least 90 days advance notice to vacate before they can be required to move out.
Should I stay in my home if a foreclosure action has been filed against me?
Yes. Stay in your home as long as possible. Keep it in good condition. Some banks decide not to go through with a foreclosure action, which would mean you would still be responsible for your home.
A company says it will review my loan documents for a fee. Should I pay?
No. Never pay for foreclosure assistance—real help is available for free. Scammers might ask you to send money so that so-called experts can review your files. After you pay, however, you’ll receive a fake document that only looks as if it’s been filed with the court. For real foreclosure assistance, contact Save the Dream Ohio at (888) 404-4674.
