Already on ArticleSlash?

Forgot your password? Sign Up

Tips on Avoiding Foreclosures

 


Visitors: 180

It isn't news to anyone that widespread foreclosures are a large problem in our current real estate market. For many families, it can be unavoidable. However, what many people don't know is that there is help out there for those facing foreclosure. Here are some things to keep in mind:

  • Stay Home - When facing foreclosure, stay in your home. If you vacate your property and something happens to it - whether it be vandalized, struck by lightning or broken into - the bank will likely hold you financially responsible for the damages.

  • Stay in the Loop - Talk to your lender. If you feel like you're going to have trouble making next month's mortgage payment, let them know. Whenever you phone them, follow up your contact in writing. If your lender is more informed of your situation, they will be better prepared - and perhaps more willing - to work with you.

  • Stay Realistic - Remember that lenders are a business and they are always interested in making their money back whenever possible. Ironically, banks are less willing to work with those who have made payments for years and built up equity on their home. In those cases, the lender can simply keep the payments they've already received and sell the house quickly for considerably less than it's worth and still turn a profit. If you haven't been in your home for very long and you haven't built up a lot of equity, then your lender might be more willing to come to an agreement that benefits you both.

  • Stay Safe - Unfortunately, this market has attracted a slew of dishonest scammers and con artists that prey on desperate home-owners. Always - always - do your research whenever you think about getting help from a company or program. Watch out for anyone who insists on being paid upfront. Don't pay somebody to do something that you could do for free, such as dealing directly with your lender. The Department of Housing and Urban Development keeps track of legitimate foreclosure-prevention programs. Get a list from them.

  • Stay Practical - Not all foreclosure-prevention programs will be the answer to your prayers. Many programs offer one-time solutions, often for a single month's payment. Carefully think about your situation and make sure that such a temporary solution will really make a difference in the long run. It may just be delaying the inevitable.

    Sometimes foreclosure is simply unavoidable but there are many times when help can be found as long as you know where to look. Do your research, call an expert, and find out as much as you can about your options for possibly avoiding foreclosure on your home.

    Lee Cameron is a professional REALTOR® serving the Orlando real estate market. Lee has consistently proven his talent and knowledge in the real estate business and is known to his flair the business and the care with which he treats his clients. For more info on homes & properties in Orlando contact Lee today.

  • (522)

    Article Source:


     
    Rate this Article: 
     
    Free Tips And Tricks To Buying Pre-Foreclosures
    Rated 4 / 5
    based on 5 votes
    ArticleSlash

    Related Articles:

    Pre foreclosures Versus Foreclosures The Advantages of Being a Pre Real Estate ..

    by: Doug E Smith (July 28, 2008) 
    (Real Estate/Foreclosures)

    Thinking About Investing in Pre-Foreclosures? Don't Forget Tax Sale ..

    by: Richard Dawson (June 04, 2008) 
    (Real Estate/Foreclosures)

    Arizona Pre-Foreclosures, Foreclosures, and Short Sales

    by: Nick McConnell (December 08, 2007) 
    (Real Estate/Foreclosures)

    Bank Foreclosures and Pre Foreclosures Tragedy Or Opportunity?

    by: Doug E Smith (July 13, 2008) 
    (Real Estate/Foreclosures)

    Tips Buying Foreclosures - These Tips Are Worth Looking At

    by: Reese Evans (November 06, 2008) 
    (Real Estate/Foreclosures)

    3 Tips on How to Buy Foreclosures for New Investors

    by: Aubrey Clark (March 24, 2008) 
    (Real Estate/Foreclosures)

    Foreclosures - Tips and Strategies

    by: Shellaine Enfesta (May 04, 2008) 
    (Real Estate/Foreclosures)

    Buying Foreclosures - How Foreclosures Work

    by: Jared Lee (January 31, 2008) 
    (Real Estate/Foreclosures)

    Types of Foreclosures Understanding Foreclosures

    by: Kevin Simpson (July 21, 2008) 
    (Real Estate/Foreclosures)

    Free Tips And Tricks To Buying Pre-Foreclosures

    by: Michael Ullman (May 20, 2008) 
    (Real Estate/Foreclosures)