Pre-Foreclosure Help for Homeowners

Falling behind on your mortgage is stressful, but you have more options than you may realize. David Rigney Real Estate Solutions works with homeowners facing pre-foreclosure to review their situation and explain the paths available. Below are five options homeowners commonly consider. Every situation is different, so reach out to talk through what may fit yours.

Five Options When You’re Facing Foreclosure

1. Reinstatement of the Loan

Bringing the loan current by paying the past-due amount, plus any fees, in a single lump sum to stop the foreclosure process.

2. Loan Modification

Working with your lender to change the terms of your existing loan—such as the interest rate, term, or monthly payment—to make it more manageable.

3. File Chapter 13 Bankruptcy

A legal option that can halt foreclosure and let you repay past-due amounts over time through a court-approved plan. We recommend consulting a licensed bankruptcy attorney for this option.

4. Cash Sale

Selling your home for cash, often quickly and as-is, which can help you avoid foreclosure and move on without a lengthy listing process.

5. Subject To

A sale in which a buyer takes over responsibility for your existing mortgage payments, leaving the current loan in place.

Talk Through Your Options

Not sure which path is right? Contact David Rigney to discuss your situation confidentially and understand your choices. Call David Rigney at 847-780-7430.

This information is general and not legal or financial advice. Consult a qualified professional about your specific situation.