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| Other Options? |
KEY POINT: GPS can assist you with most of these options. If you would like to find out more than
what is on this page, please visit our FULL LOSS MITIGATION SITE:
www.genesispropertysolutions.org
REPAYMENT PLAN/FORBEARANCE - SAVE MY HOME OPTION
Repayment Plans come in a variety of options - all require that your financial hardship situation is
temporary and soon to be resolved. Forbearance plans work well if you have incurred a short term
financial hardship and your loan is 90 days to 365 days past due.
A Type I Forbearance can aid you by providing more relief than is possible from normal repayment
plan.
A Type II Forbearance is sometimes available in an unemployment situation -- again where the
promise of future employment is present.
Under such agreements, the lender suspends and/or reduces payments for a period, usually less
than 6 months, although it can go longer (12-18 months in some plans). At the end of the reduced-
payment period, a repayment plan kicks in. You agree to make the regular payment plus an additional
agreed-upon amount that will cover all the payments that were not made during the forbearance
period. The repayment period is usually no longer than a year. If the plan is successful, you will be
brought current and the lender will suffer no loss. However, the lender will only consider this
approach if convinced that your financial problem is temporary.
You may qualify for this if you have recently lost your job or your source of income, or if you had an
unexpected increase in living expenses. In all cases, you must furnish information to your lender to
show that you would be able to meet the requirements of the new payment plan.
VA LOAN MODIFICATION/REFUNDING (VA loans only.) - SAVE MY HOME OPTION
A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to
consider options to help you save your home that your current lender either could not or would not
consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the
principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior
approval from the Secretary. If your interest rate was lowered and an assumption is approved, the
interest rate will be adjusted back to the previous rate.
SHORT SALE - GET RID OF MY HOME OPTION
If you do not have sufficient equity, GPS may be able to work with your mortgage companies to
attempt to “SHORT-SALE” your home. Your lack of equity makes foreclosure an unattractive option to
the lender. With no equity, the lender who forecloses is not reimbursed for lost interest, foreclosure
expenses or real estate sale commissions. Further, the foreclosure process takes time, during which
the bank loses more money. Hence, lenders are usually receptive to alternatives to foreclosure
that cost less. This is why a short sale can be a viable alternative.
Be sure to understand this process -- it is usually not a “fast” solution, but it can be a very effective
one. INSIDER SECRET! GPS knows exactly what most banks require in order to “qualify” your
hardship for Short Sale eligibility!
DEED-IN-LIEU OF FORECLOSURE - GET RID OF MY HOME OPTION
A Deed-in-Lieu of foreclosure is a voluntary conveyance of title to the lender. In other words, you are
giving your home back to the bank. Generally this is a last ditch effort to avoid the foreclosure.
In return for the voluntary conveyance to the lender, you are often, but not always, released of any
personal responsibility for the mortgage. In order to qualify for a DIL, most lenders state that there
must NOT be a second mortgage or liens on the property. In addition, you must be in default and
don't qualify for any of the other options, and your attempts at selling the house before foreclosure
were unsuccessful; and you don't have another FHA mortgage in default.
Properties with equity should consider selling the property before voluntarily conveying the home to
the lender. A DIL on a VA loan can possibly affect your ability to get another VA loan and other VA
benefits. Contact the VA for more info.
Remember, this option WILL negatively affect your credit, however, If your bank accepts DIL, it is
usually better on your credit than foreclosure. That said, if you can’t sell your home (even with a short
sale) and the bank will agree to Release your mortgage, then a DIL may well be an effective option for
you to avoid foreclosure. As always, you should consult an attorney if you have legal questions and/or
an accountant if you have financial concerns.
PARTIAL CLAIM - SAVE MY HOME OPTION
(FHA mortgages only) (Some Freddie Mac Investor loans)
Generally limited to FHA loans and some Freddie Mac Loan, in a Partial Claim, your lender may be
able to work with you to obtain an interest-free loan from HUD to bring your mortgage current. You
may qualify if: Your loan is at least 4 months delinquent but no more than 12 months delinquent ,
Your mortgage is not in foreclosure; and You are able to begin making full mortgage payments. When
your lender files a partial claim, HUD will pay your lender the amount necessary to bring your
mortgage current. You must sign a promissory note with HUD that places your past due payments
into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban
Development. The promissory note is interest-free and this lien will be due if you sell or leave your
property, or when your mortgage matures.
KEY POINT: GPS can assist you with most of these options. If you would like to find out more than
what is on this page, please visit our FULL LOSS MITIGATION SITE:
www.genesispropertysolutions.org
