Forbearance Agreement. If unavoidable circumstances has made you unable to make your payments and put you in default, Tuttle Legal's foreclosure attorney, Alex Tuttle will ask your lender to enter into a forbearance agreement while you restructure, refinance or modify your loan agreement. Even if you are delinquent and in default, we may be able arrange a temporary reduction of loan payments. Under the forbearance agreement, the lender will stop foreclosure proceedings while we negotiate a loan modification you can afford.

Deed-in-lieu of foreclosure
If you want to avoid foreclosure and the damage it does to your credit rating, but can no longer make any payments on your home, we may be able to negotiate a deed in lieu of foreclosure. In this case, the lender will take title to your home as payment for your mortgage debt without going through the foreclosure process. Deed-in-lieu of foreclosure is sometimes the safest and quickest way to resolve your mortgage debt.

Pre-Foreclosure Sale (Short Sale of Your Home)
Lenders may agree to a preforeclosure sale commonly referred to as a short sale. In a short sale, your home will be sold for less than you owe on your mortgage loan, the lender will accept the sale amount in payment for your debt, and you avoid going through with the foreclosure.

FHA Program for Homeowners

By accepting the FHA HOPE for Homeowners Program, lenders are choosing to provide homeowners with an affordable monthly mortgage payment through the loan modification of their existing loan. Your lender may accept the FHA Hope program rather than accepting the losses associated with foreclosure and the declining property value on the home. Not all home owners will qualify for the program. Contact our office today to see if the FHA Hope program is an option for you.

Alex Tuttle, ESQ. of Tuttle Legal is an attorney serving Hatfield, Wayne, Montgomeryville, Doylestown, Chalfont and the surrounding areas.