Are you Facing Foreclosure? You Have Other Options Also

Federal housing finance agency put forward the opinion that in the last two years

the foreclosures increased to a range of 150% .The statistics shows that the foreclosures will be going on increasing in the coming years also, because of this federal housing finance agency have decided to make a modification in giving loans to borrowers.

The program is decided to get started in coming December. Every body facing foreclosures will not be eligible. The requirements are listed below

1. The loan that has taken for your primary residence before January 1, 2008.

2. Who have co-operated in loan service and provided all needed information?

3. Must be at least 90 days behind on your payments.

4. Must not have any bankruptcy.

5. Must submit the reason for not paying the money on time like unemployment or medical bills

This program is mainly preferred for those who need much help. If you are not qualified don't get tensed please do the details given below.

1. You can check the website of department of housing and urban development for good reputed, low cost councilors.

2. Also check website of non profit national foundation for credit counseling

You can also go to the loan provider to know who actually owns your loan. Then by calling and talking to them you can make them bill paid because many money lenders are ready to work out of deal. Otherwise ask them what help that they can provide. If you have done nothing will only make your belt tighten. Again the best way is get away from another tsunami by reducing your luxury life.

Now please think of a short sale where your house is given to a lender and he takes money which is less than your balance loan amount. Nowadays short sales are becoming popular but it may able to go to long term, thus becoming a complicated process.

If the lender is not ready to agree with you, then you can also ask him weather he is ready to have a transfer of your title in return of canceling your loan called "deed in lieu of foreclosure". This means that you are giving your home to the lender for some period.

If he is not ready to do this then the last step is up to you its bankruptcy. This may affect your future very badly and it kills your credit. But it will make you free from all tension and thus make you to start a new life. Some times it may be possible for you to negotiate a payment plan which will retain your home. If you have tried every option and failed then this will be the final step.

If you are facing any problem with foreclosure, don't think you are alone. And don't think you are in out of option. You can get help from the professional who can handle your situation easily. You need to talk with your family members about this situation so they can help you more to come from this situation.

Are you Facing Foreclosure? You Have Other Options Also

By: karen

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