FACING FORECLOSURE . . . YOU HAVE OPTIONS!

🏠 Facing Foreclosure? Here Are Your Options

By Stella Barbour, Principal Broker – Nova Brokers LLC📍 1483 Chain Bridge Road, Suite 103, McLean, VA 22101📞 703-999-6104 | ✉️ stella@novabrokersllc.com🌐 www.novabrokersllc.com | needshortsale.com

Foreclosure is a stressful experience, but there are solutions available that can help you regain control. If you're behind on mortgage payments or struggling to stay afloat, knowing your options is the first step toward protecting your home—and your future.

🔧 1. Loan Modification

A loan modification changes the terms of your existing mortgage to make it more affordable. This could include lowering your interest rate, extending your loan term, or reducing your monthly payment.

⏸️ 2. Forbearance

If you’re experiencing temporary hardship, your lender may allow you to pause or reduce your mortgage payments for a set period. You’ll still owe the missed payments later, but this can buy time to recover financially.

🔄 3. Refinance

Refinancing lets you replace your current mortgage with a new one—ideally with better terms. This option works best if you still have decent credit and haven’t fallen too far behind.

🏡 4. Sell Your Home

If keeping the home is no longer realistic, selling it on the open market may be a way to pay off the mortgage and avoid foreclosure. If your property has appreciated, you may walk away with equity in hand.

📉 5. Short Sale

If your home is worth less than what you owe, a short sale may be possible. With lender approval, you can sell for less than the loan balance, and potentially have the remaining debt forgiven.

📄 6. Deed in Lieu of Foreclosure

This is where you voluntarily transfer ownership of the home back to the lender to satisfy the mortgage debt. It’s still a hit to your credit, but less damaging than full foreclosure.

🛡️ 7. Bankruptcy

Filing for Chapter 13 bankruptcy may allow you to keep your home and repay missed payments over time. Chapter 7 may discharge unsecured debts and delay foreclosure, but won’t typically save your home.

🤝 Let’s Talk – You Have Options!

The earlier you act, the more choices you'll have. Every homeowner’s situation is unique—and I'm here to help guide you to the best outcome for your needs.

📞 Call Stella Barbour at 703-999-6104 for a confidential consultation. Serving homeowners in Maryland and Virginia.