Stop Mortgage Foreclosure - Sizzling Hidden Tips And Strategies RevealedTopic: Mortgage
What can be done to stop mortgage foreclosure in difficult times? With all the layoffs that are happening currently, it is a common question that many of my subscribers have been asking. I have been inundated with hundreds of emails in regards to this issue.
After hearing bad news after bad news, it is no wonder why people are thinking about ways to stop mortgage foreclosure. A recent study on foreclosure suggests that in the next 3 years, there will be a minimum of 8,000,000 more foreclosures. These incredible numbers represent approximately 16% of the homes in the United States. Home prices will continue to fall with many more people losing their home for years to come. Basic economics says that in order to have high prices there needs to be demand and because there is very little demand at this time, the prices will continue to decrease.
In today's economic environment, many people are struggling to stop mortgage foreclosure. There are some people who are struggling that aren't even interested in saving their homes. I have personally experienced this myself. I bought my home for $275,000 and after paying my mortgage for 2 years I lost my job and can no longer afford the payments. Though I owe $270,000 on my mortgage, the market value of the house has fallen to $175,000. Now I can pay my payment but I am not going to do it. So how do you stop mortgage foreclosure when you're struggling with no money? The trick is to delay the foreclosure as long as possible without making payments and believe it or not anybody can do it. Even if you don't plan to keep your home there is no reason to go into foreclosure right away.
I have been living in my home for the last 20 months without paying my mortgage. The unfortunate fact is that many homeowners don't know how to fight foreclosures and end up losing their homes fairly quickly. People lose their homes in just a few months from foreclosure and this is an everyday occurrence.
One common comment that I hear from my newsletter subscribers is that they never once talked to their lenders. How do you expect to stop mortgage foreclosure if you don't talk to your lender? It is impossible! Communication with your lender is vital and should not be avoided. However you need to know how to approach your lender if you want to save your home because if done incorrectly you'll be unsuccessful and will be foreclosed on.
During this process you need to be wary of Foreclosure Assistance Agencies. Remember they are a business and will be looking to make money first before helping you out. Your rate of success will be in your favor if your work with the lenders directly. Be warned. If you utilize one of these Foreclosure Assistance Agencies and then can't pay the lowered monthly payments, they will tell the lender and then they will foreclose on you as soon as possible.
I will be telling you the truth since I don't work for anybody and have nothing to gain. About 70% of homeowners facing foreclosure are in foreclosure because they simply couldn't afford the payments in the first place.
So what do they do? They'll go to their lender or to some Assistance Agency and tell them all sorts of stories of why they financially cannot afford the mortgage payments and then what do you think happens? They get foreclosed on.
Nobody cares about your story they just want their money and once they think you are broke, good luck. This will not help you stop mortgage foreclosure; in fact they will foreclose even faster. The reality is that many homeowners don't know that they have options when they are unable to pay their mortgage payment any longer. They simply give up once their lender rejects them. You need to act quickly if you want to stop mortgage foreclosure.
The fact is you can stay in your home for more than two years without making payments. It can even be done without paying for the services of a lawyer. You can do it yourself. The question comes down to how do you stop a foreclosure on your own? What do you need to do and how? Face it, if you aren't making enough money to afford a mortgage payment, you are on your own and will need to fight the lenders to keep your home.
About the Author: Alfred Sant
For more detailed information regarding this subject and for tips and strategies to stay in your home for up to two years without making any mortgage payments, go to: stop mortgage foreclosure or Click Here To Stop Foreclosure. You can do this without paying for Lawyers, Agencies or for any service. Just click Here How To Stop Foreclosure.
Please provide us with your opinion on this article:
The current first time buyer arnegnamert is a credit which need not be repaid. The credit YOU took is a repayable loan, at $500 per year for each of the next fifteen years. If you sell (short or not) you will need to repay the credit immediately.
If you can get the real estate capnomy to do this then your luck isgreat!Therewere a few that would do this, but with the economybeing the way it is right now, I don't think you'll find any agency that would do this, it would be very bad risky business .
Foolishness! The back mortgage ptmneyas plus penalties and interest will be paid at closing all right, but out of his pocket not out of the real estate company commission!The property had to sell for enough to satisfy all the liens against it including the mortgage. Your friend does not have a clue as to how things work.If the property did not have enough equity he would have had to pay money at closing or not be able to sell at all!
I subscribed to RSS, but for some reason, the messages are written in the form of some hieroglyph (How can it be corrected?!...
Easy to understand,I like it!
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