Mortgage to Stop Foreclosure And Other Ways AroundAuthor: Hector Milla
There are ways to stop foreclosure, and there are many different programs that can help, but you have to get out there and ask for them.
You need to modify your mortgage to stop foreclosure, and, if not, find other ways to stop it. Information is your key to success.
Natalia Osorio Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out;
“…Your first step should be to go to your bank, and talk to the mitigation department, not a collections officer. The mitigation department is the one that starts foreclosure proceedings. Explain that you are having a hard time meeting your payments, and that they need to help you, so that you can stay in your home…”
Banks have been asked by most government agencies, to do whatever they can to keep people in their homes. The bank doesn’t want to foreclose, because they lose a lot of money this way. If they extend your loan, forgive your default, or make other arrangements with you, they may lose money, but not as much as if they had to foreclose.
If after having several conversations with your bank and they don’t respond (which they should), then you need to look for other alternatives, and there are some out there.
“…First you can visit a mortgage broker, and see if another lender will take the mortgage on. If after you have tried everything, then you might want to even consider bankruptcy as this will give a stay to the amount you are in default until a decision is made…” N. Osorio added.
Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.orgAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
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