Preventing Foreclosure Proceedings and Understanding Your Options
Every year over 8 million homeowners are seeking help preventing foreclosure proceedings. This is a stunning 30 year high. Experts project that by 2006, 12 million homeowners will be teetering on the brink of foreclosure. Many homeowners are not aware that they can prevent foreclosure and save their house. Did you know that you can stop the proceedings up to an hour before the auction takes place?
As a homeowner facing foreclosure there are various options available. We will briefly examine some of the most popular options.
Reinstate the loan - Ideally you would like to be able to pay the loan payments that you are behind on and bring the loan current. These costs would include whatever owed on the missed payments, and any additional late charges or attorney fees. This is the most efficient way when preventing foreclosure proceedings.
Get forbearance - When a lender forecloses on a property it is expensive for them. They would rather work out some sort of arrangement than proceed with the foreclosure. Talk to your lender and see if they are willing to work out a plan that outlines a way to get current on your mortgage. This agreement will vary depending on the situation and the lender. Some things they may be able to help with are a temporary reduction or suspension of your payments. If you have a FHA VA or other government loans you may qualify for even more options.
File for Bankruptcy - Some attorneys may advise a homeowner to file for bankruptcy. This is a legal way to avoid the foreclosure process. However the process may still continue and you will be stuck with bad credit for 7 years. You should consult your attorney about the option of bankruptcy.
Sell your home - The problem with selling the home is that if you list it with and agent, and it still is not sold the lender does not care, you are still on the foreclosure clock. The best way to go about selling the home in this situation is to contact a real estate agent that is familiar with foreclosure investing. They may be able to put you in contact with investors that will be happy to buy your home. Preventing foreclosure proceedings can be as easy as getting in contact with a foreclosure investor.
Deed in lieu if foreclosure - This is when you would voluntarily give the house back to the lender. The lender is not obligated to accept it. You should discuss with the lender how they will report it back to the proper agencies. Should the lender choose to refuse the deed they are required to file a Notice of non acceptance with the county recorder.
Nothing - We mention this because many homeowners will ignore the lender and do nothing. Don't fall into this trap. You have options when in foreclosure, you just need to talk to someone and find out what the best options for your situation are. Visit www.foreclosure-helper.com for a free no obligation consultation of your situation. One of our experienced foreclosure specialists will contact you with a personalized situation analysis.
Mark Lambie is the owner and operator of http://www.foreclosure-helper.com a website dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process.
Latest News
 CNBC | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - Mortgage rates immediately dropped, and that led to a surge in mortgage refinancing activity for the week — even with the Thanksgiving holiday. ... Mortgage Refinance Applications Soar As Rates Fall Homeowners' Refinancing Jumps by Record Pace Treasury mulls plan to lower mortgage rates to 4.5% |
 Yahoo | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match Falling rates spark rush to mortgage applications UPDATE 1-US mortgage applications post largest gain ever |
Lower mortgage rates help but jobs, prices key Reuters - Applications to buy and refinance homes hurtled higher last week as the lowest rates since the summer of 2005 unleashed pent-up demand. ... |
 Gothamist | Bally Total Fitness files for bankruptcy again San Francisco Chronicle, USA - Refinance volume more than tripled, while purchase volume increased 38 percent. Refinances accounted for 69.1 percent of applications, up from 49.3 percent. ... Thanksgiving week saw rise in mortgage activity |
 Boston Globe | Geithner May Seek to Push Bair Out After Clashes During Crisis Bloomberg - ... that contributed to the subprime mortgage mess. This year, Bair has proposed using taxpayer funds to help refinance loans for struggling homeowners. ... Mortgage proposal has faced conflict |
US Economy: Service Companies Shrink at Record Pace (Update1) Bloomberg - “Things overall still look bad, but this, together with last week’s doubling in MBA refinancing, provide glimmers of hope,” Ian Morris, chief US economist ... |
UPDATE: Builders Soar On Lower Rates, But Pain Persists CNNMoney.com - As consumers raced to lock in lower rates, applications to refinance existing loans jumped 203.3% last week from the week before, while mortgage ... "Good" news on housing |
Mortgage Brokers: Now Is Good Time To Refinance MyNC.com, NC - By Lauren Hills, NBC17, 14 hours, 38 minutes ago While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage ... |
Fresh Data Is Sour Forbes, NY - 28, from the previous week's 404.4 reading, according to the Mortgage Bankers Association's survey. Refinance volume more than tripled, accounting for 69.1% ... |
Fed’s Kroszner Says Foreclosures Harming Middle-Income Areas Bloomberg - ... the highest on record as home prices dropped and stricter mortgage standards made it harder for homeowners to sell or refinance, RealtyTrac Inc. said. ... |
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