Watch: 5 Real Options (Pros & Cons)
1) Reinstate the Loan
Pay the full past-due amount (late fees and legal costs included) to bring the loan current and stop foreclosure. Fastest, cleanest way to keep your home and protect credit if funds are available (savings, family help, hardship funds).
2) Loan Modification
Adjusts your mortgage terms (rate/term) to make payments affordable. Typical timelines run ~45 days. You don’t need to pay a third party; we can point you in the right direction so you can apply yourself.
3) Bankruptcy (Chapter 13)
Can pause foreclosure and structure a catch-up plan. It’s serious—consult a qualified bankruptcy attorney. If a loan mod isn’t viable, Chapter 13 may also be difficult; it can impact credit for years if it fails.
4) Sell Before Auction (Cash or Concierge)
Cash Sale: close in 7–14 days through our network; we aim for stronger pricing than typical investor offers.
Concierge Sale: if you have ~45 days, we help postpone the sale and market broadly (investor network + MLS/Zillow/Redfin) to push toward market value. The earlier you start, the better the outcome.
5) “Subject-To” (Creative Financing)
We take over responsibility for the existing mortgage (“subject to” the current loan), bring it current, and prevent foreclosure. Title typically transfers; any remaining equity can be paid over time via a recorded note through a licensed title company. Best fit when the reinstatement amount is reasonable and your interest rate is ideally < 5%.
Talk Through Your Situation
No pressure—just clear answers. Call (571) 275-3720 or email hello@barokgroup.com. We respond quickly and keep your info private.
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Disclaimer: Barok Group is not a law firm or financial advisor. This page is educational only; consult licensed professionals in your state for legal, tax, or financial advice.