Save your home with finance modification
This housing crisis is scaring me. I've had a job, a high stress job for a number of years now. The work is demanding, but I love it. What makes it a high stress job isn't the work so much but actually my boss who constantly threatens to find replacements for us if we don't maintain a level of excellence associated with our position. I'm not here to complain about my job though. My boss's responsibility is important and he needs to make sure everything is done the right way every time. But the threat of losing my job coincides with the threat of one day losing my home. Often if you lose your job, eventually you are going to lose your home too. Sometimes you can find a new job pretty quickly and recover, but so many people are learning the hard way that during an extended recession there might not be another job just waiting for you to cherry pick. Jobs just aren't out there like they used to for many of us. I'm lucky, I haven't lost my job yet, but my mortgage payments are expensive from month to month, and for what I am paying I am truly worried that perhaps one day I fall off that tight rope and there won't be a nice cushion to fall into. I don't want to lose my job and my home in the same year. Luckily I ventured on to a website called credit-yogi. recently and learned some comforting things about the changing landscape of the mortgage crisis.
The government can help to foreclosure. They may even be able to help stop a second mortgage foreclosure if you are in this situation. These programs were not around ten years ago. Because the government recognized that foreclosures were becoming a financial epidemic they stepped in and created a mini bail out for people who were running the risk of losing their homes. Deals like the home affordable modification program are now available and designed to help both the lender and the recipient continue negotiating new deals in good faith so that a foreclosure is avoided. In a rare turn of events this helps both you, and your mortgage provider. Why is this good for me?
- You can arrange to make lower monthly payments!
- You can restructure your late fees!
- It might even be possible to lower the interest rate and principal!
What about my lender?
- The eventual repayment of the entire loan and avoiding the expense of foreclosing and reselling which usually means they lose a lot of money in the process. They want to avoid a bankruptcy to stop foreclosure. They'd rather you seek a Nationstar mortgage and foreclosure than bankruptcy.
This is comforting to me because I was of the opinion for so long that our government was feeding us to the sharks. It turns out there are still people somewhere up there that care! Since I learned this I went to my mortgage company ahead of time and told them how wary I was of possibly losing my job one day and my fear of facing foreclosure. They assured me I was being a little premature. But at least I have invested my time in foreseeing the unpredictable future for what it is. I think being prepared has helped me get to where I am now, and if it comes down to it, I now have confidence I can get government help to stop foreclosure as well.