Paying off your past due debts will not prevent you from going into foreclosure.
To avoid foreclosure you should make sure that you pay your monthly mortgage each and every month.
If you,for some reason, is not able to pay the monthly mortgage then you should immediately call your mortgage company or the company collecting your mortgage and explain to them the reason you will be late and when they can expect the late payment or partial payment.
I hope this has been of some use to you, good luck.
“FIGHT ON”
The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary….It is better to go for a repayment plan before lender take any actions….
Try to get your mortgage modified. Servicers implemented 185,156 loan modifications during the first quarter of 2009, up 55 percent from the prior quarter, according to data from the Office of the Comptroller of the Currency and Office of Thrift Supervision.
But be careful. There are a lot of scammers out there. First thing to do is visit http://www.makinghomesaffordable.gov. This is run by the government and will outline the process and let you know if you qualify.
Not everyone will qualify for a mortgage loan modification. Loan modifications are designed to help people who can still afford to pay a slightly modified mortgage. It is not supposed resolve all troubled mortgages. Basically there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. If you qualify, talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation. A good site I used was http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals. I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.
OPTIONS AVAILABLE TO AVOID FORECLOSURE
1.) Bring the loan current. “Reinstatement”
2.) Workout a “Forbearance Plan”
3.) Sell the home to a cash home buyer
4.) Short Sale
5.) File Bankruptcy (temporary solution)
6.) Deed in lieu of foreclosure
7.) Loan Modification
Our company Hope Home Buyers focuses on helping homeowners avoid foreclosure. Our #1 Goal is to make sure the homeowner we are working with avoids the foreclosure & we help them restore their credit.
Please visit us at http://www.hopehomebuyers.com
Speak directly to the lender and ask them to simply “Produce The Note”.
NOT the bill—hell, you have that in front of you. You want to see THE legal document regarding the note itself.
Well…..uh….hmmmm…..they can’t, least not right away; they’ll have to get back w/ you on that—and THAT can spare you some time to get your debt affairs in order.
One of the best proactive measures to avoiding foreclosure is to enter into a legally sound consumer credit counseling program that also can show the court you are, in excellent good faith, working at settling a debt(s) incurred—that should abate any aggressive foreclosure actions taken by said lender(s).
Consumer Credit Counseling Services (CCCS) are in the book and online. They are “non-profit” and they can GREATLY HELP those in debt!! Just have the following ready when you call them—and be FULLY HONEST W/ THEM AS WELL:
1) Employment history (you and spouse): How long w/ the job. Your monthly (gross) salary.
2) Your current home monthly expenses: ALL the bills: TV, phone/cellphone/internet, utilities, car notes/insurance….etc.
3) Home mortgage information: Who with, how long with them, re-finance information, monthly note, home value(s), home owners insurance (who with/how much?), property taxes per year….this is a biggie, but highly important information CCCS needs to know.
4) ALL DEBTS: Credit cards ( who with and their balances/minimum payments), APR rates, bank loan(s), any other “secured” and/or “unsecured” loans and their totals.
Give CCCS ALL this information, fully disclosing and HONEST. Let them work out a plan in a couple of days; they’ll negotiate repayment terms with ALL lenders and present you the “bottom line” options.
I’ll tell you this much: being a CCCS client isn’t going to be easy—and you might have to secure a part time job—but you WILL be debt CLEAR, usually in just under 3 years….and it just might save your home from foreclosure; an option I pray America wakes up and looks into.
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6 Comments
November 5th, 2009 at 1:49 am
Paying off your past due debts will not prevent you from going into foreclosure.
To avoid foreclosure you should make sure that you pay your monthly mortgage each and every month.
If you,for some reason, is not able to pay the monthly mortgage then you should immediately call your mortgage company or the company collecting your mortgage and explain to them the reason you will be late and when they can expect the late payment or partial payment.
I hope this has been of some use to you, good luck.
“FIGHT ON”
November 5th, 2009 at 8:14 am
The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary….It is better to go for a repayment plan before lender take any actions….
November 5th, 2009 at 10:23 am
Try to get your mortgage modified. Servicers implemented 185,156 loan modifications during the first quarter of 2009, up 55 percent from the prior quarter, according to data from the Office of the Comptroller of the Currency and Office of Thrift Supervision.
But be careful. There are a lot of scammers out there. First thing to do is visit http://www.makinghomesaffordable.gov. This is run by the government and will outline the process and let you know if you qualify.
Not everyone will qualify for a mortgage loan modification. Loan modifications are designed to help people who can still afford to pay a slightly modified mortgage. It is not supposed resolve all troubled mortgages. Basically there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. If you qualify, talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation. A good site I used was http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals. I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.
November 5th, 2009 at 2:15 pm
OPTIONS AVAILABLE TO AVOID FORECLOSURE
1.) Bring the loan current. “Reinstatement”
2.) Workout a “Forbearance Plan”
3.) Sell the home to a cash home buyer
4.) Short Sale
5.) File Bankruptcy (temporary solution)
6.) Deed in lieu of foreclosure
7.) Loan Modification
Our company Hope Home Buyers focuses on helping homeowners avoid foreclosure. Our #1 Goal is to make sure the homeowner we are working with avoids the foreclosure & we help them restore their credit.
Please visit us at http://www.hopehomebuyers.com
November 5th, 2009 at 3:16 pm
If proceedings have started, even paying your bill may not save you.
November 5th, 2009 at 5:19 pm
Speak directly to the lender and ask them to simply “Produce The Note”.
NOT the bill—hell, you have that in front of you. You want to see THE legal document regarding the note itself.
Well…..uh….hmmmm…..they can’t, least not right away; they’ll have to get back w/ you on that—and THAT can spare you some time to get your debt affairs in order.
One of the best proactive measures to avoiding foreclosure is to enter into a legally sound consumer credit counseling program that also can show the court you are, in excellent good faith, working at settling a debt(s) incurred—that should abate any aggressive foreclosure actions taken by said lender(s).
Consumer Credit Counseling Services (CCCS) are in the book and online. They are “non-profit” and they can GREATLY HELP those in debt!! Just have the following ready when you call them—and be FULLY HONEST W/ THEM AS WELL:
1) Employment history (you and spouse): How long w/ the job. Your monthly (gross) salary.
2) Your current home monthly expenses: ALL the bills: TV, phone/cellphone/internet, utilities, car notes/insurance….etc.
3) Home mortgage information: Who with, how long with them, re-finance information, monthly note, home value(s), home owners insurance (who with/how much?), property taxes per year….this is a biggie, but highly important information CCCS needs to know.
4) ALL DEBTS: Credit cards ( who with and their balances/minimum payments), APR rates, bank loan(s), any other “secured” and/or “unsecured” loans and their totals.
Give CCCS ALL this information, fully disclosing and HONEST. Let them work out a plan in a couple of days; they’ll negotiate repayment terms with ALL lenders and present you the “bottom line” options.
I’ll tell you this much: being a CCCS client isn’t going to be easy—and you might have to secure a part time job—but you WILL be debt CLEAR, usually in just under 3 years….and it just might save your home from foreclosure; an option I pray America wakes up and looks into.