Reduce Your Mortgage Online

Postponing the sale of your home during foreclosure can buy you time to find yourself a new place to live or even perhaps come up with the means to make payments worked out with the bank.

There are a few things you can do when you’re going through foreclosure to stall the process. The first thing you should do is ask the lender to postpone the sale of your home. This is often granted because the lender is hoping that you will be able to find your way out of foreclosure and come to a payment agreement. You may be asked to do a loan modification to show that you’re willing to renegotiate your loan.

Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;

“…Next you can petition your county court for more time to stop the foreclosing of your home. This will often work when the lender itself is not willing to do so. You’ll have to give the county proof that you’re working to stop the proceedings completely however, such as a program or loan modification…”

If these methods fail to work you can file for a Chapter 13 bankruptcy, which is a last resort. This option will allow you to save your home by making payments under the bankruptcy payment plan. Although bankruptcy is a lengthy and credit-damaging process, it may provide you the ability to save your home. You should consult with a lawyer to decide if this last option will help you.

The last suggestion to postpone foreclosure and sale of your home is asking for the original note proving that you owe the money. Having the original contract is a legal requirement for a bank to foreclose on your home and prove that you do indeed owe the loan they’re claiming you’ve defaulted on. This isn’t a sure way to postpone foreclosure but it may buy you time.

“…At least one of these methods may buy you the valuable time you need to stall the sale of your home and give you the chance to make a loan modification and keep your house. While the first two options cost you nothing, consider carefully whether filing for bankruptcy is going to help you and is worth it to you…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-postpone-sale-in-a-foreclosure-1779190.html

Reduce Your Mortgage Reduce Your Mortgage Bankruptcy Credit, Best Mortgage, Chapter 13 Bankruptcy, File Bankruptcy, Foreclosure Process, Hector, Last Option, Last Resort, Lawyer, Milla, Money, Mortgage Loan Modification, Proceedings, Proof, Suggestion

If you desire to get a Deed-in Lieu of Foreclosure you need to get on the phone to your lender or mortgage company and express to them what you want to do.

Typically if you are headed for foreclosure you can stop foreclosure by requesting that you be able to do a Deed-in-Lieu of Foreclosure when you talk to your lender. This is not easy because they do not want to get the house back from you regardless of your circumstances. Basically a Deed in Lieu of Foreclosure is where you deed the property back to your lender so they will sever ties with you and your obligation to pay them back for your mortgage.

Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;

“…They will make you jump through hoops. In order to consider giving your house back to them they will want you to try to sell your home for a minimum of 90 days or so. You will want to get a Realtor to list the house for you because he or she will work out a “Short Sale” between you and your lender should you get an offer that will not meet your financial obligation. It is unlikely they will give you a “Deed in Lieu-of Foreclosure without going through these steps…”

In the “Short Sale” packet you will have a list of information that you will be required to provide to the “Short Sale” department: tax reports for 2 years, income verification, ,asset accounts as well as a hardship letter will be necessary to find and put together and get to them. They may require a minimum period of time to consider the short sale, typically 90 days,

Have your Realtor help you with the hardship letter if your Realtor has a lot of experience in this. There are certain ways to prepare this letter that will help you a lot. You have to have had a serious hardship for them to consider the “Deed-in-Lieu-of Foreclosure.” A Death of the income earning spouse, a serious illness in a breadwinner, other income threatening events may qualify you for the Deed-in-Lieu-of Foreclosure. Depending on the circumstances and your need for the Deed-in-Lieu-of Foreclosure, the lender will consider all the facts and render a decision for you or against you.

The actual writing of the “Deed-in-Lieu-of Foreclosure will be prepared by an attorney in your state, specifically the attorney that will work with the escrow company to close your transaction for the buyers of your house. Because it is a legal document it has to be prepared by an attorney, at least in my state.

“…You have to go through the process in order to get the decision from the lender that they will agree that you can give it back to them. If you are able to do the “Short Sale” then you will not have to give it back to the lender, and will avoid foreclosure all together, which is always preferable for your future…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-can-i-get-a-deedinlieu-of-foreclosure-agreement-written-up-1779223.html

Reduce Your Mortgage Reduce Your Mortgage Best Mortgage, Circumstances, Deed In Lieu, Deed In Lieu Of Foreclosure, Desire, Financial Obligation, Hardship Letter, Hector, Hoops, Income Verification, Lot, Milla, Minimum Period, Mortgage Company, Mortgage Loan Modification, Period Of Time, Realtor, Ties

If you are facing foreclosure and you are looking for an option to save your home there are a few options that are available to you.

First of all the only way that you will be able to negotiate with your mortgage lender is to prove that you have steady employment. There are a few reasons why someone that has employment would be facing foreclosure. Some of the most common reasons are if the person has lost their job and had to take a job with less pay, if someone works on commission that has been affected by the economy, or if the mortgage payments have gone up exponentially due to a variable interest loan or loan with an arm.

Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;

“…If you are in a situation such as the above, however you can prove that if your mortgage payments can be met if they were lowered, you may be able to qualify for a refinance or loan modification. Both of these options would lower your interest rate; extend the life of your loan or both in order to make the loan payments affordable…”

If you are able you should seek to do a loan refinance. The difference between refinancing a loan and doing a loan modification is the affect that it will have on your credit. A refinance will go on your credit as nothing more than taking out another loan. A loan modification will read on your credit report that you were unable to fulfill your loan agreement and the bank granted you the modification in order to cut their losses. However you will only be able to qualify for a refinance if you have not yet missed a mortgage payment and you have a good credit score.

If you have to try to do a loan modification it will adversely affect your credit, however it will not look as bad as a foreclosure on your record. If you are able to achieve a loan modification it will only mildly blemish your credit report and you will be able to rectify the damages within a couple of years.

“…The scenarios above are only available if you want to keep your home and you are able to prove that you have gainful employment. If this is not the case you may want to consider doing a short sale to minimize the damages to your credit report. Although you will still lose your home it will not look as bad a foreclosure and it will get you out from under your home to give you a chance to stabilize your finances…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-can-i-save-my-home-from-foreclosure-1779243.html

Reduce Your Mortgage Reduce Your Mortgage Best Mortgage, Blemish, Credit Report, Credit Score, Damages, Facing Foreclosure, Hector, Interest Loan, Interest Rate, Loan Agreement, Loan Payments, Losses, Milla, Mortgage Lender, Mortgage Loan Modification, Mortgage Payment, Mortgage Payments, Refinancing A Loan, Steady Employment, Variable Interest

There are many different reasons why there are so many foreclosures in America today.

Unemployment rates are at a record high, many consumers made bad loan decisions in the recent past, and people living off of commissions are seeing their income dramatically cut in this economic crisis.

Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;

“…If you are one of the hundreds of thousands of people that may be facing a home foreclosure you probably have a lot of questions. However one of the most frequently asked questions is how can foreclosure be prevented? There are many ways that you can avoid foreclosure and even a few ways that you can still save your home…”

Probably the best course of action is to talk to your mortgage company immediately after learning of any financial difficulty. Especially in these hard economic times mortgage companies will do just about anything to avoid a foreclosure. Foreclosures are extremely costly to lenders and there really is not much recourse that a lender can enforce to get their money back. That is why it is in their best interest to help you out as best they can.

The options available to you will really be dependent on your situation. For example if you lost your job briefly but have found gainful employment with the same salary range you may be able to add your missed payments and any fees and penalties to your loan. For example if you owe $10,000 in missed payments and penalties and you have 15 more years left on your loan, you may be able to add the $10,000 to your loan and spread it out through the 15 years so you only owe around $55 more per month. You can also opt to add this as a balloon payment to the end of your loan. With a balloon payment you will owe the entire $10,000 at the very end of your loan. You will have the option to pay more monthly to reduce the balloon payment, or you can refinance your loan at any time to include the balloon payment.

“…Let’s say you were in a situation where you lost your job and found a new job with a much lower salary, or if you are working on commission and your salary will be reduced until the economy turns around. You may be able to refinance your home or do a loan modification. With this scenario your mortgage company may be able to reduce your interest rate or extend the life of the loan to lower your monthly payments. For example if you have a monthly payment of $2,600 over the course of 15 years, you may be able to extend your loan to 30 years and reduce your monthly payments to $1,300 per month in order to save your home from foreclosure…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-can-i-prevent-foreclosure-and-save-my-home-1779266.html

Reduce Your Mortgage Reduce Your Mortgage America Today, Avoid Foreclosure, Balloon Payment, Best Interest, Best Mortgage, Economic Crisis, Economic Times, Financial Difficulty, Foreclosure Foreclosures, Gainful Employment, Home Foreclosure, Loan Decisions, Many Different Reasons, Milla, Mortgage Companies, Mortgage Company, Mortgage Loan Modification, Recourse, Salary Range, Unemployment Rates

If you are reading this, then you are probably already aware of the rising rate of foreclosures across the nation. You may even be one of those who are caught between a rock and a hard place regarding your mortgage payments.

You’ll find many helpful sites on the internet offering advice on how to negotiate with the lender, work out some type of payment plan, avoid foreclosing and keep your property. However, all of these suggestions have one thing in common. They presume that the individual has a source of adequate funds. This strikes me as somewhat ironic in that most folks who face foreclosure do so because they have inadequate funds!

Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;

“…Whatever situation has caused this lack of income, the fact is that the property has become unaffordable for them. Once this fact is realized, the financial focus should shift from how to retain ownership of the unaffordable asset to how to maintain a credit score until life circumstances change for the better. It is well known that foreclosure proceedings will devastate a good credit rating and once these proceedings take place, there will be no funds and no credit. Better to at least hang on to good credit by selling the property before a foreclosure takes place…”

There may be offers to purchase the property at greatly reduced price once it is in pre foreclosure. Better to be proactive and list the house on the market. You will most likely take a significant loss in order to sell quickly, but at least you will have a better chance of getting a market value offer, and just listing the house may forestall proceedings by the lender. Sadly, you will loose your home, but will be able to reestablish a more affordable home with good credit.

There is one alternative to selling to a third party. Some lenders will consider taking deed in lieu of debt. This means that the title to the property will revert back to the lender in exchange for forgiveness of the debt if the value of the property is deemed sufficient to cover the debt. In a way, this is like selling the property back to the lender. However, if the debt amounts to more than the property is worth, beware!

“…The lender may sue for the difference of the value amount, or report that amount to the IRS as taxable income for the owner. Credit scores may also be hurt by this arrangement. This should be a last resort strategy to use only when you just can’t find any buyers. Remember, the sooner a house is listed, the better the chance of a satisfactory sale and of a new beginning…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-can-i-sell-my-home-before-foreclosure-1779292.html

Reduce Your Mortgage Reduce Your Mortgage Adequate Funds, Best Mortgage, Better Chance, Credit Rating, Credit Score, Deed In Lieu, Financial Focus, Foreclosure Proceedings, Foreclosures, Hector, Lenders, Life Circumstances, Milla, Mortgage Loan Modification, Mortgage Payments, Offering Advice, Pre Foreclosure, Proactive, Property Foreclosure, Rock And A Hard Place