subject: Ways To Avoid Foreclosure [print this page] When it comes to stressful events in life, mortgage foreclosure rates near the top of the list. When my husband died, we had nowhere near enough life insurance. My income alone was not enough to cover our debt, and I had to find some answers fast, because my home was about to go into foreclosure. I had no idea where to start, but I remembered reading about government programs to stop foreclosure, so I got online and started doing my homework. I dont claim to be a computer whiz, but it was pretty easy to find the information I needed.
Here are some points that will help you if you are searching for answers on how to stop foreclosures:
Ways to Stop Foreclosures
Government Programs to Stop Foreclosures
Getting the Ball Rolling to Stop Foreclosure
There are ways to avoid foreclosure, but depending on your individual situation, some may be more attractive than others.
1. You could agree to a short sale of your home, which would halt the foreclosure and help you avoid some liability monetarily, but would not allow you to remain in your home.
2.You could declare bankruptcy, and depending on the chapter you declare, you might or might not be able to keep your home.
3.You could negotiate with your mortgage holder for forbearance, so you would be allowed to pay interest only for a specified period of time until you could get back on your feet financially.
4.You could negotiate terms with the mortgage holder to get your loan refinanced with terms that could reduce your monthly payments to a more manageable level and allow you to bring your loan current.
5. You could take advantage of a government subsidized program such as the Home Affordable Mortgage Program (HAMP)
As you can see, there are many options available, but most people need to consult a mortgage professional or a mortgage foreclosure help attorneyto determine exactly which options are available in your particular state. Credit-yogi was able to provide me with the information and guidance I needed to allow me to make a decision that worked for my mortgage company and for me.
Government Programs to Stop Foreclosures
HAMP is a government program to help homeowners stop foreclosure and remain in their homes. Standards for acceptance have recently been relaxed so that more people qualify for acceptance. Basically, HAMP works with your lender to revise your terms, interest, and occasionally even principle, to insure that your mortgage is no more than 31% of your gross monthly income.
Getting started is easy. Just fill out the forms provided for a no-obligation consultation with a mortgage expert to determine the best course of action for you. Credit-yogi understands that our situation is as individual as we are, and regardless of state specific laws, can get you started toward a secure future free from the threat of foreclosure!
