FORECLOSURE ALTERNATIVES
If you are a borrower facing foreclosure, you may have options available to you to help you avoid foreclosure. These options include, without limitation, the following:
- Refinancing your loan by contacting another lender.
- Selling your property through a Short Sale (if your property value has decreased below the amount of your loan and you have a buyer, your lender may agree to take less to payoff the mortgage)
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Modifying your existing loan by asking the lender (or current holder of the loan) to change the terms of your existing loan (such as reducing the interest rate, extending the term of the loan, adding delinquent payments to the end of the loan, etc…)
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Bringing your loan current by borrowing money to reinstate the loan (paying the back payments, interest, costs, etc…)
- Surrendering the Property with a Deed in Lieu of Foreclosure
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Filing for bankruptcy protection (you should speak with an attorney specializing in bankruptcy to discuss alternatives; not all bankruptcy filings will permit you to avoid foreclosure)
If you are interested in attempting to avoid foreclosure and National Foreclosure Service is representing your lender, please contact your lender directly or you may contact us at 1-866-535-3736 (toll free). Before calling to discuss the options that may be available to you, please be sure to have the following documents and information ready:
- Your promissory note
- Your most recent pay stubs showing a decrease in income
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Your bank statements for the last six months
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Appraisals or Broker Price Opinions ("BPO") showing current value of your property
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A written statement requesting a change to your loan
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Agent Authorization Form if you want someone else to speak with us about your loan
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Other documentation which we may request
Please note that submission of a request or any documentation does not guarantee that your lender will grant your request. Each request is analyzed individually and your lender will make the final determination.
You may contact the United States Department of Housing and Urban Development ("HUD") to find a HUD-certified Housing Counseling Agency at:
Toll Free: 1-800-569-4287
TTY/TTD: 1-800-877-8339
You may also visit HUD's website to find consumer information on foreclosure alternatives (including an article on "Tips for Avoiding Foreclosure") at: http://www.hud.gov/foreclosure/
National Foreclosure Service is a debt collector. Any information we obtain will be used to collect the debts owed to our clients.
National Foreclosure Service
2180 Chablis Court, Suite 102
Escondido, CA 92029
866-535-3736
