Once you go into foreclosure status, calls from your lender's collection department will begin. Unfortunately today, many homeowners are upside down (they owe more than their property is worth) in their homes.
This means that if they fall behind on payments, they can't refinance, since there isn't enough equity in the home. Many times, these homeowners enter into a workout agreement with the bank. This is where the bank will take less than what is owed on the property to settle the debt.
However, if you believe that you're going to go this route with your lender, be careful! Lenders aren't always easy to deal with, or get in touch with. You have to be persistent, and stay on top of them. Read the difficulties that this homeowner had working with US Bank.
Our advice is to enlist the help of a professional who has worked on several of these types of transactions. At SaveMeFromForeclosure.com, you'll be able to find a local affiliate who will be able to help you with a workout agreement with the bank.
If this is something that you choose to tackle alone, make sure you stay on top of your lender, and remain persistent. It can be done alone, although it's much easier with the help of a professional company.
Tuesday, July 25, 2006
Monday, July 17, 2006
Stop a Foreclosure? Don't wait!
At www.SaveMeFromForeclosure.com, the most important message we get across to clients is:
"Don't procrastinate if you're facing foreclosure!"
This couldn't be more true, as the housing market begins to cool across the country. When the housing market was hot, people behind on their payments could explore a lot of options, and if none of them panned out, they could list the home, and have a contract to buy it within a week.
However, now that the housing market has cooled in many parts of the country, procrastinating can really hurt the homeowner. This article details the effects of the cooling Southern California market on foreclosures.
We reccomend that you explore ALL of your options if you're faced with a foreclosure. But do so quickly, as the longer you wait, the fewer options you have available to you.
"Don't procrastinate if you're facing foreclosure!"
This couldn't be more true, as the housing market begins to cool across the country. When the housing market was hot, people behind on their payments could explore a lot of options, and if none of them panned out, they could list the home, and have a contract to buy it within a week.
However, now that the housing market has cooled in many parts of the country, procrastinating can really hurt the homeowner. This article details the effects of the cooling Southern California market on foreclosures.
We reccomend that you explore ALL of your options if you're faced with a foreclosure. But do so quickly, as the longer you wait, the fewer options you have available to you.
Tuesday, July 11, 2006
Stop Foreclosure! But don't get scammed!
Foreclosure can be a terrifying thing to face alone, especially when you need advice. Many people are too proud, or too ashamed, to tell a close friend or family member about their situation. Often times, they trust unknown people who call them, mail to them, or even knock on their door.
How do you know whom you can trust? I always prefer to trust someone who tells me the WHOLE story, not just about his or her company. The person who can tell me about ALL of my options, when facing foreclosure.
The Miami Herald recently published a great article on foreclosure scams. You should always ask whomever you're working with for some references: find out if they've actually helped people in the past. It's a great (but not perfect) method of checking up on the legitimacy of a company.
Remember that it's okay to ask questions of the people offering services to you. I recommend asking them what downsides there are to the solution they're offering you. If they tell you their solution is perfect, I would be skeptical. No solution to a problem is without a few flaws, however minor they may be.
Good luck, and remember to check up on whomever you're doing business with.
How do you know whom you can trust? I always prefer to trust someone who tells me the WHOLE story, not just about his or her company. The person who can tell me about ALL of my options, when facing foreclosure.
The Miami Herald recently published a great article on foreclosure scams. You should always ask whomever you're working with for some references: find out if they've actually helped people in the past. It's a great (but not perfect) method of checking up on the legitimacy of a company.
Remember that it's okay to ask questions of the people offering services to you. I recommend asking them what downsides there are to the solution they're offering you. If they tell you their solution is perfect, I would be skeptical. No solution to a problem is without a few flaws, however minor they may be.
Good luck, and remember to check up on whomever you're doing business with.
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