Loan Modification Programs In Minnesota: How Does Foreclosure Counselling Help?

It is believed that as many of 60% of home owners who are facing foreclosure on their

properties don't seek any sort of foreclosure counselling, or even communicate with their banks. It is believed that this is mostly out of embarrassment, but there is also an element of fear about it. They seem to be so sure that the bank or lender is 'out to get them' that they think the less they have to do with the owner of their mortgage loan, the safer they will actually be. So they bury their heads and allow themselves to be carried along, stress out helplessly to no avail, or try and figure out how to help themselves, which often amounts to nothing more than helpless floundering.

If they think that the banks have anything to gain by their foreclosing on the homes of the mortgag-ors, nothing could be further than the truth. The lenders, or mortgag-ees, have a whole lot to lose and nothing to gain beyond recouping some portion of the money they are owed. It would suit them far better if the home owner were to recover financially, get back onto a sound footing, and go back to his regular monthly mortgage home loan repayments. Most lenders and banks will go out of their way to give advice and encourage counselling and, if the home owner shows that he is prepared to be transparent about his financial difficulties, and zealous about seeking help and advice, the lender will be so much more in his favour. If the home owner comes across as sullen and un-cooperative and doesn't communicate, what else can the bank do but go ahead with the sheriff's sale?

It would appear that approximately half of the home owners who do approach foreclosure avoidance experts and receive counselling actually do manage to avoid foreclosure. This is really positive news. It means that 40% to 50% of home owners who had come to the point of giving up and allowing foreclosure to go ahead, have actually managed to save their homes!

With the economy, especially in Minnesota, having such a detrimental effect on income levels not increasing at the same rate as the cost of living, as well as unemployment, many people are having to rethink the high mortgage home loan monthly payments. Ideally these payments shouldn't amount to more than 30% of the family's take home pay. However, even if it is no higher than that, in many homes, other commitments as well as credit card debt takes such a bite out of the home owner's income that it is a battle to meet the mortgage payments every month. You have to know that there are experienced counsellors out there who can give you advice on how to reduce your other debt more effectively as well as how you can figure out a budget that really works. All in all, you stand to gain on all levels by getting honest and reputable counselling.

Copyright (c) 2010 Mark Rogers

by: Mark Rogers

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