Communicating Is Your Most Important Step

Whether you’ve already missed a payment or are anticipating difficulty in the near future, speaking with a loan counselor today is the most important step in protecting your home, your credit, and your investment. RSI is empowered to quickly implement solutions to help you avoid foreclosure and preserve your credit standing.

You Have Options

Realistic and flexible options are available to our clients who are having hardship challenges. Once we’ve learned your situation, we will work with you to help you keep your property and your mortgage in good standing or offer you an easy exit to the current that, one that both preserves your credit and avoids judgments and deficiency balances.

Common options to avoid foreclosure

There are several options that may be pursued as an alternative to foreclosure:

• Pre-foreclosure Sale (Short Sale or Short Fall Sale)
• Forbearance Plan
• Modification
• Deed-in-Lieu of Foreclosure

Pre-foreclosure Sale (Short Sale or Short Fall Sale)

Sometimes the best tactic to avoid foreclosure is the sale of the property. You have the right to sell the property to someone else up until the foreclosure sale date. If the potential buyer’s offer is not sufficient to pay off your loan, we may agree to accept less than the total amount due under certain conditions. This situation is commonly called a “short sale.” Call us today and our team will guide you through it!

Forbearance Plan

We may grant you additional time to catch up on past due payments under an agreement called a forbearance plan. These plans are normally limited to a period of three to six months and involve a reduced payment to prove eligibility.

Modification

A loan modification changes the repayment terms reflected in the note. If you are unable to pay the total amount outstanding or your loan has matured, this may be an option. Your loan could be modified to extend the term, convert an adjustable rate mortgage to a fixed rate loan, amortize the monthly payment over a longer period or actually reduce the outstanding principal balance to one more in line with today’s real estate values.

Deed-in-Lieu of Foreclosure

If you are unable to afford the current contractual payment and there are no other liens reflected on title to the property, we may allow you to deed the property back to us to avoid the time and expense of a foreclosure action.

Many of the options above could also include a cash incentive (aka Cash-for-keys). The amount differs with each case and could be anything from a few hundred dollars to several thousand. It’s a win-win whereby we help you with the expense of moving and finding a new place to live. We are hopeful that we can help you work through your current financial difficulties but we need your cooperation to do so. Remember, time is of the essence.