Friday, February 6, 2009

Stop Foreclosure before losing your home


I think nobody in this world would like to lose their own home under any circumstances. A home is not just a place for shelter. It's a foundation that gives emotional as well as financial security to your family. But sometimes certain situations arise when you are forced to foreclose your home. There can be a lot of reasons behind it: losing your job, or some serious health problem of any member of your family, some business losses , and sometimes negligence too.

In such a situation you are advised not to just give up and lose your home. There are ways to stop foreclosure by following the proper steps. These are some of the suggestions that I think will help you stop foreclosure.
  • First of all analyze your financial situation, and if needed in near future, how much you can afford to pay.
  • Contact and communicate with your lender about your financial status. Foreclosure is the last thing that a lender wants. So take advantage of this and look for options available for you to help stop foreclosure.
  • You can also consult Loss Mitigation Department. They are professionals working to help you stop foreclosure and save your home.
  • Another option can be Loan Modification, where you can refinance, or modify some or any the existing mortgage loan terms. It can seriously help you in times of financial crisis and is designed to help you avoid foreclosure. Also many banks can change the type of loan and reduce the payable amounts.
  • There are some housing counselors of HUD-approved nonprofit agencies who provide help at no cost. You can get help from them too, but be cautious of the frauds and scammers, who only give assistance at a price.

These are some of the measures to stop foreclosure. Hope I have been able to give you insight to some of the possible options available to help you stop foreclosure. Please feel free to give your valuable comments and suggestions, and cover up that I have missed out here.


3 comments:

  1. Such a nice post.Keep Blogging.

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  2. Dear Kevin,

    I found your blog very informative and interesing.

    I like your articles especially about personal finace, mortgage, and loan. The Mortgage Calculator is also really good!

    Warm regards,
    Max

    ReplyDelete