A home is the largest investment most people will make in their lifetime. The potential loss of that investment can be devastating. Contrary to popular opinion and media hype, foreclosure is rarely the preference of mortgage holders. The key to saving your home is early and constant communication with the holder or their representative. Allied is here to assist you with a variety of workout options to solve short- or long-term financial difficulties. We are ready to listen to your situation and work with you to get your mortgage back on track. Even those borrowers who are several months delinquent may have options that provide a fresh start.
Once you are aware of a situation that will affect your ability to make complete, timely payments, call us. Even if it is a temporary situation that you can resolve in 1-3 months, communicate with us to avoid breach notices and other expensive default practices. Together, you and our representatives can develop a plan to resolve the shortfall and return your mortgage to performing status in the shortest time possible.
For those customers already in default who are looking to avoid loss of their home, please call or email us to request a qualification package. This simple document will help you illustrate your current financial situation and help us find you a solution. Be prepared to fill out the application as completely as possible and return it with copies of your pay stubs, W2s, monthly bills and other supporting documentation.
Foreclosure alternatives are many. Below is a list of suggested options to avoid foreclosure:
Allied is here to help you. Please call us at 877-893-0240 and let’s discuss your personal situation today!
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- Spending changes – consider elimination or reductions to cable providers, internet services, cell phone plans, dining out, charitable donations and other optional expenses;
- Sale of second homes, recreational vehicles, additional cars, or garage sales
- Assistance from local assistance programs, family, friends, churches and other charitable organizations;
- Debt prioritization – make sure your house payment comes before assistance to family members or payments to collection agencies, medical bills and other debts;
- Workout plans with your mortgage company/servicer – may include payment arrangements, deferrals, forbearance agreements or modifications – not all holders offer all plans – Allied staff can advise which plans are available to you;
- Refinance – consult your bank or credit union for loan options to payoff your existing home debt and start fresh with a new loan;
- Sale of home – your home may be sold by you at any time – consult a realtor to determine if this is your best option to payoff the debt and preserve your equity;
- Deed in Lieu of foreclosure – if you have no way to solve your delinquency, such as permanent loss/reduction of income – contact us to see if giving back your home is an option.