What are Some Other Solutions for "Temporary" Problems to Avoid Foreclosure?

Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date.

Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later.

Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current.

Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify:

You may qualify if:

1) Your loan is at least 4-months delinquent, but not more than 12-months.
2) You are able to begin making full mortgage payments again.

When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold.

For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Leopard Funding does not make any mortgage loan commitments or fund any mortgage loans. Leopard Funding arranges loans with third-party providers.

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