Options when facing a foreclosureThe reason that most home owners end up going into foreclosure is that they are simply unable to deal with the circumstances that landed them in the situation is the first place. Losing a job, a death in the family, a demotion or any other sudden situation that places you under threat of foreclosure is painful enough to deal with, without the loss of your home. However, by being strong, and following a few easy steps, you can save your home, no matter how bad the situation seems.
1. Contact the lender. I know it is hard and often embarrassing, but you have to do it. Once you do contact the lender, most of the time they will agree to one of the following courses of action designed to prevent foreclosure. -Give you time to make up your payment. If you can show you have the ability to make up missed payment, they may allow a forbearance, which is basically them making a formal agreement to stop legal action on the condition that you make up what you owe. -If you can get back on your feet, and show you will again begin making regular payments, in some rare instances the company might agree to debt forgiveness, a situation in which they simply forgive the missed payments. -Some lenders may agree to a repayment plan, in which you slowly repay the missed payments over the course of several months or years by adding a little extra to each new payment. -Because of recent government pressure and legislation some companies might agree to a note change, in which they modify the terms of the loan so that you can pay. A refinance might also be available based on the amount of equity you have available in the home. A forensic mortgage audit can be very useful when attempting a modification.
2. Stopping a foreclosure. Once you get into the actual foreclosure process your options are reduced considerably. However, you still can: -Sell your home. The bank just wants there money at this point. By selling the home you are maintaining control over the situation and making things easier on the lender, which in turn will cause them to be more amicable to your terms and desires. -Short Sale. If you owe more than your home is worth a lender may agree to a short sale, or simply getting what they can for the home. The advantage for you is that a short sale affects your credit much less than a foreclosure. -Sign a Deed-in-lieu-of-Foreclosure. The least desirable situation, behind simply being foreclosed, you agree to transfer ownership to the lender and they agree to drop foreclosure proceedings. Unfortunately, this affects credit only slightly less than an actual foreclosure, but the lender may agree to let you live in the home until you find further occupancy, and other concessions. - Hire an attorney – This is a realistic option of you had the foreclosure action filed against you and your only defense is that you are low on funds. A loan modification is entirely possible at this point, but you must act fast and smart. If you are in need of this service, please call Jim Beck at 888-374-0555 and he can refer you to an appropriate source.
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