We understand these are very hard times for you and your family so we will do our very best to give you the best advice and information we possibly can because we really do truly care and do want you and your family to stay in your home for many more years to come. Please read all the information below and make sure you read the site content to the left as it contains valuable tips as well.
What you need to know is that there are actually many options to help you avoid foreclosure and I recommend people follow these steps in this order.
- Try Refinancing A lot of the current issues many American homeowners are having is because they need to refinance into a fixed rate mortgage. This is the most straightforward option and is worth a try.
- FHAsecure This FHA program was made to help homeowners refinance into safe 30 year government backed mortgages. It is one of the official responses to the housing crisis. (Program Closed 12-31-08)
- Hope Now If you are at this stage you must have tried to refinance with the above two options but where unable to. The Hope Now Alliance will basically try to create a workout or a modification of your loan with your lender. You can get started with them by calling 888-995-Hope the service is worth a try and is free. We have heard very mixed things about them so if you do not get on a phone with an experienced person you may want to call back and speak with someone else.
- HOPE for Homeowners
This program started October 1st 2008 and is a result of the housing bill that was passed. HOPE for Homeowners or H4H would allow the bank that holds your mortgage to write down the loan to 90% of its current appraised value and refinance you into a 30 year fixed loan provided you can make the reduced payment. - Professional Help
If you can not get help from Hope Now or your own mitigation efforts you may want to look into companies that actually focus on modifying loans and keeping you in your home. Most of these companies will provide you with a free consultation but make sure to check with your local BBB since you can never be too safe. Click here to learn more.
- Emergency Assistance Some states have pooled funds together for emergency foreclosure intervention. You would need to call your states housing department and see what they have available since this varies widely state by state.
- Bankruptcy Can Help If you find yourself in a situation that includes all of your finances bankruptcy could be used to stop the foreclosure process and to give you a fresh start by eliminating your debt in a clean and legal process. When considering steps to avoid foreclosure it is vital you consider talking with a bankruptcy lawyer. To get a free case evaluation now please click here or you may call 1-888-632-0546 to speak with a local lawyer.
- Short Sale
A short sale is the sale of your home for less then the mortgage amount owed. Short sales can be used to avoid home foreclosures and carry the benefit of not having a home foreclosure on your credit report. These transactions however must be approved by your bank or the mortgage holder and in some cases the homeowners may still be liable for the remaining balance on the home. When negotiating a short sale with your mortgage holder it is vitally important to make sure the transaction results in full satisfaction of the debt. For those considering short sale and have received permission from the mortgage holder you may wish to look into the HOPE for Homeowners program since if they would approved a short sale they may approve you for that program which would result in you keeping the home instead of selling it.
- Deed in Lieu of Foreclosure As a last resort you can try to call your bank and basically give back the house without a foreclosure on your record. Keep in mind a foreclosure on your record could stop you from buying another house for up to 5 years.
- Intervention This is basically calling a lawyer and trying to have them delay the foreclosure as long as possible until your bank is willing to work with you. Surprisingly this can work very well but you must find the right lawyer for you.
For further questions we would be very happy to offer our free advice all you need to do is click on Register above – fill in your information – click the link in the email sent to you – and then log into the site and post your questions in our forums .
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