Home foreclosures are a big problem across America and they seems to be growing with every day. Mortgage fraud and sub prime lenders continue to leave homeowners in loans they can’t afford and many homeowners were set up to fail from day one. In fact, we see many clients who were never able to make the first mortgage payment on their new loan.
We continually investigate these problems and try to find solutions to help consumers and assist in exposing fraudulent lenders, and we are committed to helping to reduce the foreclosure rate across America.
We have found that one of the best ways of reducing foreclosure is to act as consumer advocates and provide a greater consumer awareness on foreclosure issues. When you are facing foreclosure, you can greatly improve your chances of stopping foreclosure by following a few basic steps.
The most important advice we can give is to stay in contact with your lender or servicing company (whoever sends you mail about your mortgage). Mortgage companies are now required to offer assistance with your mortgage; although some companies are more helpful than others. Your loan can be re-negotiated to get a more affordable payment. In many cases, you will find that your lender is not cooperating and you may need to hire a professional to work on your behalf, but a loan modification, or repayment plan should be available in almost any situation. The key is taking action before it’s too late. Act fast, and you should be able to lower your monthly payments and stop foreclosure.
If keeping the home is no longer an option, and you have tried everything possible to lower your monthly payment, then you need to look for options other than walking away. If you “walk away”, you will be hurting your credit and risking hefty legal and financial problems. Selling the home should always be the first option, but if this doesn’t work, you should work with your lender on a short sale or deed in lieu of foreclosure. There are many companies and attorneys who can help you with these alternatives to foreclosure.
Foreclosure happens to many good people across America and for a variety of reasons, but with a little help and common sense, you can avoid foreclosure and start over with a new mortgage and a fresh start.