Foreclosure only Option
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! “
By this time all hope to save their home was fading fast! They tried calling lenders that advertised they would do “refinancing of loans in foreclosure”, only to be told that they did not qualify.
They received the loan default notice and knew that time has run out and their only option was to sell their home of their dreams to try and salvage what was left of their good credit! They sold the home and only received enough money to get a room without a view!
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