First, you need to understand that one missed payment does not have to lead to foreclosure. One missed payment can be solved with a simple reorganizing of your monthly payments. There are so many misconceptions about foreclosures and the process as a whole that instead of saving their home, many people end up panicking and losing their home that much quicker.
One of the most important factors when it comes to avoiding a foreclosure is to first understand the financial process of it all. If you are not sure what is coming next and have not even bothered to contact your lender than you are in for a few surprises that will more than likely take you and your home with it. The process of a foreclosure is not a tricky thing and many times you will find out that there are several opportunities along the way for you to save or house or even sell it before a foreclosure, but for those who don't understand the process these loop holes will be missed.
Understanding your mortgage rights and regulations can also play a big part in saving your home from a foreclosure. There can be so much you don't understand about your mortgage conditions to begin with that the answer could be right in front of you.
Of course learning this type of information does not mean you don't need to contact your lender for advice, that is still the best option for anyone who has missed a payment or even thinks they are going to miss a payment. Simply understanding the foreclosure and mortgage conditions and processes helps you understand the steps your lender will want you to take.
Mario Earthman owns and operate how to stop foreclosure website at http://www.stopforeclosureus.com
Article Source: http://EzineArticles.com/?expert=Mario_Earthman
Thursday, January 24, 2008
Foreclosure and Short Sale
With many foreclosures properties on todays market people are looking for relief. This is because of a bad loan, bad loan officers that had nor explain what they are getting into. Foreclosure process is the last resort for many homeowners. Because of the adjustable rate mortgage...thousands of homeowners can no longer afford their payments.
When you are late with your payments a notice of default will be issued. You can try to short sale your house. A short sale is usually done when you do not have enough equity in your home to pay the lender what you owe/ If you can prove the hardship maybe the lender will forgive you. The process is tedious and frustrating. Lender will not return calls. You will need a strong agent that will be patient during the entire process. If nothing happen during the short sale, the homeowner will go on foreclosure. This happens within the six months period. Lender do not want the idea of foreclosure.
There is another way but is usually a long shot but to ask for a loan modification. This is to ask the lender to refinance the house with them and base it with the comparable sales around the area. There are thousands of foreclosure listings in the market reasons why it takes about from 6 months to a year or longer to sell a listing. Most of the time you will be competing with the builder who give all the incentive, everything included to attract more buyers People will rather buy a new house that is cheaper rather than a preowned one.The last resort is to just walk away from the house and buy another house before your credit runs bad You can get a cheaper house comparable to your house now or better and with a cheaper mortgage payment. Some homeowners actually do this.
You can get more information on Real Estate by contacting me at my website http://melvacastro2.point2agent.com/
Article Source: http://EzineArticles.com/?expert=Matthew_Jonathon_Castro
When you are late with your payments a notice of default will be issued. You can try to short sale your house. A short sale is usually done when you do not have enough equity in your home to pay the lender what you owe/ If you can prove the hardship maybe the lender will forgive you. The process is tedious and frustrating. Lender will not return calls. You will need a strong agent that will be patient during the entire process. If nothing happen during the short sale, the homeowner will go on foreclosure. This happens within the six months period. Lender do not want the idea of foreclosure.
There is another way but is usually a long shot but to ask for a loan modification. This is to ask the lender to refinance the house with them and base it with the comparable sales around the area. There are thousands of foreclosure listings in the market reasons why it takes about from 6 months to a year or longer to sell a listing. Most of the time you will be competing with the builder who give all the incentive, everything included to attract more buyers People will rather buy a new house that is cheaper rather than a preowned one.The last resort is to just walk away from the house and buy another house before your credit runs bad You can get a cheaper house comparable to your house now or better and with a cheaper mortgage payment. Some homeowners actually do this.
You can get more information on Real Estate by contacting me at my website http://melvacastro2.point2agent.com/
Article Source: http://EzineArticles.com/?expert=Matthew_Jonathon_Castro
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