|Preventing Foreclosure Proceedings and understanding your
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 the can prevent foreclosure and save their house.
Did you know that you canít 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
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 lenders 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 but
your home. Preventing foreclosure proceedings can be as easy as getting in contact with a foreclosure
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 Stop Home
Foreclosure a website dedicated to helping homeowners facing foreclosure. We provide a wealth of
information on the whole foreclosure process.
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