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Tips for stopping foreclosure
By Jeff Lakie
¡°Foreclosure¡± is a four-letter word to any homeowner. The thought of
losing a home to foreclosure is scary, and any homeowner would do
whatever possible to avoid this predicament.
What is foreclosure, exactly? Legally, if homeowners continually miss
mortgage payments, the lender can repossess the property. This is
foreclosure, and it means the homeowner must give up the house. Not
only that, but foreclosure can critically affect a person's credit rating,
sometimes preventing any future credit opportunities. Because of this,
foreclosure should be avoided if at all possible.
If you are having difficulty paying your mortgage, communicate this
with your lender. Chances are you may qualify for assistance, or there
may be another loan better suited to your needs. Another way to
prevent foreclosure is to work with a housing counseling agency;
Housing and Urband Development (HUD) can refer you to a
reputable agency in your area. (Call 800-569-4287 for more
information.)
Some alternatives to foreclosure include special repayment plans,
temporary suspension of mortgage payments, and mortgage
modification. These all depend upon your financial status and require
you to furnish complete proof of both income and debt. Another
possibility is pre-foreclosure sale. Pre-foreclosure sale enables you to
sell your home for a lower amount than you have left on your
mortgage. You will still owe the remainder of your mortgage loan; the
benefit is that you will avoid foreclosure and save your credit rating. If
none of these options works for you, you may pay your lender the
deed for your house in lieu of foreclosure. While you still lose your
home, your credit rating will not suffer as greatly as if you went through
a foreclosure.
Be wary of scams. Only a professional can truly determine if you are
qualified for these options to avoid foreclosure. Make sure you get
everything in writing, and only sign if you understand the paperwork. It
is possible to avoid foreclosure if you make wise choices and
understand your rights. Just be careful not to fall prey to scam artists.
The outcome may be worse than foreclosure alone!
Your best bet to avoiding foreclosure is to work closely with your
mortgage company and/or a lawyer.
About the Author
Jeff Lakie is the founder of Home Foreclosure Resources a website providing information on Stopping Foreclosure
Article Source: http://www.simplysearch4it.com/article/9676.html
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