Tips for Avoiding Foreclosure |
|
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.
|
Contact Us today for a Free Consultation
Bank Fraud in Short Sales - We are still getting reports of banks demanding kick-backs during short sales. Read more from CNBC and a taped bank conversation. If you see this activity, please report it immediately to your state Attorney General.
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
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.
|
