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PENDING FEDERAL FORCLOSURES EXTENDED

But what happens next?

Even with extension after extension, nothing is guaranteed, and what ultimately will occur is extremely influx. Southern Loan Servicing can help homeowners seeking a permanent solution and avoid the foreclosure process altogether!

How selling the property as subject-to or Bond for Deed may help 

The seller is not paying off the existing mortgage. Instead, a new buyer is taking over the payments. The unpaid balance of the existing mortgage is then calculated as part of the buyer’s purchase price. The buyer may need to have a down payment to cover the past due payments, or the seller may need to work out a plan with their mortgage company before completing the new sale. Still, it could prevent foreclosure and the negative impact on credit.

Under a subject-to agreement or Bond for Deed, the new buyer makes payments to a loan servicing company (like us!), who in turn makes the payments to the seller’s mortgage company. 

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