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Foreclosure Assistance Programs...

Here you will find a list of conventional plans and methods that we use to stop the foreclosure sale. These plans are summarized briefly below. When working out a solution with your lender, sometimes it's necessary to use a combination of methods to achieve sucess.

When conventional methods are not possible, we use other non-traditional methods that work well for some of our Customers. Read through the list to be better educated about all of the options that we can offer you. Then let us assist you to work out the right plan for you needs.

Loan Modification

Modification is most often used to reduce a borrower’s payment when the cause of the default is permanent or long term. The loan is modified to better suit the borrowers current income and situation. The amount owed can sometimes be tacked on to the back end of the mortgage which prevents the borrower from having to put so much money down up front.

Apply Online or Contact Us (317) 856-1479

Repayment Plan or Forebearance Agreement

Special forbearance may be offered to borrowers who have recently experienced a verifiable loss of income or increase in living expenses, but who now have sufficient monthly income to correct the delinquency and reinstate the loan within the duration of a monthly plan either through gradual repayment of the delinquent amount, or through a combination of repayment and modification or partial claim(see below).

Apply Online or Contact Us (317) 856-1479

Foreclosure Refinance

We work closely with local lenders and brokers that specialize in foreclosures and can refinance delinquent loans when most conventional lenders can't. They can do this due to the measure of risk the investors involved in funding these loans are willing to take. A mortgage refinance can save your home by replacing your defaulted mortgage loan with a new mortgage loan, as well as consolidate other debts.

Here's an important tip to remember. The sooner you act, the lower your interest rate and the more you can borrow. For example, if you are only delinquent (30-90 days behind), you can borrow as much as 85%-90% of your home's value.

If you are in default, you will only be able to borrower 70%-80% of your home's value, at an interest rate that will be two to three percentage points higher. If you are in a full-blown foreclosure, your refinance will be limited to about 55%-65% of your home's value.

Apply Online or Contact Us (317) 856-1479

Short or Quick Sale

A short sale or quick sale is a plan to sell your house. When a lender agrees to allow a short sale, they agree to accept less for your house than you owe on it to avoid foreclosure.

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Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a court approved repayment plan based on your income. It allows you to keep your house and make payments to your debtors based on what you can afford to pay them. Click HERE to learn more about Chapter 13 Bankruptcy in Indiana.

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Partial Claim

The loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments when you pay off the first mortgage. There is no interest. The partial claim can be for no more than 12 months of past due payments.

Partial Claims may be offered to borrowers who satisify all of the following requirements:
Have overcome the cause of the default.
Have sufficient income to resume monthly mortgage payments.
Do not have sufficient surplus income to repay the arrearage through a repayment plan.
A mortgage modification is not appropriate.

Partial Claim applies to FHA mortgages only and some Freddie Mac Investor Loans.
Apply Online or Contact Us (317) 856-1479

Special Forebearance (Suspended Payments)

If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II - can be utilized in an unemployment situation whereby the promise of future employment is present.
Apply Online or Contact Us (317) 856-1479

Deed-In-Lieu

A deed in lieu is somtimes acceptable to a lender. When accepted, this option allows you to deed your house back to your lender to avoid foreclosure. The lender releases you from the mortgage and repossesses the house.
Apply Online or Contact Us (317) 856-1479

Lease Back Program (non-conventional)

A lease back program requires that you have at least 30% equity in your home. If so, then a group of our investors will purchase your home and lease it back to you for a period of 12-18 months. At the end of that term, you can purchase the house back at a predetermined and agreed upon price. Spinnaker Properties, Inc.. then helps you get a new loan to re-purchase your home. Once the investors are paid their fee for the foreclosure bailout, you are still left with at least 10% equity in your home, ownership of your house again, and a new start.
Apply Online or Contact Us (317) 856-1479

Subject-To Purchase (non-conventional)

If you do not have equity in your home, a Subject-To purchase can be a viable alternative to the Lease Back Program. In a Subject-To (commonly referred to a "Sub-To") purchase, either we or an affiliate investor can assume your current mortage, and take over the payments to your home. This option will require you to vacate your home, but will save you from having a forclosure on your credit. Once you are back on financially stable ground, you will be able to purchase another home and get on with your life. Please refer to our FAQ or SPECIAL REPORT pages if you have any questions.
Apply Online or Contact Us (317) 856-1479

Property Management Services

If you are still unable to make the monthly mortgage payments, even after we come to an agreement with your lender, we can manage your property for you. We understand that your home is your most valuable investment, and you can trust us to care for it as if were our own. Under this option, you can move out of your home and allow us to find a qualified tennant who will lease your property while you regain your financial foothold. We can also assist you in finding a suitable place for you to live either in one of our Available Lease To Own Properties or through one of our affiliate investor properties.

In the meantime you still maintain full ownership, and retain all the benefits that go with owning your home. We will find a qualified tennant, collect the monthly rents, take care of all maintenance costs and upkeep on your property, and provide you with a monthly income depending on what your property will lease for. If you would like more information, please go to our Property Management Services page to learn the details and benefits of our management services.
Apply Online or Contact Us (317) 856-1479

Click HERE to find our more informationon how you can put a stop to the foreclosure process

Don't let Foreclosure ruin your credit and force you and your family from your home. You do have options available to you... Take that first step and call us so we can help you keep your home out of foreclosure.

(317) 856-1479

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