What is Foreclosure 什麼是止贖 ?

It's when a homeowner is unable to make principal and/or interest payments on their mortgage. The lender, a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.  當房主無法支付抵押貸款的本金和/或利息時。貸款人、銀行或建築協會可以根據抵押合同的條款沒收和出售財產

What Happens when a Mortgage Payment is missed 錯過按揭付款時會發生什麼 ? 

Unfortunately, Foreclosure can happen. By missing a mortgage payment, your lender has the legal means to repossess your home and force you to move out. If your property is worth less than the total amount you owe on your loan, a Deficiency Judgment could be pursued. Both a Foreclosure and a Deficiency Judgment can affect your ability to qualify for credit in the future. So you should avoid foreclosure, if possible.   不幸的是，止贖可能發生。如果錯過按揭付款，您的貸方就有合法手段收回您的房屋並迫使您搬出。如果您的財產價值低於您的貸款欠款總額，則可能會進行缺陷判斷。止贖和缺陷判斷都會影響您將來獲得信貸資格的能力。因此，如果可能，您應該避免止贖

How can a Foreclosure be Avoided 如何避免止贖 ?

First of all, if you are struggling to make your payments, call or write to your lender's Loss Mitigation Department right away. Explain your situation and be prepared to provide them with financial information like your monthly income and expenses. Just follow these 3 simple rules  首先，如果您在付款方面遇到困難，請立即致電或寫信給貸方的減損部門。解釋您的情況並準備向他們提供財務信息，例如您的月收入和支出。只需遵循以下 3 個簡單規則 :

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1. Contact your lender as soon as you know your payment will be late一旦您知道您的付款將延遲，請立即聯繫您的貸方 .

2. Never ignore the lender's letters or phone calls 永遠不要忽視貸方的信件或電話 .

3. Don't assume that your situation is hopeless 不要認為你的情況是沒有希望的 .

What are Some other solutions for "Long-Term" problems to Avoid Foreclosure  避免止贖的 “長期” 問題的其他解決方案是什麼?

Your lender will determine if you qualify for the following alternate solutions. Also, a housing counseling agency can help you with your options, plus interact with your lender on your behalf  您的貸方將確定您是否有資格獲得以下替代解決方案。此外，住房諮詢機構可以幫助您做出選擇，並代表您與貸方互動 :

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Mortgage Modification – If you can currently make your regular payment, but can’t catch-up on the past due amount, the lender may agree to modify your mortgage. One way is to add the past due amount into your existing loan and finance it long-term. Mortgage Modification may also be possible if you no longer can make your payments at the former level. The lender may modify your mortgage and extend the loan length, or perhaps take steps to reduce your current payments.  抵押貸款修改 - 如果您目前可以定期還款，但無法趕上逾期還款額，貸方可能會同意修改您的抵押貸款。一種方法是將過去的到期金額添加到您現有的貸款中並為其長期融資。如果您不再能夠按以前的水平還款，也可以修改抵押貸款。貸方可能會修改您的抵押貸款並延長貸款期限，或者可能採取措施減少您當前的付款。

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Pre-Foreclosure Sale – Foreclosure can be avoided by selling your property for a lesser amount necessary to pay off your mortgage loan. You may qualify if 止贖前出售——可以通過以較低的金額出售您的財產來償還抵押貸款，從而避免止贖。如果您符合以下條件，您可能有資格 :

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1. The loan is at least 2 months delinquent  貸款至少拖欠2個月

2. The house is sold within 3-5 months  房子在3-5個月內出售

3. A new appraisal, that the lender will obtain, indicates that the home value meets program guidelines.  貸方將獲得的新評估表明房屋價值符合計劃指南

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Deed in Lieu of Foreclosure – This is when the lender allows you to give-back your property and forgives the debt. It does have a negative impact on your credit record; however it's better than foreclosure. The lender may require that house be "For Sale" for a specific time period before agreeing. This route may not be possible if there are other liens against the home  代替止贖契約 - 這是貸方允許您歸還財產並免除債務的時候。它確實對您的信用記錄有負面影響；但是它比止贖好。在同意之前，貸方可能會要求該房屋在特定時間段內“待售”。如果對房屋有其他留置權，則這條路線可能無法實現.

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For FHA Loans – The lender may assist you in getting a one-time payment from the FHA Insurance Fund. The mortgage loan must be into at least 4-months, but not more than 12-months past due. The homeowner must prove the ability to resume making full mortgage payments on time, and other conditions apply  對於 FHA 貸款 – 貸方可能會幫助您從 FHA 保險基金獲得一次性付款。抵押貸款必須至少到期4個月，但不能超過12個月。房主必須證明有能力按時恢復全額還款，其他條件適用 :

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• A Promissory Note must be signed allowing HUD to place a lien on your property for the amount received from the FHA Insurance Fund  必須簽署本票，允許 HUD 以從 FHA 保險基金收到的金額對您的財產進行留置.

• The note is interest free, but must be repaid eventually   票據是免息的，但最終必須償還 .

• The note becomes due when you pay off the loan, transfer title, or sell the property  當您還清貸款、轉讓所有權或出售財產時，票據到期.

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For VA Loans – The Veteran's Administration Loan Centers offer financial services designed to help homeowners avoid Foreclosure, and options for your specific situation   對於 VA 貸款 - 退伍軍人行政貸款中心提供旨在幫助房主避免止贖的金融服務，以及針對您特定情況的選擇.

What are some Other solutions for " Temporary" Problems to Avod Foreclosure  避免止贖的“臨時”問題有哪些其他解決方案 ?

Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date  恢復 - 當您拖欠付款時可以這樣做，但可以承諾一次性支付一筆款項，以便在特定日期之前恢復您的常規付款.

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Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later  寬容 - 可以允許將付款延遲一小段時間，但前提是稍後將使用另一種選擇來使帳戶保持最新狀態 .

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Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current  還款計劃 - 如果您的帳戶已逾期，但您現在可以再次定期還款，貸方可能會允許您通過將逾期金額的一部分添加到一定數量的每月付款中來趕上您的帳戶，直到您的帳戶成為當前.

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Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify   部分索賠 - 如果您符合以下條件，您的貸方可能會幫助您從 FHA 保險基金中獲得一次性付款，以使您的抵押貸款處於流動狀態 :

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You may qualify if  如果您符合以下條件，您可能有資格 :

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1) Your loan is at least 4-months delinquent, but not more than 12-months  您的貸款至少拖欠 4 個月，但不超過 12 個月.
2) You are able to begin making full mortgage payments again  您可以再次開始全額支付抵押貸款.

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When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold   當您的貸方代表您提出部分索賠時，美國住房和城市發展部將向您的貸方支付使您的抵押貸款生效所需的金額。您必須簽署本票，並且將在您的財產上放置留置權，直到本票全額支付。該票據是免息的，在您還清第一筆抵押貸款或房產出售時到期.