Foreclosure Alternatives
Explore every option available and foreclosure alternatives to save your home. As your foreclosure prevention specialist and Certified Distressed Property Expert here in Pensacola Florida I want to do everything I can to help you avoid foreclosure. Here are your options.
1. Reinstating the Loan
- A viable option if the hardship was temporary and has been resolved.
- Can be done up to the lender sale date.
- All past due payments and late fees must be paid in full prior to the lender sale date.
2. Forbearance or Repayment Plan
- A viable option if the hardship was temporary and has been resolved.
- Enter into an agreement with the lender.
- You may be allowed to make back payments over a set time frame.
- Normally does not fully reinstate the mortgage until the plan is completed.
3. Refinance
- Must have sufficient equity.
- Must have a qualifying credit score.
- Essentially qualify a loan as you did when the home was purchased.
- May only be a short-term solution if a person does not have financial stability.
4. Loan Modification
- May reduce payments by lowering interest rate and or extending the repayment period.
- Requires that you qualify for the loan, based on income and credit.
- Can result in higher monthly payments.
- There may be a trial run period of you making the new agreed monthly payment.
- A successful trial period does not guarantee the loan modification will be approved.
- Typically, it does not reduce the principal balance.
- High default rate.
5. Sell the Home
- You may have enough equity in today’s market to outright sell the home.
- Remember there will be closing costs to consider when selling.
- Today’s 2021 real estate market means higher prices across all house sizes.
- Be prepared to take your equity out, qualify for a low interest rate, get a newer home to reduce your insurance cost, and downsize in square footage.
Your Buy My House Guru & Friend,
Jack Lara, Broker-Associate
(850) 616-6377

Better Homes & Gardens Real Estate Main Street Properties
1313 Creighton Rd
Pensacola, FL 32504
Please seek financial and legal advice from licensed professionals