A broker speaks up about Avoiding Foreclosure

 

I work for a bank helping to broker deals for mortgages, loans, and other financial partnerships with homeowners. I also have the unfortunate responsibility of proceeding with foreclosures and pursuing related repayments of debts. It can be tough on the conscience sometimes because I have a family and my own mortgage to maintain. It would just be awful to be faced with a foreclosure and not have a viable way to avoid it.

Thankfully there are several effective ways to stop the foreclosure from ever taking place.

  • Refinance and cheap auto loan to help make your payments.
  • Explore the governments HAMP loans.
  • Bankruptcy to stop foreclosure

 

The Money isn’t there

Sometimes the money just isn’t there. Perhaps you have lost your job, or you or your spouse has fallen ill and have immense medical expenses to pay. The money is devoted to whatever is most important, and no one can argue with that. However, it doesn’t mean banks will offer lenience. Sadly a contract is agreed on by two parties and expected to be honored.

 

An option for Temporary Financial Difficulties

If you are experiencing temporary financial problems a great loan to pursue is through auto refinancing. This is also a great option for people with bad credit. Auto loan rates are at an all time low. Dealerships are under a tremendous amount of pressure to sell cars. This all adds up to a perfect storm for you to take advantage of! You can take out a loan against your car with very low interest rates. This loan can be just enough money to help make your payments on time and get through this difficult financial period.For more info to stop foreclosure Visit Here .

 

How about HAMP?

Another great option if you are experiencing more permanent financial difficulties is to apply for a home affordable modification program. This is a program the government designed in 2009 in direct reaction to the housing crisis which was affecting all aspects of the economy. Now it is possible and even beneficial for lenders to rework mortgages created before 2009. If you can prove real financial hardship that won’t allow you to honor your original deal, you will be able to negotiate a new mortgage that can be lower in monthly payments, interest rates and even total principal!

 

Declaring Bankruptcy

Lastly you may decide there is no other choice but to declare bankruptcy. There are two options most advisors suggest. Chapter 7 bankruptcy can delay the foreclosure. However, most assets will eventually be liquidated and the borrowers will probably lose their homes. It does however eliminate all unsecured debt leaving only secure debt like your mortgage to worry about. Most advisors will recommend chapter 13 bankruptcy because it is more effective at helping people keep their homes. Chapter 13 often will allow 3-5 yrs for the homeowner to fix their finances. As a collector I always frown on the decision to declare bankruptcy, but I realize for many there simply are no viable options.

 

Everyone who owns a home should know how to stop a foreclosure. For mortgage foreclosure help and advice I highly recommend visiting credit-yogi.com. They are well connected with the federal national mortgage association and foreclosures are something with which they are experienced. For a free consultation call them at 1-866-964-9644.


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