Senin, 23 April 2012

Stay in Your Home and Avoid Foreclosure

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If you have been fortunate enough to weather the financial storm that began in 2007 and still have your original roof over your head consider yourself lucky. With so many people losing their jobs and then their homes it is easy to become discouraged. Most folks are hanging on with everything they've got but dangerously close to foreclosure. Reduced income and home value depreciation can cause even the most optimistic homeowner to feel a bit hopeless If this describes you the very best thing to do is to learn what options still exist and take action as soon as possible.

If you are still current on mortgage payments and have equity built up in your home consider refinancing to receive a completely new mortgage loan with new terms and new interest rates. If no equity has been accrued or your home value has decreased you might qualify for a Home Affordable Refinance Program or HARP. This government program is provided through the Treasury & Housing and Urban Development departments to offer additional refinancing options to struggling homeowners. Although refinancing fees apply, refinancing through the HARP program can offer help to reduce monthly mortgage payments.

Even if you are behind in payments and already received a foreclosure notice, a foreclosure can usually be avoided. Banks and other lenders are willing to work with homeowners to help them stay in their homes, especially if you have a current source of income. With so many bank owned, foreclosed homes the last thing a bank or other lender wants is to take possession of another house. Talk to your lender about structuring a home loan repayment plan where the past due amount is added to the current mortgage payments.

A home loan repayment plan is a great option if you are only behind a month or two in mortgage payments. If you are experiencing financial difficulties as a result of losing a job, illness or other short term hardship the lender might be able to offer a forbearance to temporarily suspend or reduce monthly mortgage payments. In worst case situations it might be wise to convert your mortgage into a deed-for-lease. The deed-for-lease process requires that you transfer the title to your property to the mortgage company and rent the house from them. Although a deed-for-lease is a drastic, last ditch effort, you would be able to stay in your home with minimum disruption to your life.

Written by Windy Reigns: Home Loan Refinancing


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