Investors in Real Estate of Various Types
Veteran Owned Real Estate Investment Company
Patriot Property Investments LLC
About Patriot Properties
Who We Are
At Patriot Property Investments, we are real estate investors who invest in all sorts of real estate. We specialize in property acquisition and we pay cash for your property if you decide to sell to us. We also have rental units for rent, which are of high quality !
Alternatives to Foreclosure
9 Alternatives
1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction.
Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose
this damaging information. Not the best option.
2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees.
Usually this is accomplished through a refinance of the debt. New debt is normally at a higher interest rate
and there may be a prepayment penalty because of the recent default. With this option, there should be
equity in the home.
3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed
payments and fees.
4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of
the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must
prove to the lender that you have fixed the problem(s) that caused the late payment.
5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial
situation. The lender may even be able to provide a temporary payment reduction or suspension of
payments. Information will be required from the lender to show that you are able to meet the new payment
plan requirements.
6. Partial Claim – A loan will be issued by the lender for a 2nd loan that includes back payments, costs and
fees.
7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks
generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan
applications ask if this has ever happened.
8. Bankruptcy – This option can liquidate debt and/or allow more time. We can refer you to a qualified
bankruptcy attorney.
a. Chapter 7 (Liquidation) Completely settle personal debt.
b. Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5
years.
c. Chapter 11 (Business Reorganization) A business debt solution
9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid), the
homeowner may sell the home without lender approval through a conventional home sale. In this case, the
homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure
sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the
property’s value.
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