KEEP YOUR HOME!
Yes, you can save your home!
Even if your home is a week
Away from Sale/Trustee sale..
TIPS TO AVOID FORECLOSURE:
**Dont ignore the problem-If your lender has contacted you, do not ignore it. The longer the homeowner goes on without attempting to work with the lender, the worse the process of reinstatement can be and the more likely the bank with take the house.
**Contact your lender as soon as you realize their might be or is a problem. The bank would really prefer not to take your home back. Do you know it costs them lots of money in legal fees, foreclosure fees, then they have to clean up the home, pay realtors fees, pay selling fees and probably get less for the home. So, the bank would rather work something out with the owner if possible.
**You need to know your legal rights as a homeowner and a mortgagee. Read all of your loan documents. Contact the department of HUD at 702-366-2100 to learn about Free counseling for Homeowners in bad loans or financial trouble or go to HUD.gov and read, read, read.
**Open all of your mail. Ignorance is not going to be bliss in this situation. Respond to all notices and requests from your lender. Believe it or not, they might be trying to help you.
**Cut the fat on your household spending. Cancel recurring monthly charges on not needed things. Cancel movie channels, extra expenses you can live without and use coupons. This money can go toward debt relief and saving your home. Delay payments on credit cards or other unsecured debt before non payment of your house payments. Consider selling seconds cars, jewelry, whole life insurance policies, etc. Look for places you may have hidden money. Consider securing a second job, this shows a sincere interest in saving their home.
**Dont fall for foreclosure prevention scams. Either counsel with HUD or consider a legitimate loan modification company that will Analyize your situation for free before collecting any fees.
Attention Homeowners:
Are you currently behind in your mortgage payments?
Are you facing foreclosure?
Is your lender helping you? or being abusive?
Are you living your day-to-day lives full of worries and sleepless nights?
Do you wish you could somehow "fix" your home loan?
Are you afraid that you could lose your home overnight?
There is a solution!
If you cant qualify for a refinance because of:
High Mortgage Balance - Mortgage Lates - Bad Credit - Hardship - Adjustable Rate - Low Income - Excessive Debt
There is a legal group that will negotiate with your lender to modify your loan(s). These on-site attorneys have established relationships with virtually every major lender in the country. When an attorney is involved, lenders are much more responsive. this can make -he difference between saving your home and losing it.
They can negotiate for any of these possible solutions:
Principal loan reduction
Reduction of interest rate
Forgiveness of Past Due Amounts
Lower the monthly payments
Fix the adjustable rate
Foregiveness of loan
A FREE analysis is always prepared first to make sure you want to take the action and that you will qualify for the action before any fees are collected. This is just one option to save your home from foreclosure.
You may be facing a rate increase on an adjustable rate loan. You may be behind in payments on your home already. You may almost..be behind on a payment...Whatever the case. Don´t just sit there and wait until its too late. Get up and do something about it. This is the number one reason people lose their homes when options are available to them. They panic and get overwhelmed and think things are out of their control.
Well, things may be "out of control" but not out "of your" control. What options are there? That all depends, on whether you really want to keep your home..Do you really love your home and want to keep it? You may have mixed feelings about this answer because there are many things at play here. For instance, you might be really upside down in the home and be swaying toward the feeling of let me just walk away from this disaster and start over.
Click Here!Stop Foreclosure!
Like I said, you have to decide if you love your home and want to keep it3;.if you do love your home and want to keep it, your best option is to go for a Loan Modification. Loan Modification evaluations are FREE. In other words you don´t pay until they are sure they can help you. You will present the information on your finances, etc that the Loan Modification professionals require and then they will evaluate your situation and let you know if you qualify. Then you pay the fee, which is really a legal fee because these are attorneys representing you. They will negotiate on your behalf with the lender (bank that you owe).
The terms they can negotiate depend on your situation. If you obtained a "Stated Income Loan" during a certain time period, you may actually be in a position to sue the lender that gave you this loan. There are many criteria that must be in place for this to be a success. Some examples of criteria are, the lender that approved your loan did not make an attempt to verify your "stated" income, or it may have been a no income verification loan. In cases like this, it would be a case proving that the lender put you into a loan and home that you could not afford in the first place.
Another criteria may be that the original note you signed on the mortgage can not be found. In Nevada, the lender has to produce the original note a borrower signed to foreclose. So, if the original bank has gone out of business, or sold the note to another bank and only gave them a copy of the note, then they may be out of luck on foreclosing on a home. But, this can only be enforced if a knowledgeable person is involved. Someone that knows the law and can use this tool to save your home. In both of these cases, a home owner may be able to not only fight for a Loan Modification in Nevada, but also a principal reduction of their balance owed.
Principal reductions do NOT happen often, but if fraudulent practices can be proven, such as presented above, you may have a chance to try for the principal reduction in your loan modification negotiation. Sometimes it can be done and when working with a professional, they will examine all avenues for you and make the best case for you.
In cases where a homeowner did not do a stated income loan or does not fall into the above instances, there is still a very good chance for a modification the home loan. What does a modification entail? Most successful negotiations result in a greatly reduced interest rate and payment making it affordable for a home owner to keep their home and recover from their financial difficulties. The banks often modify a home loan in this way: (this is an example of an actual case)
So and so owes $325,000 on their home and currently pay a rate of 7.25 which was 6.25 but went up due to an adjustable rate loan that Will continue to be able to raise up to 2 points per year. So and So´s payment went from $2001 to $2217 this year, and created a hardship For the owner in making a tougher payment and in this example caused the home owner to struggle making the payments resulting in late fees being assessed. The home owner went to a Loan Modification specialist to negotiate new loan terms with the bank and received the following. A reduction in interest rate on the loan to 2.25% for 7 years and all Late fees were removed. This resulted in a new payment of $1242. This Made the home more affordable and erased the inability of the owner to Afford the home. The homeowner now has 7 years to recover from their Financial Hardship and for property values to increase.
This is just one example of the resources out there to help you. In Las Vegas, there are other resources such as,
Consumer Credit Couseling Service or 800-451-4505, they can assist you with all loss mitigation tools, short sale and forbearance agreement counseling, etc. They also offer counseling for seniors considering a Reverse Mortgage
**Down Payment assstance ** IDA funds that match your
savings up to $5 for every $1 you save **Pre purchase
Financial literacy **Post purchase counseling
**financial counseling and debt management programs
Government Streamlines Loan Modification Program
The government announced Fannie mae and Freddie Mac streamlined Loan Modification program. To be eligible, borrowers must have missed three or more house payments, they must occupy the owned property as their primary residence, they must not have filed bankruptcy. this program with modify the borrowers loan to make it affordable for their current financial/income situation. The program must be implemented by December 15, 2008.
Chase launches Home Loan Modification Program
FDIC program for Indymac borrowers
Citibank launches pre emptive program to help borrowers
Free Foreclosure help