By Jacky, on August 27th, 2007
You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home?
When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home!
Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state.
Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. Continue reading Tips On Stopping Foreclosure
By Jacky, on August 23rd, 2007
At the rate of foreclosure filings by home mortgage lenders, many borrowers find themselves stuck in idle and do not know what to do next.
Recently, in March 2007, a couple was facing foreclosure and began worrying their heads off about losing their home. The husband was in between changing jobs and they had fallen behind on their mortgage payments by a month.
Their first action to try and catch up on the home loan, was to contact friends and family to borrow money. Needless to say, many of them were in a cash crunch themselves, so they ran into a brick wall.
The next action was to call the lender and try to negotiate a payment for the current month and ask, if the month missed could be paid later on during the term of the loan so they could prevent foreclosure. The lender’s representative insulted them and told them “if they could not pay the missed payment, then they did not deserve to have a home! ” Continue reading Foreclosure only Option
By Jacky, on August 23rd, 2007
The FBI recently came out with its 2006 Mortgage Fraud Report, which somewhat anticlimactically concludes that there is “a strong correlation between mortgage fraud and loans which result in default or foreclosure. (read more)
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By Jacky, on August 23rd, 2007
A lively debate is ensuing as to why the mortgage industry is unraveling and who’s to blame for the growing credit crunch that is sabotaging the housing industry. Wall Street analysts, main street investors, corporate executives and government bureaucrats all disagree on which mortgage company will be the next to trip and fall into . . . → Read More: What’s Causing the Credit Crunch?
By Jacky, on August 23rd, 2007
The Federal Reserve is starting to sound like a broken record. Oops! Excuse me! CD. Have to be PC for the Gen-Xers and Yers, who, “BTW†are used to faster and easier, while text messaging everything in coded language….(read more)
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By Jacky, on August 23rd, 2007
Not only are foreclosures unhealthy for the economy, apparently they can be unhealthy for people as well. …(read more)
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By Jacky, on August 23rd, 2007
Fifteen of the cities reporting the top 25 metro foreclosure rates in the first half of 2007 were located in California, Florida and Ohio, according to the RealtyTrac Midyear 2007 Metropolitan Foreclosure Report, released today. …(read more)
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By Jacky, on August 23rd, 2007
Foreclosure activity decreased 7 percent in June, backing down from a 30-month high reached in the previous month, according to the RealtyTrac U.S. Foreclosure Market report issued today. Despite the month-over-month decrease, however, foreclosure filings were still up 87 percent from June 2006….(read more)
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have been increasing day by day with no end in sight to the number of foreclosures due to come.