Nobody wants to lose his or her home! Unfortunately, in these rough economic times we know this as a fact for most people. People tend to take their Palisades real estate mortgage for granted and end up losing the home. This is what brings on the foreclosure process. It will usually begin after 3-4 payments have been missed and the lender will issue a foreclosure by selling the house or processing it. What makes the situation worse is that lenders have a tendency to make their borrowers believe they have no other options available. However, there are alternatives that homeowners can use to keep their home!

These are terms heard in connection with the normal terms used in a Nyack NY real estate mortgage agreement. That means that most homeowners do not know about them. Here is a list of some terms and their meanings that will, hopefully, help you get your home back.

Shortstop is a short refinance for the foreclosure of your property. The alternative is to ask a friend to help you buy or pay off the mortgage.

Negotiating a payment scheme is where you would pay a portion of the amount and agree to pay the rest in the following months. You do have to show proof of your income and make a down payment. Most lenders will agree to this plan

Change of plans is a temporary change in the terms of your home loan when it is properly negotiated. Those changes can include amortization extensions and even a reduction of the interest rate. With this option it is best to get a foreclosure negotiator to handle the job and get it approved.

Third-party sale is simply that. The property is sold to a third party and the proceeds go to the mortgage lender in settlement of the loan.

Friendly third-party sale is when the third party simply purchases the party to clear the deed of other holders and immediately sold right back to the borrower.

These are just a few of the alternatives that Hudson Valley home owners have available to them. Of course, the best way to avoid foreclosure is to make sure you make your payments. If you are in fear of foreclosure, check out the MHA program that President Obama has put into motion. If you purchased your home before January of 2009, you may be eligible to participate in the program.

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