LaTonya JohnsonFounder of Solutions By TJ

Coronavirus Housing Crisis Help | Can You Get Out of Foreclosure Once it Starts

Name: Coronavirus Housing Crisis Help | Can You Get Out of Foreclosure Once it Starts
Uploaded: 2020-02-14T21:30:50+00:00
Duration: 1 min 40 s
Channel: LaTonya Johnson
Description: LaTonya Johnson explains how to stop foreclosure during the housing crisis. Call your lender immediately to explore forbearance (suspend payments up to…

14 Feb 2020 · 2 min

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1:40

LaTonya Johnson explains how to stop foreclosure during the housing crisis. Call your lender immediately to explore forbearance (suspend payments up to 12 months), repayment plans, or loan modification. If those fail, a short sale or deed in lieu of foreclosure can protect your credit, but act early to keep your equity.

Questions this video answers

Up to 12 months (and sometimes past that).

It can place missed payments at the back end of the loan so you may not have to make them up immediately.

Selling your house for less than you owe on the mortgage.

Voluntarily giving the loan/property back to the lender so a foreclosure does not appear on your credit.

Chapters

Okay, so great job. You've only missed maybe one payment. Maybe you haven't missed any payments at this point. Awesome that you're thinking ahead and looking at this right now because it improves your options. Trust me. So first thing I recommend, call your lender. They can offer a forbearance plan. Will they suspend your payments for up to 12 months and even past that sometimes. So call your lender. They can also give you a repayment plan. If you can still make some type of payments. They can put whatever you've missed, if you've only missed one payment, they can put that at the back end of the loan and keep it moving. You might not have to, you know, make up that payment and then go on. So those are two options. The third option is you have forbearance. You have loan modification where they can modify your loan and lower your payments if you have the ability to start making payments now. And they can combine these options. So keep that in mind.
And they also have what's called, if you get down to the last second, you can do a short sale or a deed in law foreclosure. The short sale is where you sell your house for less than you owe. Now, let me tell you something. If you start working on this now, you have a chance where you don't have to lose any money. If you have equity in your home, you can get full price for it. So let's start this process now, okay? Deed in lieu of foreclosure means that a foreclosure will not go on your credit. You actually give this loan back to the lender. Okay. And instead of them foreclosing on it. But we want to jump on top of this right now.