If you're bank has sent you a notice of default and threatening foreclosure, time is of the essence and you need home foreclosure help. Now! It may seem overwhelming and you need to know how can you stop a foreclosure action.
It’s time to take action and get home foreclosure help. Time is your worse enemy and your best friend is knowledge to learn how can you stop a foreclosure action.
Being backed in a corner can be a paralyzing feeling, especially if you’re looking at not just the foreclosure action, but the effect it will have on your credit for years to come.
An excellent source to home foreclosure help is The National Housing Alliance that provides a publication developed by Fannie Mae identifying your rights for how can you stop a foreclosure action.
Real estate ivestors are also available to offer a variety of methods to remove the question how can you stop a foreclosure action. Use credible investors that meet the following criteria:
- Have experience, knowledge, and recorded success
- Have a team to meet the plethora of activities needed to assist with home foreclosure help
- Help you repair your credit in addition to home foreclosure help
- Have the funds necessary to invest in your property and can prove it
In the end, you need to take steps and protect your assets. Working with investors can be an intelligent and proactive choice for home foreclosure help. If these criteria are met, let them work on your behalf with home foreclosure help since you need to know how can you stop a foreclosure action.
- Talk to the lender. If you haven’t yet, answer their phone calls and start the communication. Ignoring the problem will only make it worse.
- Refinancing. Unfortunately if you need home foreclosure help, chances are your credit reports already reflect the late payments. Refinancing may involve higher interest rates and higher monthly payments, which may put you right back in the same place a month or two down the road, needing to know how can you stop a foreclosure action.
- A Forbearance plan can be discussed with your lender, which is an agreement to temporary postpone the foreclosure action. You need to know if this plan will actually stop the foreclosure action and like refinancing, can you afford it?
- Win-win option such as a short sale. The short sale is where the bank takes a lower payoff amount in order to allow you to sell your home and avoid foreclosure. Why would they do that? The cost of the property and the costs associated with foreclosure for the lender are sometimes not worth the trouble. Banks really don’t want your property. They would rather take a less or break even amount and move on to more lucrative business like loaning money. However, keep in mind only a real estate investor can help you execute a short sale. The bank isn't going to let you do one if you're the homeowner in default of your loan.
- Bankruptcy is considered the last resort and it does require an attorney. The benefit of filing bankruptcy is that it halts legal actions of foreclosures, garnishments and repossessions. The detriment of bankruptcy is that it remains on your credit report for seven years, causing obstacles with rental applications, job applications, and credit requests. Before you file bankruptcy, look at the other options listed above for home foreclosure help. Also, you should know that a bankruptcy will not allow you to keep your home in the long run.
How can you stop a foreclosure action. You have more options than you realize.
Dan Ho is a real estate investor in Michigan. Visit http://www.buy-sell-michigan-real-estate.com for more home foreclosure help , whether you live in Michigan or elsewhere.