By reading this article, we can assume that your house is in the process of being foreclosed or you are soon to be in that process. If you are facing foreclosure, we know that there is a good chance you will want to stop foreclosure. A lot of the time, people who are facing something like this will do nothing and just hope that it all works out. Others just give up completely and decide that there is nothing they can do.
The actions that you should take all depend on many situational variables and what kind of outcome you desire. Some of the factors include what stage of the foreclosure you are in, how much equity you have in your house, what other kinds of assets you have, if you are employed, how your credit score is doing, etc.
One of the major variables is which state you are located in. There are several state-level governing laws and rules about individual mortgages and loans. You might want to first research some of those regulations that apply in your state before you do anything.
The first thing you are going to want to do is do some research and find out what your rights are in this process. A lot of people do whatever the bank says without actually knowing if that's the law or not. Find out what information and time you have the right to according to the laws in the applicable state.
If you contact your lender, you may be able to get a Deed in Lieu of Foreclosure. This would help you avoid your foreclosure being publicly listed. That's right; any mortgages that go into foreclosure are publicly listed, so you might get some cash-hungry property investors making low-ball offers on your property to “help you". There are a number of other advantages of a Deed in Lieu of Foreclosure that can help you in your situation. If you are in good financial standing (your house is worth more than your outstanding loan balance), your lender may be reluctant to issue you a Deed in Lieu of Foreclosure.
We are here to help you. Never let anyone tell you that you are out of options. While your home is in a pending foreclosure process, you may get a number of letters or solicitations from various real estate investors claiming to try to help you. The majority of these investors are simply looking to get a good deal on your house when you are in an unfavorable situation. There are times that selling your house may be the only option, but be sure to talk to a real estate agent first, and not to sell your house to the first investor to make an offer.
Refinancing can save your credit and your home. If you are struggling to make your mortgage payments, switching to an adjustable rate mortgage could be just the answer you are looking for. Getting a lower rate for a few years could help get you back to a financial situation that is favorable to owning a home.
Don't let life's problems get in the way of keeping your home. We can help you stay out of debt; away from bankruptcy and in the home you deserve. Visit our site and Stop Home Foreclosure today.
Author, Tom Noonan is a licensed California Real Estate Broker, and knows a good amount about the foreclosure process. He started a resource to help Stop Home Foreclosure: http://stop-home-foreclosure.net