Manufactured homes are not exempt from the possibility of foreclosure. If you have fallen behind on your mortgage payments and are facing foreclosure, you and a real estate lawyer, like Iannello Anderson, can take action to save your home. Here are some options available to you.
Your lender could agree to a loan modification. The modification could result in a number of changes to lower your monthly payment, such as lower the interest rate or extend the time that you have to pay off the loan.
There are some requirements that your lender might require in order for you to be eligible for a modification. For instance, you might have to prove that you are facing a financial hardship. Your lender could also require you to pay the newly agreed upon mortgage for a period of time to show that you are now financially stable enough to pay it.
Loan modification programs are available through the federal government. For instance, the Home Affordable Modification Program, or HAMP, is in place for first-time homebuyers. If there are additional programs you qualify for, your lawyer will help you apply.
If you want to avoid the foreclosure on your credit report, you can opt for a short sale. A short sale would allow you to get out of your obligation to your lender in exchange for signing over the deed to the lender. The lender would sell the home for less than what is owed on the home.
As with a loan modification, there are federal programs that could aid in qualifying for a short sale. The Home Affordable Foreclosure Alternatives, or HAFA, could possibly aid your goal to qualify for short sale.
If the financial woes that caused you to fall behind on your mortgage are not expected to last much longer, you can ask your lender to agree to a forbearance.
A forbearance would temporarily stop or reduce the payments that you owe to the lender. You and the lender can work on the amount of time that this covers. At the end of the period, you would start making your original payments again. If you were able to negotiation a reduction in your payments, you would start making those newly reduced payments.
It is important that you explore all of your legal options for saving your manufactured home when you are facing foreclosure. There are many more alternatives that your real estate lawyer can help you explore.