Wednesday, February 25, 2009

Mortgage foreclosure...stop,no more forclosure

In this period of economic crisis Mortgage foreclosure has really become a matter of concern for everyone.In the past few months there has been a rapid increase in foreclosure filings in U.S.Many citizens of u.s were forced to leave their home as they have no other options left to pay off their loan.But leaving your home for being foreclosed without doing nothing doesn't make any sense,don't panic and run away this is the time to be in have several options with proper guidance you can come out of this situation and save your beloved one's from being loosing your home.

If you are a victim of one of them-here are some Tips which will help you,

1.Don't try to ignore your problem and run away-about 50%-60% of the foreclosure is due to the negligence and ignorance of the home owners rather then taking help of your lender,with proper guidance and counseling you can easily come out of this situation.

2.keep in touch with your lender-Try to contact your lender as soon as possible to help you out all the lenders are not bad they don't want your home instead they want their money so they will definitely provide you some options which will be affordable for you to pay off your loan,you just need is to communicate your problem.

3.Don't ignore phone call and mails from lender-Try to be open ,respond to all mail or phone calls may be your letter may contain some important notice of pending legal action or some information which will benefit you.

4.Must know your legal rights-go through your documents know the rights what you and your lenders have,what action they can take upon you and how you will defend yourself with the help of your state Government housing office.

5.Try to contact a HUD approved counselor-Always try to contact a HUD counselor for counseling as they provide some free or low cost counseling and also the will in negotiation with your lender.

6.Cut your extra expenses-your home should be your first priority after your health,so cut your extra expenses that you spend in any lucrative items or entertainment to pay off your mortgage.

7.Use your secondary asset-if you own a second car or, jewelery or even a life insurance policy use it to pay off your loan for the time being,

8,Beware of foreclosure recovery scams-Make a thorough research before going for any foreclosure firm and Don't sign any doc before reading and knowing the truth,take the help of a HUD approved counselor.

so pay your mortgage loan in time and save your home from being foreclosed

1 comment:

Jonathan Ginsberg said...

Let me add another point from my perspective as a bankruptcy lawyer: if you are in debt, prioritize where your money goes. Credit card bill collectors will be the most active in harassing you, but their recourse is a time consuming, expensive lawsuit you can fight or delay. A car lender's recourse is repossession. A mortgage lender's recourse is foreclosure. Usually lenders will not foreclose until you are 3 months behind. So, I tell my clients:
- keep the car payment current
- keep the mortgage as current as you can, recognizing that if you get behind by 3 months the lender will likely accelerate your note and you will go into foreclosure
- credit card collectors make the most noise but have the least leverage
- never give any collector or creditor electronic access to your checking account, and never issue post dated checks.