Mortgage Help To Stop Foreclosure
Receiving a foreclosure letter is one of the most frightening experiences a homeowner can face
. Many homeowners attempt to deny the problem, pretending that nothing is wrong until its far too late to take action to save their homes. Ignoring this problem will not make it go away. Foreclosure proceedings do not require the homeowners consent. Its far better to do something, even if its not immediately helpful, than to do nothing at all; inaction guarantees the eventual loss of the home.
Dont assume that its already too late to do anything. By contacting your mortgage lender immediately, you may be able to stop proceedings and set up a payment plan to save your home. Even if your lender is unwilling to work with you directly, by acting immediately youll ensure that you have enough time to explore other options to save your home including Chapter 13 bankruptcy, retaining an attorney, or collecting enough money to pay the past due amount. Dont give up hope; more options exist today than ever before to allow homeowners to avoid foreclosure and modify their loans to better meet their financial needs.
Dont overlook potential avenues for saving your home. Personal loans from friends and relatives can serve as a useful measure for stopping the foreclosure proceedings until you can manage a better financial situation. Selling off some unneeded items or reducing monthly expenses can help as well. Taking a temporary part-time job can provide a much-needed cash infusion into your household and allow you to become current on your mortgage obligations. Creativity and resourcefulness in seeking alternative sources of funds can help save your home and your credit rating.
Dont pay credit card bills when your mortgage is overdue. This is a common mistake, but a costly one. The consequences of not paying your mortgage are catastrophic, involving the loss of your home, a severe blot on your credit rating, and could possibly lead to homelessness and financial ruin. By contrast, not paying your credit card bills for a month or two may net you some nasty telephone calls, but will not threaten your residence and will have a less severe effect on your credit rating than a foreclosure. Even if youve never missed a payment on your credit card, its better to fall behind on an unsecured loan than on a secured debt like your mortgage, and preferable to lose your car than your home.
Its often essential to enlist the help of a qualified attorney to assist you in fighting foreclosure proceedings or in filing for Chapter 13 bankruptcy in order to save your home. Dont be fooled by firms that advertise themselves as attorney-backed; when your home is threatened, you need the services of an actual lawyer, not a group of paralegals with dubious credentials. Dont be hesitant to call an attorneys office; most lawyers offer free initial consultations, and some even offer financing plans to allow you to spread the cost over time.
The most important dont to remember is: Dont ignore the problem. Act to protect your home from foreclosure, and act quickly. If you wait until two days or two hours before the public auction, it will be too late to do anything; by contacting your lender and, if necessary, an attorney, you can save your home and protect your assets and credit rating.
by: Adam Whazzer
Best Tool Shed Plans That Will Save You Time and Money Save Money on Photo Paper When Do You Realize You Need A Telecom Consulting Company? Five Things You Must Do Before You Can Vacuum Tony Rush Review - Will He Just Run Away With Your Money? Turn Junk Mail Into Money Mark Yarnell Review - MLM Guru Or Just Some Arrogant Rich Guy? How To Find The Most Respected Debt Settlement Companies In Your Area Debt Settlement Programs - How To Find The Least Expensive Debt Relief How To Take Advantage Of This Recession To Eliminate Your Unsecured Debt Debt Settlement - Why Debt Settlement Companies Are Rapidly Growing Debt Settlement - Why Debt Settlements Are Rising At Unprecedented Rates Debt Relief - How Federal Stimulus Money Has Created A Very Positive Market