You've Been Served A Notice Of Default From Your Bank
You're facing home foreclosure. Bank repossession of your home
That's the bad news !
Everything You've Been Told About Home Foreclosure Is Dead Wrong.
Avoid Bankruptcy
* Are you looking for an alternative to bankruptcy?* Are you behind on your mortgage? * Have you tried to obtain funds to bring yourloan current without success? * Are you worried about having a foreclosure on your credit report for the next 10 years?
Recent changes in the law have put bankruptcy out of reach for many.
Tips for Avoiding Foreclosure:
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
* Don't ignore the letters from your lender * Contact your lender immediately * Contact a HUD-approved housing counselor. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800)569-4287 or TTY (800) 877-8339.
Know your mortgage rights
You should be aware of special rights which you may have! In January of 2001 The U.S. Department of Housing and Urban Development (HUD) issued guidelines mandating that all borrowers with FHA loans that fall under HUD regulations be informed of their rights to mortgage loan work out programs. See HUD ML2002-12. The Veteran's Adminstration (VA) also has a great many entitlements that can keep a Veteran out of foreclosure. You may be entitled to federally mandated FHA/HUD or VA loss mitigation assistance from your lender to stop foreclosure by:
* Reducing your interest rate * Extending the time to pay back of your loan * Putting your past due payments in to the balance of yourloan * Putting the past due payments on to the end of your loan * Selling your house for less than you owe the bank * Giving the houseto the bank or the government in exchange for what you owe
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
Look into foreclosure prevention options.Information about foreclosure prevention (also called loss mitigation) optionscan be found on the internet at www.fha.gov/foreclosure/index.cfm.
Don't ignore the problem if you are unable to make your mortgage payment.The further behind you become, the harder it will be toreinstate your loan and the more likely that you will lose your house.
Be sure to open and respond to mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
Prioritize your spending: Evaluate your finances and see where you can cut spending in order to make your mortgage payment. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
Do you have assets-a second car, jewelry,life insurance policies that you can sell for cash to help reinstateyour loan? Get an extra job to bring in additional income. These efforts will go a long way in demonstrating to your lender that you are willing to make sacrifices to keep your home.
Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
Don't lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney,a trusted real estate professional, or a HUD approved housing counselor.
When facing foreclosure Time is your enemy!
You MUST act fast to protect your rights and stop foreclosure. Many people who need foreclosure assistance simply do nothing and hopefor a miracle. Don't fall into that trap!
The longer you wait, the harder it is. Consider this... If your house payments are more than a month behind, your lender has probablyalready started foreclosure proceedings against you. As time passes, thousands of dollars in penalties and legal fees can be added tothe balance you owe.And every single day the interest charges are growing.
Sometimes homeowners are not even aware how far their foreclosure has progressed. I talk to people almost every day who did not evenknow their house had already been sold at auction. Please don't let that tragedy happen to you!
You Have Options
It may be hard to believe but the fact remains,Ultimately, your lender does NOT want to take your property. YOUR LENDER JUST WANTS TOGET PAID! Finding a way to work with your lender is the best means of avoiding foreclosure on your home.
About Author
........................................................
Paul Majestyck is an online entrepreneur and publisher.Be sure to visit his most recent blog which features several articles and resources related to stopping foreclosure :
http://stop-foreclosurefast.blogspot.com/
Website : http://www.stopforeclosure-now.info/
NOTE: You have full permission to reprint this article within your website or newsletter as long as you leave the article fully intact and include the "About The Author" resource box. Thanks! :-)
Tuesday, November 20, 2007
How To Get Foreclosure Assistance
All Content Copyright The Foreclosure Helpline 2007
Many people who find themselves in mortgage trouble would love to avoid foreclosure, but they don't know how, or even where to start. This is why foreclosure assistance can be very important. There are counselors and experts you can turn to who will be able to help you find out what your options are if your loan is in default or likely to foreclose.
However, there are also many companies offering foreclosure assistance that are less than honest. Foreclosure assistance scams are on the rise, as more and more loans foreclose. These organizations take advantage of the vulnerability and panic that most people experience when they find out that they're facing foreclosure. Homeowners could be cheated of their money as well as losing their home. In the worst case scenario, homeowners desperate to escape foreclosure could find themselves renters in their own homes, or accidentally sign the house over to the foreclosure assistance company but still be liable for the loan.
The Most Common Scams
How do you tell the difference between legitimate foreclosure assistance and a scam? Make sure that you read everything carefully. Ask a lot of questions, keep your cool, and remember that any deal that sounds too good to be true probably is. Never sign anything without running it by a third party expert who can tell you just what you're signing. Short term loans, realtors or investors who are interested in your equity, anyone who wants you to deed them your home to get out of foreclosure, attorneys who tell you to file bankruptcy, and debt negotiators should all be scrutinized carefully, as these are some of the most common scams used.
Legitimate Foreclosure Assistance
You can find legitimate foreclosure assistance in a number of places. The US Dept. of Housing and Urban Development, or HUD, offers free and low cost counseling and advice in most locations. Some states also have programs that can help you find out your best options and get advice when foreclosure threatens. There are also private organizations that offer professional foreclosure assistance, and you could always talk to a real estate lawyer.
The Best Foreclosure Assistance...
A quick search online will turn up many options. Try including your state or local area in your search, or start at the HUD website, so that you won't turn up as many unrelated links. The best foreclosure assistance will help you find out how to stop the foreclosure process in your state, as well as telling you how that process works, what your rights are under the law, and how to avoid scams. You'll also be told up front what all the fees and charges you can expect to encounter are, including the foreclosure assistant's fees, if there are any. Be careful of anyone who glosses over the expected charges.
Free Or Low Cost Assistance
Avoiding foreclosure can be a lot easier if you find the right assistance. Staying calm and making sure that you pay attention to what you're being told is the best way to be certain you're working with a legitimate person or organization, rather than one that wants to take advantage of you. There is real help out there, and much of it is available for free, or at a low cost. Take advantage of the opportunities available to you, and stay out of foreclosure.
Find Out More here
Many people who find themselves in mortgage trouble would love to avoid foreclosure, but they don't know how, or even where to start. This is why foreclosure assistance can be very important. There are counselors and experts you can turn to who will be able to help you find out what your options are if your loan is in default or likely to foreclose.
However, there are also many companies offering foreclosure assistance that are less than honest. Foreclosure assistance scams are on the rise, as more and more loans foreclose. These organizations take advantage of the vulnerability and panic that most people experience when they find out that they're facing foreclosure. Homeowners could be cheated of their money as well as losing their home. In the worst case scenario, homeowners desperate to escape foreclosure could find themselves renters in their own homes, or accidentally sign the house over to the foreclosure assistance company but still be liable for the loan.
The Most Common Scams
How do you tell the difference between legitimate foreclosure assistance and a scam? Make sure that you read everything carefully. Ask a lot of questions, keep your cool, and remember that any deal that sounds too good to be true probably is. Never sign anything without running it by a third party expert who can tell you just what you're signing. Short term loans, realtors or investors who are interested in your equity, anyone who wants you to deed them your home to get out of foreclosure, attorneys who tell you to file bankruptcy, and debt negotiators should all be scrutinized carefully, as these are some of the most common scams used.
Legitimate Foreclosure Assistance
You can find legitimate foreclosure assistance in a number of places. The US Dept. of Housing and Urban Development, or HUD, offers free and low cost counseling and advice in most locations. Some states also have programs that can help you find out your best options and get advice when foreclosure threatens. There are also private organizations that offer professional foreclosure assistance, and you could always talk to a real estate lawyer.
The Best Foreclosure Assistance...
A quick search online will turn up many options. Try including your state or local area in your search, or start at the HUD website, so that you won't turn up as many unrelated links. The best foreclosure assistance will help you find out how to stop the foreclosure process in your state, as well as telling you how that process works, what your rights are under the law, and how to avoid scams. You'll also be told up front what all the fees and charges you can expect to encounter are, including the foreclosure assistant's fees, if there are any. Be careful of anyone who glosses over the expected charges.
Free Or Low Cost Assistance
Avoiding foreclosure can be a lot easier if you find the right assistance. Staying calm and making sure that you pay attention to what you're being told is the best way to be certain you're working with a legitimate person or organization, rather than one that wants to take advantage of you. There is real help out there, and much of it is available for free, or at a low cost. Take advantage of the opportunities available to you, and stay out of foreclosure.
Find Out More here
Don't Sign Anything Until We Explain Deed In Lieu Of Foreclosure
All Content Copyright The Foreclosure Helpline 2007
When you get behind on house payments and there is no way that you will be able to catch them up and continue the payments, then as a homeowner you have a decision to make. You have three options to choose from once the loan is defaulted past the point of no return. Two of the options, foreclosure and bankruptcy, will severely damage your credit rating and will show on your credit report from 3 to 10 years. The third option is to give the bank your deed in lieu of foreclosure.
When a homeowner cannot keep up their mortgage payments any longer, they can offer to give the title of the property to the lender to satisfy or cancel the mortgage that is in default and avoid foreclosure proceedings. A Deed in lieu of foreclosure is sometimes referred to as a voluntary deed, voluntary conveyance or cash for keys.
Stipulations that must be metHomeowners cannot just arbitrarily move out of the house and expect the lender to take it. When doing a deed in lieu of foreclosure, the lender must agree to accept the deed and cancel the mortgage. After all, they want their money not the house. There are times when a lender will agree if the circumstances are not brought on by blatant credit abuse on the homeowner's part.
Some lenders will consider a deed in lieu of foreclosure when they are no other options available. However they will have certain stipulations that must be met.
The lender will want proof that you have experienced a long-term financial hardship that has not been resolved. You house has been listed on the market for sale (at fair market value) for at least 90 days. You do not have any other loans or liens against the property The house is "broom clean" Deed In lieu Of Foreclosure And The IRSIf you are approved for a deed in lieu of foreclosure, the property may not be enough to cover the outstanding mortgage. In this case some lenders will waive their deficiency judgment rights whereas other you will owe the difference after they have paid to fix it up and sell it. Remember, if the lender does waive the deficiency amount, then the IRS will expect you to pay taxes on this amount as it is considered income that you have received.
Save Your Credit HistoryA deed in lieu of foreclosure does still impact your credit history much like a foreclosure and your credit scores will drop. However it will not show a foreclosure, it will show that foreclosure was started and it will show the late or missed payments before the deed in lieu of foreclosure was agreed upon. You may be eligible for a new home loan is as little as 2 years if you have kept your other credit accounts in good standing.
A Win-Win SituationThere are advantages for both the lender and the homeowner with this option. Of course the main advantage for the homeowner is that it releases him/her from the mortgage and saves the embarrassment of foreclosure proceedings. For the lender it reduces the time and cost of repossessing the home and other advantages if the borrower were to file bankruptcy due to pending foreclosure.
By trying to explain deed in lieu of foreclosure and how it can affect you, you should realize that you will need to speak with an attorney and a tax professional and see what the ramifications are for your circumstances.
You Probably Have More Options
Before you decide to sign for 'cash for keys', make sure you have researched all options that are available to you. There are a lot.
Learn More Here....
When you get behind on house payments and there is no way that you will be able to catch them up and continue the payments, then as a homeowner you have a decision to make. You have three options to choose from once the loan is defaulted past the point of no return. Two of the options, foreclosure and bankruptcy, will severely damage your credit rating and will show on your credit report from 3 to 10 years. The third option is to give the bank your deed in lieu of foreclosure.
When a homeowner cannot keep up their mortgage payments any longer, they can offer to give the title of the property to the lender to satisfy or cancel the mortgage that is in default and avoid foreclosure proceedings. A Deed in lieu of foreclosure is sometimes referred to as a voluntary deed, voluntary conveyance or cash for keys.
Stipulations that must be metHomeowners cannot just arbitrarily move out of the house and expect the lender to take it. When doing a deed in lieu of foreclosure, the lender must agree to accept the deed and cancel the mortgage. After all, they want their money not the house. There are times when a lender will agree if the circumstances are not brought on by blatant credit abuse on the homeowner's part.
Some lenders will consider a deed in lieu of foreclosure when they are no other options available. However they will have certain stipulations that must be met.
The lender will want proof that you have experienced a long-term financial hardship that has not been resolved. You house has been listed on the market for sale (at fair market value) for at least 90 days. You do not have any other loans or liens against the property The house is "broom clean" Deed In lieu Of Foreclosure And The IRSIf you are approved for a deed in lieu of foreclosure, the property may not be enough to cover the outstanding mortgage. In this case some lenders will waive their deficiency judgment rights whereas other you will owe the difference after they have paid to fix it up and sell it. Remember, if the lender does waive the deficiency amount, then the IRS will expect you to pay taxes on this amount as it is considered income that you have received.
Save Your Credit HistoryA deed in lieu of foreclosure does still impact your credit history much like a foreclosure and your credit scores will drop. However it will not show a foreclosure, it will show that foreclosure was started and it will show the late or missed payments before the deed in lieu of foreclosure was agreed upon. You may be eligible for a new home loan is as little as 2 years if you have kept your other credit accounts in good standing.
A Win-Win SituationThere are advantages for both the lender and the homeowner with this option. Of course the main advantage for the homeowner is that it releases him/her from the mortgage and saves the embarrassment of foreclosure proceedings. For the lender it reduces the time and cost of repossessing the home and other advantages if the borrower were to file bankruptcy due to pending foreclosure.
By trying to explain deed in lieu of foreclosure and how it can affect you, you should realize that you will need to speak with an attorney and a tax professional and see what the ramifications are for your circumstances.
You Probably Have More Options
Before you decide to sign for 'cash for keys', make sure you have researched all options that are available to you. There are a lot.
Learn More Here....
The Mortgage Company Doesn't Want Foreclosure Either
The process is a necessary evil for the mortgage company to regain some of their losses by foreclosing and selling the house. You have to do the best you can with what you have to work with when trying to stop a foreclosure on your home. There are two types of problems that can affect your ability to pay your mortgage and put you in a foreclosure. There are two kinds of foreclosures: they are known as judicial and non-judicial foreclosure.
The result of missing too many payments or not making full payments on a continual basis will be a foreclosure on the home. After receiving your documentation showing you have not skipped any monthly payments, we need about two days to review them and call you with the results. Foreclosures are one of those legal terms that everyone detests, especially the homeowners when they are trying to prevent it from happening. You have to understand that in order to stop foreclosure on a home, the process is somewhat complicated and certain steps must be followed. The result of a non-judicial foreclosure may cause the individual to have no rights of redemption, as in the state of mississippi.
A person who is on the verge of losing their property should contact a different loan agency, to see if they could help stop foreclosure on their home. You have to find something wrong with the foreclosure process, if you will be able to have it overturned or stopped. Banks or government agencies holding these foreclosed properties want to dispose of them, so they will either destroy them or sell them at a cheaper market value. Another option is to free up several hundred dollars a month and add it to your monthly payments to stop foreclosure. Although foreclosures initially are purged from your records by your bankruptcy filing, the purging will not apply if your home is foreclosed on after you file bankrupt. There are two reasons why you should stop a foreclosure: your house is one, and our credit is the other.
Banks or institutions owning the property will lower the market value on a home that has been foreclosed. Your credit report will be greatly affected by a foreclosure, so do everything in your power to prevent having a foreclosure. You have to look at your financial situation and decide whether it's best to stretch yourself financial, which may cause you to get behind on your payments. Although foreclosures among families with conventional mortgages are rather rare they still happen, sometimes when the home owner least expects it. Banks or lenders are very reasonable about letting you borrow the extra amount needed to help you stop foreclosure.
For more information go here
The result of missing too many payments or not making full payments on a continual basis will be a foreclosure on the home. After receiving your documentation showing you have not skipped any monthly payments, we need about two days to review them and call you with the results. Foreclosures are one of those legal terms that everyone detests, especially the homeowners when they are trying to prevent it from happening. You have to understand that in order to stop foreclosure on a home, the process is somewhat complicated and certain steps must be followed. The result of a non-judicial foreclosure may cause the individual to have no rights of redemption, as in the state of mississippi.
A person who is on the verge of losing their property should contact a different loan agency, to see if they could help stop foreclosure on their home. You have to find something wrong with the foreclosure process, if you will be able to have it overturned or stopped. Banks or government agencies holding these foreclosed properties want to dispose of them, so they will either destroy them or sell them at a cheaper market value. Another option is to free up several hundred dollars a month and add it to your monthly payments to stop foreclosure. Although foreclosures initially are purged from your records by your bankruptcy filing, the purging will not apply if your home is foreclosed on after you file bankrupt. There are two reasons why you should stop a foreclosure: your house is one, and our credit is the other.
Banks or institutions owning the property will lower the market value on a home that has been foreclosed. Your credit report will be greatly affected by a foreclosure, so do everything in your power to prevent having a foreclosure. You have to look at your financial situation and decide whether it's best to stretch yourself financial, which may cause you to get behind on your payments. Although foreclosures among families with conventional mortgages are rather rare they still happen, sometimes when the home owner least expects it. Banks or lenders are very reasonable about letting you borrow the extra amount needed to help you stop foreclosure.
For more information go here
Learn The Ins And Outs Of Foreclosure
There are two main ways to get out of a foreclosure if you don't have enough money to pay your current mortgage payment in full. You have to move out of the house and make serious changes in your family's life when faced with a foreclosure. Banks or other private lender investors should not show up without the correct foreclosure paperwork, when foreclosure has been stopped. Be sure to evaluate all of your options on stopping foreclosure, before you settle on an option that may not be the best for you. Be sure that they are making the right decision by helping you stop foreclosure, you do not want to set up higher payments that you can not afford.
Be sure to evaluate whether or not you will be able to afford payments that will be higher in order to stop foreclosure. Foreclosure results in less than one percent of debtors whose house is sold, in order to collect the debt on payments that they skipped out on. Banks or mortgage lenders will make special loans with very little or no down-payment, to those people who are in good credit standing with all of their other obligations. You need to know how to stop a foreclosure on your home, if you are ever put in that type of situation. Although foreclosures are eventualities in securing homes through financing it does not mean that foreclosures can not be stopped.
You need to be prepared to set up payment arrangements that will get you back on track and may stop the foreclosure. The new law will give people the chance to file for chapter 7 in order to stop foreclosure on their home. Another option is to ask to pay some of the outstanding balance up front, and send in the additional amount with your regular monthly payments to prevent foreclosure. However even if you do owe back payments you may still be able to keep your home, if you set up an agreement with the lender. The reason for not stopping a foreclosure would have to be of a very serious nature, because the act is detrimental to business for both parties.
This process of transferring ownership from you to the lender under circumstances of nonpayment is called a foreclosure. Since there is no guarantee a foreclosure can be stopped, you should do everything in your power to prevent it from happening in the first place. Another option is to contact your lender for a confidential consultation, they may be able to help you set up payment plans to prevent foreclosure. After receiving your notice of foreclosure, it is important to immediately call your bank and get a front and back copy of all the checks you have written for your monthly payments.
Get more information here
Be sure to evaluate whether or not you will be able to afford payments that will be higher in order to stop foreclosure. Foreclosure results in less than one percent of debtors whose house is sold, in order to collect the debt on payments that they skipped out on. Banks or mortgage lenders will make special loans with very little or no down-payment, to those people who are in good credit standing with all of their other obligations. You need to know how to stop a foreclosure on your home, if you are ever put in that type of situation. Although foreclosures are eventualities in securing homes through financing it does not mean that foreclosures can not be stopped.
You need to be prepared to set up payment arrangements that will get you back on track and may stop the foreclosure. The new law will give people the chance to file for chapter 7 in order to stop foreclosure on their home. Another option is to ask to pay some of the outstanding balance up front, and send in the additional amount with your regular monthly payments to prevent foreclosure. However even if you do owe back payments you may still be able to keep your home, if you set up an agreement with the lender. The reason for not stopping a foreclosure would have to be of a very serious nature, because the act is detrimental to business for both parties.
This process of transferring ownership from you to the lender under circumstances of nonpayment is called a foreclosure. Since there is no guarantee a foreclosure can be stopped, you should do everything in your power to prevent it from happening in the first place. Another option is to contact your lender for a confidential consultation, they may be able to help you set up payment plans to prevent foreclosure. After receiving your notice of foreclosure, it is important to immediately call your bank and get a front and back copy of all the checks you have written for your monthly payments.
Get more information here
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