If you are behind on mortgage payments or facing foreclosure on your property, it is not too late to contact a foreclosure help service that can help you get back on track. Be cautious of companies that charge up-front fees to assist you. In many cases mortgage help companies are not legally allowed to charge up front fees from struggling homeowners because of so much predatory lending and takig advantage of victims of foreclosure. Be sure to make sure of this if you do contact any loss mitigation services. They should be able to walk you through what process is required to restructure your debt, or modify your existing loan/s.
Because of the skyrocketing number of foreclosures in the real estate industry, the federal government has passed legislature that will make loan modification more feasible and it will be encouraged by lenders and mortgage companies nationwide. If you are behind on payments now, or feel that you could get behind in the near future, it is a good idea to see if your lender will modify your loan or consider refinancing the debt.
A refinance will be tough if you do not have stable household monthly income and decent credit to get approved for a reasonable interest rate, but if you have a stable credit history but just have fallen on hard times due to the struggling economy, there is a good chance that it is not too late to apply for a loan modification. This will help you buy time to rebuild your credit if necessary, and with 12 months of on-time monthly payments your credit score will begin to improve drastically.
If you have other bills besides your monthly mortgage payments, a debt consolidation company can restructure your debt and consolidate your bills into one monthly payment. Yes you can stop foreclosure immediately! It may take some time to get caught up but it is well worth avoiding a foreclosure status on your credit which can really hinder any chances of getting approved for home purchase in the future.
Thousands of homes are in foreclosure right now, and more will continue to be faced with the same situation. There are many companies that can help, and instead of putting it off or ignoring the situation until it gets worse, the best idea is to contact a certified assisstance program to see what options are available to you before it is too late!
You are not alone out there! Even wealthy people are having a hard time making their monthly payments on homes they can no longer afford. This is no longer a strictly lower/middle class issue, it is now affecting homeowners in every class of society and in every location across the United States. The skyrocketing number of foreclosures has become literally an epidemic that the Obama Administration is doing its best to cure. Lenders are being given incentive to give borrowers time to modify loans instead of sending them through the foreclosure process automatically with no recourse. Maybe your bank will let you pay a lower interest rate for 12-24 months to keep your payments manageable so you can get caught up. Remember, BANKS DO NOT WANT TO OWN YOUR REAL ESTATE, and therefore will be willing to explore any viable alternatives that can keep you in your home and making payments with interest, which is exactly what banks want to do if they can.