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Stop Foreclosure Part 1
By John Davis, Fri Dec 9th
Here are 4 steps you can take right now to escape foreclosure: 1. Talk to your bank when you first get behind. You want o putthis behind you and not let this get out of hand. You want allof the stresses to go away, however, if you do not talk to thebank and be open to different options, the matter will onlycontinue to get worse. I have seen people avoid the bank at allcosts at first believing there will be this miracle to happen,only in the end to find out it is too late for them to doanything. I do believe in miracles. I do believe that you haveto be proactive and looking for that miracle before it will begiven to you. The longer you wait, the more the fees that youwill incur. Attorney fees run around $1600 for the bank toconduct a foreclosure. If you wait to reinstate at the lastminute, you are the one that has to pay for these fees. 2. Ask the bank for a forbearance agreement. This is anagreement to help you get caught up on the monthly payment. Forexample, if you were 4 months behind on your house payment, thebank may be willing to stop the process if you were to bring 2months worth of payments in. Usually, the bank will require youto get your tax returns and fill out some paperwork to do this.If so, fill out the paperwork completely and get it back to themas soon as possible. If you are not sure about a question, callthe representative that you are working with. Be responsible andtake action. Bank representatives are only human, they are given200 foreclosure files every month to try to resolve. So bepatient with the person you are dealing. Do not scream or yellyour frustrations, as this will only cause more problems foryourself. So be understanding, explain to them that youunderstand how hard their job is and this will create a bondwith the person you are dealing with which is important becausethis will be the person that is going to bat for you when theytalk about getting approvals with their boss. There arecompanies out there charging fees up front for doing this. Donot pay anyone up front to negotiate with the bank a forbearanceagreement. The people that want the money up front will not makeany guarantee while you are out $300-$400, this puts you takingall the risk for someone else to get the situation resolved. Ifyou want to go this route, then hire someone that gets paid onperformance after they have worked out a possible solution.Usually these consultants will work harder to get your situationresolved because their pay will depend on it.
3. Refinance you current loan or getting a 2nd mortgage. This isa very unlikely scenario, but I have seen it happen. Usually, ifyou are in foreclosure, there is only a slim chance to getting arefinance or another loan. You really have to look within to seeif this is a real solution or if it just going to overload
youeven more. Imagine having another payment that you have to worryabout plus all of your existing payments, how does it make youfeel? Be sure to be real with yourself. Do not overestimate andsay “well I am going to work more hours to pay for this” or “Iam going to go get another job so that I can pay for it”. Youhave more to worry about than just your pride and your home. Youmay have a wife or a family that solely depends on you. If so,be real with yourself, ask for help and move on to get a freshstart. In addition, your health is also more important than anyhouse or financial obligation could ever be. Do you have anyidea what kind of impact these types of stresses have on yourhealth? I can assure you it is not favorable. So, be real and becommitted to getting the problem resolved for good. Look at thebig picture instead of the short-term view. 4. Sell your home. I know sometimes this can be a toughdecision, because you may have raised your family in the home oryou may have inherited it. However, do not let the emotionalattachment limit your options. For example, many people are soemotional about their home, they don’t even consider sellinguntil it is to late. I do not want you to have to sell or tofind another place, however if you are running out of options,then consider this one. If you are not selling because you feelthat you have a lot of equity, the amount of equity that youtruly have is getting lesser by the day. Why? Because, it takesan average home buyer a minimum of 30 days to close their loan.The average home in the United States will sit on the market foran average of 120 days. Which means, on average, it will takeyou nearly 6 months to sell a home and then when you sell youwill not get the full amount. Then you have to pay attorneyfees, realtor fees, title fees, taxes, and deed preparationfees, not to mention your regular monthly obligations that youhave by having the house such as insurance, taxes, and yourregular payments. Finally, if you are trying to sell yourproperty, let the bank know that you have the property on themarket to sell. If they know you are making an honest attempt tosell and get out from under the debt, while paying them off,they will be more willing to work with you. Even if you are notable to receive enough funds to pay the lien off, let the bankknow, occasionally they will work around it. If you need helpwith this, then feel free to vist my website www.48hourclose.comand receive our Free Report on "How To Win The War Against yourLender & Stop Foreclosure!" About the author:Now you can stop your homeforeclosure. Free Report Tells you "How to Win The War Against Your Lenderand stop Foreclosure!" at http://www.48hourclose.com John Davis owns 48hourclose.com: a websitedevoted to helping families that are facing foreclosure.
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