Tips to Prevent Foreclosure
Posted on November 29, 2008
Filed Under Foreclosed Homes |
As a rule, if your mortgage payment is at least two months late, your bank is probably already contemplating foreclosure. This is the only legal means that your lender has to be able to repossess your home, making you move out and usually selling it to regenerate the money. A foreclosure is usually considered a drastic step, but sometimes becomes unavoidable, unless you are able to take immediate action. A foreclosure in your history or a deficiency judgment will end up seriously affecting your credit rating.
If you are lagging behind on your payments or if you are already in foreclosure, you need to know about the rights and the options that are available to you. First of all, be absolutely sure to respond to the letters. If you cannot make the payments, contact the lender and speak to a representative. Try to explain your situation. Provide financial information such as your monthly income. You may qualify for some kind of assistance or there may even be another loan that is better suited. Be sure to stay in the premises in the meantime, as you may not qualify for any assistance if you seem to abandon the property. You can even delay foreclosure, if you are already in the process of filing for bankruptcy or are actually actively seeking to sell.
Also, if you by any chance, have the ability to pay more than your original mortgage amount obligation, it may be possible to negotiate a plan with your lender. This would keep you in your home and even get you back on track. This may happen if the financial setback that caused the default was temporary.
Your Options:
Special forbearance: Your lender may be able to arrange a different repayment plan, based on your financial situation and temporarily reduce or even suspend payments. You must, of course, be able to provide information to show that you will be able to deal with the new payment plan.
Mortgage modification: The lender can refinance the debt or even extend the term of the loan. This would make the payments affordable. The lender might even agree to refinance. Rather than incurring the expenses of foreclosure, the bank may be willing to work out a payment plan.
Partial claim: The lender may be able to help you get an interest-free loan from HUD, to cover the amount owed. HUD would pay the amount directly to the lender and you are required to sign a promissory note. A lien would then be placed on the property until paid in full. This loan will only fall due, if you sell your property or at the time of maturity of your mortgage.
Pre-foreclosure sale: This allows you to sell the property and pay the bank, avoiding foreclosure and credit rating damage.
Deed-in-lieu of foreclosure: As a last resort, you can voluntarily return the property to the lender. This betters your chances of getting another loan, although you lose your house.
And finally, the most important thing to do is to contact an HUD-approved housing counseling agency. They will provide free information about the services and programs available to help you. They also offer credit counseling and can help you to decide which of the options suits you best.
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6 Responses to “Tips to Prevent Foreclosure”
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Need help on a good way to prevent foreclosure.?
I have a friend who has lived in her current home for over four years and was sold a Power Option loan, but was told it was an Interest Only loan. They are pretty much backwords on their mortgage and in major credit card/ car loan debt. I just found out that they will be losing their home to foreclosure at the end of the month, and they will file bankruptcy.
Is there a way we can help to keep their home from foreclosing? Any help, or tips is wonderful!
All they can do is come up with the money, doesn't sound like they could re-finance or borrow money to consolidate loans.
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There may not be any ways to save their home but if they've already decided 4k and BK are the solution why not declare BK right now! You'll save a bit on interest owed… and the relief from the mental/emotional anguish will be a godsend…
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The best way to avoid foreclosure is to make required payments on the mortgage. All other approaches are band-aid attempts. Lenders make loans in the expectation of getting repaid. The loan is secured by the home. If the loan cannot be repaid, the only recourse for the lender is foreclosure.
Some lenders have made loans to people who should not have borrowed the money, but that is now a moot point. The best you can do now is pay the mortgage and look for more favorable refinancing that the borrower can handle without too much strain. But getting into an unaffordable loan and also loading up on credit card debt may make that impossible.
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Bankruptsy should be a last resort. There are many ways to stall foreclosures or even have them thrown out. For example…Simply filing the intent of BK will stall the foreclosure for at least 30-60 days if not more. There are many other things that can be done as well…to many to list here.
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Not sure who gave me the thumbs down…but this is something that I am very familiar with. This is what I do for a living. I do short-sales all over the country and have been helping people avoid foreclosure for nearly 2 yrs now. The reason I said there are to many to list is that its true and every situation is different and unique to the borrower.
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