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Free Foreclosure Answers

Chris Archer
 


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The statistics are staggering. Mortgage foreclosure filings have increased 93% over the last year alone. Projections call for nearly two million more foreclosure filings in 2008. The interesting and more positive statistic is that of all of the foreclosures filed, nearly 62% of those owners could have saved their home, by utilizing the services of a professional loss mitigation service; better known as a foreclosure prevention company.

How is a homeowner to know what to do when they receive a Notice of Default from their lender? What types of solutions are available to assist distressed property owners in their time of need? What can an individual expect to pay for foreclosure solutions services? let's take a closer look at the issue, and determine the best course of action for each situation.

There are three common scenarios that distressed homeowners fall under:

  • a permanent loss of income - cannot keep the house.
  • a temporary loss of income - income has returned to normal, and can resume paying.
  • other financial priorities (such as medical bills, etc. ) that have created a money shortage. The homeowner is behind, but cannot catch up fast enough.

Let's now take each scenario, and discuss foreclosure answers to remedy each situation. If you have had a permanent loss of income, it's obvious that you must sell your property - and fast. Time is of the essence. You never want to have a foreclosure in your permanent record, or it will affect your credit and your ability to buy for many years to come. If you're in this situation, you can pursue the following options:

  1. sell your property, by owner.
  2. list your home with a Real Estate Agent, and hope the property sells quickly.
  3. sell to a property investor, offering creative terms that work for both parties.

Depending on which route you choose to take, selling can take an extended period of time (which you DO NOT have if you've received your Notice of Default). We recommend finding a property investor or investment company, who offers a quick sale using creative financing. In general, this will allow you to close within seven to ten business days, and you'll receive a fair deal on your house. If this is your situation, check with a reputable company that has a track record of delivering.

Whether you've had a temporary loss of income or you've fallen behind on payments for personal reasons, if you've received your Notice of Default, or NOD, but wish to save your home from foreclosure - (you have the ability to begin making regular payments again) there are foreclosure prevention services which can help out the typical homeowner.

How do foreclosure prevention companies work?

  • they have negotiators who will contact your lender on your behalf, to make loan arrangements that will work for your situation.
  • the company acts quickly and professionally to ensure you are able to afford the new terms, and improve your credit standing.
  • the fee can be either a flat fee or a percentage of the amount negotiated; either way, the fact you have prevented additional credit problems will save the homeowner thousands of dollars in higher credit costs for the rest of their life.

Don't let the fact you are facing foreclosure, end in a credit and financial disaster. If you are willing and able to act quickly, you can save time, money - and most importantly - YOUR HOME.

Stop-Foreclosure-Hotline.com is a loss mitigation service that specializes in helping homeowners save their home. Committed to to connecting homeowners facing foreclosure, with guaranteed solutions, the Stop-Foreclosure-Hotline offers a free consultation to determine the best course of action for each individual's situation.

To learn more about how this company can help you in your foreclosure prevention efforts, visit the website, at http://www.Stop-Foreclosure-Hotline.com

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