Alternative Lending

Alternative to Foreclosure

The following section of our website is dedicated to borrowers who have a Notice of Default filed against their property.

You received our letter because you are in default on your mortgage. This information is a matter of public record. Once your lender files a Notice of Default, you have approximately 90 days to bring your loan current, after which you will receive a publication sale date. Typically, the sale date is 21 days later. Since your property is in default you run the risk of losing your home and all your equity in it, it is crucial that you address this problem immediately. We may be able to help you by offering a small loan to bring current your existing loans, property taxes and insurance. To best serve you we need accurate information. We will be happy to contact you to discuss your options. Please fill out and submit our questionnaire.

• Modification - A changing of the original note terms that may allow for adding delinquent interest into your loan, resetting the payment due date, or extending the maturity date in order that the loan becomes current. A fee may be required and certain conditions of title may not allow this option. Investor approval is also required. Certain financial information will be required and must be verifiable.



• Pre-Forclosure Sale - A transaction requiring the sale of your property to a third party. Proceeds of the sales transaction are typically less than the total amount you owe to pay off your loan. The Investor, prior to any closing, must approve an exchange of the sales proceeds for a satisfaction of the debt. Certain information related to the sales transaction will be required. Likewise, certain financial information will be required and must be verifiable.



• Settlement - Similar to a pre-foreclosure sale in that the proceeds to satisfy the debt, if approved by the Investor, may be less than the total amount you owe to pay off your loan. Source of funds may be from a relative, friend, employer, etc. and you retain possession of the property. Certain financial information will be required and must be verifiable.



• Deed-In-Lieu - Also referred to as a voluntary conveyance. You must agree to deed back the property to the investor. You will be required to surrender possession of the property and the property must be in good and marketable condition. This transaction requires approval from the Investor prior to any closings. Certain conditions of title may not allow this transaction. Certain financial information will be required and must be verifiable.



• Repayment Plan - A repayment plan is a workout arrangement that requires a series of payments over two or more months that will pay a portion of the delinquent amount plus pay a regular installment. The plan agreement will prevent legal action despite the fact that the mortgage is in arrears provided payments are made according to the repayment plan. It is granted only when satisfactory arrangements, acceptable to Interbanc Mortgage to satisfy the delinquency for a designated amount, date, and term are obtained. Certain financial information will be required and must be verifiable.