Tips for Avoiding Foreclosure |
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Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
- Don't ignore the letters from your lender
- Contact your lender immediately
- We have some investors who may take over your mortgage payment so you can stay in your home.
- We may want to negotiate a short sale in some situations.
- Loan modification maybe the solution which is a revaluation of your homes current value. A Loan Modification procedure does not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment.
- If you are unable to make your mortgage payment please call us now.
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at Hud
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
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Contact Us today for a Free Consultation
What are your options?
Short Sale:
A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, thereby preventing foreclosure.. (This would include all excise tax, closing costs, agent commissions, etc.) We have some investors that would perfer to keep you living in the home and lease it back from them.
Deed in Lieu of Foreclosure:
A Deed in Lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure. This can have a huge impact on one's credit.
Mortgage Reinstatement Plan:
The Reinstatement is basically the total amount that is past due including late fees and attorney costs. Paying the past due balances will get your mortgage caught up immediately. There might be a huge amount of past-due fees which could include back payments, late fees and legal expenses. Reinstatement might be accomplished if you can promise a lump-sum to bring your payments to a current status by a specific date.
Loan Modification:
A mortgage modification is an option that allows a borrowers to refinance and/or extend the term of the mortgage loan and reduce the monthly payments. A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately. You will no longer have the lender calling asking you to pay fees and charges that you simply can not afford
Loan Modification Center has a goal to help as many homeowners as possible. We are homeowners as well and have been personally affected by the current housing market crisis. Our staff understands just what you are going through and are here to help by offering a permanent solution to a very stressful and serious situation. We can provide you with a way out and help put you back on track.
Loss Mitigation Specialists
The Loan Modification Center is an attorney based loss mitigation company specializing in helping struggling homeowners save their house by negotiating a Loan Modification with their lender on behalf of the owner.
- Our Attorneys Negotiate Your Loan Modification
- We Work With Your Lender To Stop Foreclosure
- We Help Reduce Monthly Payments And Fix Your Rate
- We Help Homeowners To Save And Keep Their Homes
WHAT WE DO
We help prevent your home from going into foreclosure.
We negotiate with the bank to stop the foreclosure process and get you back on track with your mortgage.
We provide you a permanent solution which you can afford.
We negotiate for a one-time permanent solution to your problem, which helps reduce the anxiety you are currently experiencing.
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- We gather up all information from each client
- We perform a full financial and debt analysis
- We help you prepare a hardship letter
- Negotiate new rate & terms with your lender
- Submit a complete modification package
- Put a stop on the foreclosure process
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Our legal staff will work with you throughout the entire modification process. They will help you prepare a hardship letter, gather all required documentation and keep you updated during the negotiation and proposal stage of your note modification. We know what a stressful and anxious time this can be and we will do our best to keep you in the loop all the way through till modification agreement.
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The Modification Package
A complete modification proposal, including debt analysis and property evaluation is submitted to the bank's loss mitigation department.
When the bank receives a full and complete package, including all the information required up front, it allows them the opportunity to immediately review the file and make an informed decision about your modification. Our proposals are compiled in such a way that it makes the lender say yes to a modification agreement.
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Call today for some helpful ideas to help you out of your situation.
For Free Consultation each call is confidential and private.
(602)740-3257.
Are you frustrated with your house payments? We may be able to help you reduce your house payments, just by negotiating your loan terms with your lender. Keep your house and reduce your payments! You may need to look at a loan modification.
Are you tired of paying your high mortgage payments?
• Has your mortgage payment adjusted with no end in sight?
• Has the value of your house dropped?
• Are you depleting your 401k or your retirement account in order to make ends meet?
• Are you living off of credit?
• Have you experienced a job-loss?
• Are you in a negative amortization mortgage with your balance increasing to no end?
• Have you experienced a change in job or income?
• Are you worried about losing your home?
Click here for more info and Start Today or Call 602-740-3257
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