subject: Ways to Stop Foreclosure Immediately – Yes, it is Possible! [print this page] Author: Hector Milla Author: Hector Milla
The thought of losing a home can be devastating. If you are facing foreclosure, all hope is not lost. There are ways to stop foreclosure immediately and you may have more power than you think. Natalia Osorio Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out; If you have fallen behind on mortgage payments and think you are or know you are facing foreclosure due to a notice from your lender. Take action now. It is time to put all emotion aside and empower yourself to stop foreclosure immediately Communication is Key
It is actually more expensive for a lender to foreclose on a home than it is to work with a distressed borrower. The moment you realize you will have trouble making an on-time payment, contact your loan officer and explain your situation. Youll be amazed at the willingness of many mortgage lenders to offer extensions and foreclosure alternatives to borrowers who make an honest and sincere effort to communicate and cooperate with a lending institution. Seek Reasonable Refinancing Opportunities
Explore your refinancing opportunities. Despite a sluggish economy, there are still many lenders out there who are willing to refinance home loans. Depending on your credit rating, home equity and ability to repay, you may find the right lender to offer a creative loan package that could actually lower your payments or allow you to miss a payment in the refinance process. If you think you may be in trouble, seek a refinance opportunity before late payments drag your credit rating down. Consider a Short Sale A qualified representative can work with your bank to negotiate a settlement. In many cases, mortgage lenders will accept less than is actually owed on a home to avoid the expensive process of foreclosure. In the end, a short sale could have less negative impact on your credit rating than a foreclosure N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.orgAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
