| Every year over 8 million homeowners are seeking | | | | with are a temporary reduction or suspension of |
| help preventing foreclosure proceedings. This is a | | | | your payments. If you have a FHA VA or other |
| stunning 30 year high. Experts project that by 2006, | | | | government loans you may qualify for even more |
| 12 million homeowners will be teetering on the brink | | | | options. |
| of foreclosure. Many homeowners are not aware | | | | File for Bankruptcy - Some attorneys may advise a |
| that they can prevent foreclosure and save their | | | | homeowner to file for bankruptcy. This is a legal way |
| house. Did you know that you can stop the | | | | to avoid the foreclosure process. However the |
| proceedings up to an hour before the auction takes | | | | process may still continue and you will be stuck with |
| place? | | | | bad credit for 7 years. You should consult your |
| As a homeowner facing foreclosure there are various | | | | attorney about the option of bankruptcy. |
| options available. We will briefly examine some of the | | | | Sell your home The problem with selling the home is |
| most popular options. | | | | that if you list it with and agent, and it still is not sold |
| Reinstate the loan Ideally you would like to be able | | | | the lender does not care, you are still on the |
| to pay the loan payments that you are behind on | | | | foreclosure clock. The best way to go about selling |
| and bring the loan current. These costs would include | | | | the home in this situation is to contact a real estate |
| whatever owed on the missed payments, and any | | | | agent that is familiar with foreclosure investing. They |
| additional late charges or attorney fees. This is the | | | | may be able to put you in contact with investors |
| most efficient way when preventing foreclosure | | | | that will be happy to buy your home. Preventing |
| proceedings. | | | | foreclosure proceedings can be as easy as getting in |
| Get forbearance When a lender forecloses on a | | | | contact with a foreclosure investor. |
| property it is expensive for them. They would rather | | | | Deed in lieu if foreclosure This is when you would |
| work out some sort of arrangement than proceed | | | | voluntarily give the house back to the lender. The |
| with the foreclosure. Talk to your lender and see if | | | | lender is not obligated to accept it. You should discuss |
| they are willing to work out a plan that outlines a | | | | with the lender how they will report it back to the |
| way to get current on your mortgage. This | | | | proper agencies. Should the lender choose to refuse |
| agreement will vary depending on the situation and | | | | the deed they are required to file a Notice of non |
| the lender. Some things they may be able to help | | | | acceptance with the county recorder. |