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Think Foreclosure is your only option???

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  • How to Avoid the Foreclosure Process
  • Effects of Foreclosure
 

How To Avoid the Foreclosure Process
 
There are a multitude of ways unforeseen hardships can turn the joy of owning a home into an incredible burden. A job loss, or major medical expenses, or having your monthly payments balloon above your current budget. No matter what the cause of your troubles, ignoring the problem won't help, that will only make the situation worse.  You must act to resolve the issue and the sooner the better.
 

The following are a few examples of how to stop a foreclosure on your principle residence.
 
1)  Look for Other Resources - Some homeowners don't realize they have a variety of resources that can aid in making mortgage payments to avoid foreclosure. Consider the income from unemployment or disability insurance and personal savings as a possible cash-flow resource. Other examples include slashing the household budget by trading in expensive items like cars, boats and motorcycles for cash. Even your retirement funds can be utilized, but be forewarned that many people who have access to their retirement funds face early withdrawal penalties and increased income taxes.
 
2) Contact Your Lender - If you have exhausted all possibilities of increasing cash-flow to make your mortgage payments it's time to contact your lender. DO THIS AS SOON AS POSSIBLE! The ultimate goal of contacting your lender is to seek an agreement that will alter your mortgage so that foreclosure proceedings can be stopped before they become final.
 
3) Review Your Options - After contacting your lender, or in some cases the servicing company that handles the loan for the investor, you may have other options available to you. Typically lenders are not required to make adjustments to your loan, but many may consider it a viable option...one that benefits you and the lender may include refinancing. . 
 
Possible Options to discuss with your lender include:
  • Deed In Lieu of Foreclosure - Your lender may accept the return of your title, but be aware that the lender may sue for any loss. This option may have a negative effect on your credit report.
  • Claim Advance - If you have a private mortgage lender, they may provide a cash advance to bring your loan payments up to date. Sometimes the loan is interest free and may not have to be repaid for several years.
  • Re-Amortizing - Under this option your mortgage is brought current and the missed payments are added to the backend of your mortgage. Your debt will increase and your monthly payments will be higher unless your lender also agrees to extend the length of your loan.
  • Short Sale - Considered by many to be the best option to avoid foreclosure. Under this option the lender agrees to accept less than you owe on the property, relieving the homeowner of debt. Lenders are often willing to accept a short sale because it greatly reduces the expense and time involved in foreclosure proceedings. In most cases, a short sale does less damage to your credit than a foreclosure. A qualified REALTORŪ will be exceptionally helpful in completing the short sale process with you.
WARNING - beware of any company claiming they can guarantee they can stop any foreclosure no matter what you owe. The Federal Trade Commission recently completed a list of warning signs that a "foreclosure fixer" company may be a scam. Those warnings include any company that requires you to pay for services upfront, tells you to make the mortgage payments directly to them, or asks you to turn over the property deed, or asked you not to contact your lender directly. .
 
 
 

Effects of Foreclosure
 
These days more homeowners are facing a tough decision about whether foreclosing is the only option they have left. Deciding to foreclose on your home will have implication on your family and your credit for the rest of your life.
 
When a homeowner can no longer make payments to a lender for a home, the lender may repossess the home in the foreclosure process, usually for the purpose of reselling it, to recover the amount owed on the defaulted home. Homeowners facing foreclosure proceedings will face lasting implications.
 

Get started now -- Click here To Learn About How to Avoid the Foreclosure Process.
 
A few of the Effects of Foreclosure are:
 
  1. Your Credit Scores will be significantly lowered, sometimes by as much as 300 points. This is the single most devastating mark on your credit report and will affect all your future credit possibilities.
  2. Foreclosure on your Credit Report is nearly impossible to have repaired and will most likely remain a permanent mark of this valuable personal report.
  3. Any future application for a mortgage you apply for will require you to disclose a previous foreclosure, greatly affecting your mortgage rates.
  4. Most employers will also conduct a credit check. With a huge drop in your credit score due to a foreclosure, this may hinder your future employment opportunities. This is especially true of many government positions, including military and law enforcement agencies.
  5. If your current employer runs a credit check, then a foreclosure may put your current position in jeopardy.
  6. In order to recuperate the money they did not receive during the bank sale of a property, a bank may seek a deficiency judgment against you to obtain the balance.
  7. Depending on state law, you may be responsible for deficiencies after the foreclosure for an undetermined period of time, placing you in a prolonged cycle of continued collections.
  8. Your family will have to relocate. This will always be a disturbance for children, marriages, careers, and other important aspects of your life.

A Short Sale process may be a better way out. Click here to see if you qualify.

Specializing in helping homeowners avoid home foreclosure.

We maintain the most current knowledge and hold the following designations which directly benefit you:

 

     
 
This site is sponsored by Cliff Roe of Cliff Roe Realty, Inc. at www.CliffRoe.com

Cliff Roe Realty, Inc
7777  131st St N, Suite 16
Seminole, FL 33776
Office: (727) 595-7295

Cliff Roe's Cell (727) 644-7209
 
Copyright  2010 by Cliff Roe Realty, Inc, All Rights Reserved
 
Disclaimer: The information provide on this website should not be construed as legal or financial advice. The content is intended to provide general information about the short sale and foreclosure process, and should not be acted on without the council of a qualified REALTORŪ, attorney or tax expert.
 

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