Stop Foreclosure - 7 Tips to Save Your HomeFaced with the threat of a foreclosure on their home, with all the weight of the mortgage industry and its army of attorneys against them, the average homeowner might feel like David facing Goliath. But David defeated Goliath ! David had a sling and some pebbles. You have an armory of tactics and options which can enable you to stop foreclosure proceedings in their tracks. There are certain basic rules to follow if you want to stop foreclosure on your home. *** Do not leave your home. If you do, you may lose your eligibility for assistance. *** Do not speak to the lender's Collection department, especially over the phone. *** Never speak to any of your lender's representatives without having all your facts assembled, and your strategy determined. *** Don't ask the lender what your options are - know your options before the real discussions begin. Know and be prepared for the questions and forms you will be faced with. *** Don't volunteer the fact that you are either unemployed or insolvent, or you're dead in the water. (If you are either unemployed or insolvent, you'd better change things pretty quick, for the lender has to be convinced that you have the means to meet the loan repayments, and he will want to see evidence supporting this fact before he will stop foreclosure proceedings.) *** Don't rely on your memory - have everything written down clearly, and all your credit history records at hand. *** Speak to the lender's Loss Mitigation or Foreclosure department. Be firm, and insist on speaking to the right people every time. *** Make a real effort to understand the legal terms relating to mortgages. To stop foreclosure proceedings, you need to speak the same language as your adversaries. If you cannot fully understand the options, or the terms used, you should certainly speak to a HUD approved counselor - ring (800) 569 4287. And do this as soon as you realise you might be heading for foreclosure. Know your options ! Know your rights ! Stop Foreclosure - Tip 1 Stop Foreclosure - Tip 2 Stop Foreclosure - Tip 3 Stop Foreclosure - Tip 4 Stop Foreclosure - Tip 5 Stop Foreclosure - Tip 6 Stop Foreclosure - Tip 7 The US is facing an ever-increasing tidal wave of homeowners defaulting on their mortgages. The average cost to the mortgage industry for each foreclosure is around $25000! Foreclosures cost lenders money, big money, so it is in their interests to reach a workout with the borrower, either to rescue the mortgage, if this is possible, or to reduce the loss as a result of foreclosure. Don't be intimidated by the lender or his attorneys. Appraise yourself of your exact financial position. Seek advice. Know your rights. Know your options. Be honest in your statements. Keep a written record of all communucations. You can stop foreclosure in its tracks. And save your home. For your free Mortgage Calculators, and tons of mortgage advice and information, visit Mortgage Loans
MORE RESOURCES updated Fri. April / 26 / 2024 Mortgage Refinance Rates: Compare Current Rates Business Insider 10-year refinance rates: What to know about the current market CNN Underscored Should You Refinance Halfway Through Your Mortgage? Bankrate.com How to Refinance Your Mortgage NerdWallet Mortgage Interest Rates Today, April 26, 2024 | Are Homebuyers Adjusting to Higher Rates? Business Insider Loan Modification Vs. Refinance Bankrate.com 30-Year Mortgage Refinance Rates Business Insider Mortgage Interest Rates Today, April 24, 2024 | Rates Still Slated to Go Down This Year Business Insider Types of Mortgage Refinance Options Bankrate.com 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Only Half Of Black Seniors Approved For Home Repair Or Refinance Loans To Age In Place Block Club Chicago Mortgage Interest Rates Today, April 22, 2024 | The Still-Hot Economy is Keeping Rates High Business Insider Will Interest Rates Go Down in May 2024? | Mortgage Rates Forecast The Mortgage Reports How To Get The Best Refinance Rate Bankrate.com Mortgage Interest Rates Today, April 21, 2024 | Rates Remain Near 7% Business Insider Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider The best mortgage lenders for refinancing in April 2024 CNN Underscored Best Mortgage Refinance Lenders In 2024 Bankrate.com Current Student Loan Interest Rates in April 2024 Business Insider Should You Refinance Your Mortgage In 2024? Bankrate.com MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk Current mortgage refinance rates CNN Underscored When to Consider Refinancing Your Mortgage Business Insider Best Refinance Lenders of April 2024: Refinance Your Mortgage The Motley Fool How To Refinance A Rental House Bankrate.com Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet Best Mortgage Refinance Lenders of April 2024 Business Insider How To Refinance An Underwater Mortgage Bankrate.com Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports Current 15-year refinance rates — and lenders that offer them CNN Underscored 30-year refinance rates: What to know CNN Underscored Refinancing a Home Equity Loan (2024 Guide) MarketWatch Mortgage Rate History: 1970s to 2023 Bankrate.com Mortgage Rate Forecast February 2024 Bankrate.com When should I refinance my mortgage? To determine if a refinance is the right move for you, you’ll need to know the ... The Wall Street Journal Pros and Cons of a Cash-Out Refinance Bankrate.com Mortgage Rate Predictions: Are 7% Rates Here to Stay in 2024? Norada Real Estate Investments What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal Mobile Home Refinancing | Loans & Rates 2023 The Mortgage Reports Current mortgage interest rates: Mortgage rates today CNN Underscored CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor
|