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By: milly monn

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Tuesday, 18-Sep-2012 01:05 Email | Share | | Bookmark
Circumvent Foreclosure

Are you facing a foreclosure for your home? Do you feel stressed and anxious about the foreclosure you're facing? If so, don't worry. You're not alone. There are many people who definitely have faced foreclosure and have successfully prevented it.

A survey taken a couple of years ago revealed that 1 out of about 200 homes in the country was facing foreclosure. If the bank may be hammering you with telephone calls and letters about possible foreclosure, it might lead to increased levels of anxiety and stress. But don't lose your cool yet. You can always prevent foreclosure regardless of what phase it is in.

There are two possible ways to prevent foreclosurefor the home.

1. Stop the bank from filing a lawfulnotice. When you achieve this, the chances of you avoiding foreclosure are increased.

2. Justify with the bank to not confiscate your property (in the event the lender has already filed a legal notice).

Justifying with the bank in a acceptable manner can be your only resort to make sure that the bank doesn't foreclose on your home. It consists of a number of practices depending on your current economic situation.

Here are some methods that you can use to prevent foreclosure.

1. Modify your mortgage

Depending on your credit score, you may be able to extend the term of the current loan or refinance the debt that you have. This can help you catch up on the over-due monthly installments. This is possible should your net income is less than it was earlier or if you can show an increase in your economic expenses.

Re-financing your loan is a wise idea in a number of ways because it extends the tenure of the loan and you will have a reduced monthly payment to make. Extending your loan by a couple of years can reduce your monthly EMI. You are sure to wind up paying a greater amount in interest. But it's worth it because you are successfully avoiding foreclosure.

2. Pre-Foreclosure Sale

This could be another option one has at your disposal. A pre-closure sale consists of selling your homeand paying off your mortgage loan from your income of a sale and reducing damage to your credit history. This couldonly happen if:

- you sell your house within 3-5 months

- your loan is 2 months pending prior to the pre-foreclosure sale closing date

- The "as is" evaluated value is actually a certain percentage of the amount you owe (this differs from bank to bank).

Choose a pre-foreclosure sale only as a last resort option. Or I recommend staying away given that you end up losing your house. For more details about Help Foreclosure and Help With Foreclosure, visit our website.


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