If a homeowner is behind on mortgage payments or facing foreclosure he may be able to enter into a “workout agreement” with their lender. Individuals who may want to consider a “workout agreement” are those who have little or no equity in his or her home. During a “workout agreement,” a qualified professional contacts your mortgage company on your behalf to enter into a workout agreement. The professional will negotiate a reduced payoff of the property if you owe more than what it is worth.
The pro’s of using a “workout agreement” to avoid foreclosure is that the homeowner can sell his or her property rather than go through foreclosure. The con’s are that the homeowner must go through the process with no guarantees. A “workout agreement” takes time with no cash for the homeowner and then he or she still must move out of his or her home. However, in some cases, this is a good option for individuals facing foreclosure.
If you decide that a “workout agreement” may be the right choice for you, you need to make sure you have a professional working with you who understands “workout agreements” and can help you negotiate with your bank. Of all the options, this option can take the longest and provide the least reward. But for some, it may be the only option for avoiding foreclosure.
If you are looking for expert and knowledgeable help to avoid your home foreclosure, contact a foreclosure prevention expert, and find out how to stop foreclosure on your home.
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