A foreclosure is the legal process by which a mortgagee, (or other lien holder), requires the sale of the real property to recover the money due when a debtor fails to make their payments.  A foreclosure is done either by a trustee or through a judicial process, depending on the state regulations that apply to the state where the subject property is located.

Tips - Ways to prevent a foreclosure:

Communication
If you’re having challenges making your payments, communicate with the Loan Modification team at Impac Mortgage.  There may be accommodations that can be made via a loan modification to help you through difficult financial periods.

List Your Property
Short Sale is an option.  List your property for sale and begin working through the short sale process.  Impac is very proactive working with property owners to manage their short sales.  There are many benefits to a short sale including the fact that a short sale does not negatively impact credit as a foreclosure or bankruptcy may.  Impac Mortgage’s short sale team specializes in working with consumers to help properties sell in record time benefiting both the homeowner and the lender.

Do The Research
Do your research before you engage with a lender or mortgage broker that makes promises that sound too good to be true.  Some companies are often times unscrupulous parties that will not have your best interest in mind.

Be Realistic

Be realistic about your current financial situation.  If you are unable to afford your payments due to a life changing situation, try and think long term and where you want to be in 10 years, not just next week.  Often times homeowners think that waiting through a year or two of a foreclosure process will be easy. In fact, the foreclosure process is a huge burden that rarely ends positive for the borrower.

Impac Mortgage is very interested in working with you before your property goes to foreclosure. 

Looking for direct help from Impac Mortgage to prevent a foreclosure?

Connect with our Loan Modification team
Modcustomercare@ImpacCompanies.com >>>

                         - or -
Connect with our Short Sale team
Ssopenings@ImpacCompanies.com >>>

If your property has gone to foreclosure and you need to speak with someone at Impac Mortgage:
Foreclosure@ImpacCompanies.com >>>