Avoiding Foreclosure

If you are in foreclosure trouble and in need of assistance, we may be able to help. Give us a call today and we can provide you with a foreclosure avoidance consultation to see if we can help or point you in the right direction.

If you want to sell your home:

Sell Your Home Directly to SHP Properties

We buy houses! If you have a looming mortgage payment and just want to sell your home quickly, we may be your best bet! We can buy houses fast and can provide you with that quick closing that you need so that you don’t miss any more mortgage payments. If you think that this is the best option for you, give us a call today at 856-209-2585

If you are underwater on your mortgage

If the value of your home is less than the amount of your mortgage, and you cannot make up the difference, you may want to call your lender and ask if they would be willing to let you short sale the house. Short sales are when the mortgage company allows you to sell your home at a lower price than the amount owed on the mortgage. These are tricky to navigate and can take many months to process, however, they are a viable option for some homeowners. Read more from Fannie Mae

If you want to stay in your current home:

There are some government programs available that you may be able to qualify for that will help you stay in your home.

Home Affordable Refinance Program (HARP):

HARP is a Federal Housing Financing Agency (FHFA) refinancing program that targets homeowners that are underwater on their mortgage. HARP is intended for all homeowners that are underwater on their mortgage, no matter how much they are underwater.  The refinance is intended to ease the financial burden for these borrowers by refinancing the mortgage into more favorable terms.

  • You are current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months
  • The mortgage you would like to modify is your primary residence, a 1-unit second home or a 1- to 4-unit investment property.
  • Your loan must be owned by Freddie Mac or Fannie Mae.
  • You must have originated your mortgage before May 31, 2009.  If you are unsure, you can check your mortgage eligibility through the harp.gov website (linked below)
  • The current LTV (loan-to-value) ratio of your loan must be greater than 80%.


Home Affordability Modification Program:

Unlike HARP, which is a refinance of your mortgage, HAMP is a modification to the existing terms of your mortgage.  HAMP, is part of the MHA (Making Home Affordable) program is intended to help homeowners that are struggling to make their mortgage payments by modifying their existing loans to levels that are more affordable for the borrower, in the short and long terms.  Usually this includes a reduction in the interest rate, a change or modification to the principal amount, and other helpful modifications.


  • Your mortgage must be on your primary residence
  • It must be for your primary residence
  • HAMP is a program that modifies your existing mortgage instead of refinancing (what HARP does)
  • The maximum mortgage amount is $729,750
  • Your mortgage must have been signed before 01/01/2009
  • Your current mortgage payment must exceed 31% of your total gross income.
  • You must be able to document your hardships which are causing your inability to pay your mortgage (such as loss of job)
  • You must be able to prove that your current income would be sufficient to cover the new payment.
  • Deadline to apply is September 30, 2017


There are more options beside HARP and HAMP. See HUD’s website for more details on what to do if you are in need of mortgage help.
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Avoiding Foreclosure was last modified: June 8th, 2017 by Sam Patel