Did you know there are 5 loan work-out programs a lender could propose to homeowners in default?
- Short Sale - Homeowner owes more on the note than the proceeds of sale would cover, so the lender agrees to take the loss. There are many tax implications - consult an attorney and a CPA. These generally take 150 days to even get a response to an offer currently!
- Forbearance By the Lender - Lender takes past due payments and adds them to back of loan to allow you to get back on track.
- Repayment Clause - Lender Re-amortizes loan term from 30 to 40 years (for example) or divides overdue balance to be paid back over a period of months rather than one lump sum.
- Partial Claim From Mortgage Insurance Company
- Contact NC Commissioner of Banks (http://www.nccob.org)
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