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Clear, brutal and informed, that’s the advice on how to stop foreclosures needed by many in your community today. Mortgage payments in arrears, lenders letters received, could it be that you too are facing foreclosure? You are at your wits’ end, distraught and panicky, and can’t think what to do next for the best. What are your options?
The first step toward getting some control over your fate is to get foreclosure assistance with professionals and make a sensible decision as to whether to try to keep or to sell your home. Your objectives should be:
It sounds fairly straightforward, doesn’t it? Like any sound business decision, it is a matter of weighing up the options with your objectives in mind. It’s just that, right now, you probably can’t think so clearly on your own.
A homeowner should always discuss a loan modification with their bank or other lender as soon as they fall behind on their payments. They do not need to discuss this with loan modification companies, because the government makes the rules. Washington has implemented a countrywide loan modification program and banks must send a loan modification letter before they may foreclose. A mortgage loan modification with optional loan modification help can lead to a loan modification agreement that makes a home affordable again. A troubled underwater borrower should never forget to seek the relief that a loan modification may bring.
American legal rights provide ways to stop foreclosure and sometimes let families keep their homes. A short sale is a popular way to stop foreclosures – here a bank agrees to accept the sale price in final settlement. A loan modification agreement reduces payments to a more affordable level. Foreclosure loans are different in that they settle loans and set new ones in their place. Foreclosure prevention strategies like these have averted many foreclosures, thanks to the foreclosure assistance readily available and can help stop foreclosure HUD activities too. Many families have used these opportunities to stop foreclosures in all States.
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The bank letter gives you a period of grace. Don’t risk losing out on the first break offered you; move quickly to put your chosen strategy in place. Putting the arrears to one side, consider what proportion of your current monthly income must go toward your mortgage payments, including property taxes and insurance. A common guideline is that if the monthly payments exceed just under half of your net income then you should consider selling the property. If indications are you could meet the existing level of monthly payments once over the current crisis then before exploring refinancing or loan work out, or sources of loans and other foreclosure help available in your city, it’s time to gather some essential documents and go talk to your lender. Should you decide that at the end of the day a pre-foreclosure sale is the wisest option, then do exactly the same, and make that appointment.
Two major trends in the real estate market in 2008 will motivate the lender to consider a number of options and stopping foreclosure proceedings. The rising numbers of foreclosures in most states, and the imminent threat of further high foreclosure activity due to the rash sub prime lending policies of the last two to three years, are leading to dramatically higher inventories of foreclosed houses. As family home sale prices fall in a cooling housing market, the lender faces the very real possibility of a loss when selling REO property valued at less than what was owed prior to foreclosure.
Whether your decisions are to sell or to seek refinancing, if you haven’t already been talking to your lenders then its imperative you gather the required paper and present your cases with urgency. A genuine, clear, statement of the facts, how and why you defaulted on the payments, will likely buy time to find buyers or alternatively to negotiate workout programs, refinance your homes and stop foreclosures.
