Prevent foreclosure is on the minds of many Americans. The foreclosure crisis is causing unsettling economic turmoil. Every community in the United States is affected in some manner. Housing prices are rapidly falling. People owe more on their mortgage than their house is worth. It's not a good situation.
There are many reasons to prevent foreclosure. The most obvious is no one wants to be homeless. Another major factor is foreclosure wreaks havoc on your credit history. It can take years to recover from the financial fallout.
The black mark foreclosure leaves can haunt you for an entire decade. You won't be able to obtain a loan of any kind for at least two years. If you are able to obtain credit approval, you will have to pay higher interest rates and cope with lower credit limits. Poor credit can cause you to pay higher insurance premiums and interest rates, and can cause you to lose out on employment opportunities.
The most logical way to prevent foreclosure is to speak with your lender. Many people become paralyzed with fear when they fall behind on their mortgage note. They believe they will find a solution, only to fall further behind in their payments and spend sleepless nights worrying how they are going to get out of their financial mess.
Borrowers must contact their lender the moment they realize they will be unable to pay the mortgage payment. Being proactive sends a message of sincerity to the lender. Mortgage lenders are more willing to work with borrowers who take initiative to communicate with them.
Most banks have a loss mitigation department that handles delinquent accounts. Once borrowers fall behind by 31 days, their loan is assigned to a loss mitigator. This person is a go-between for borrowers and lenders. Loss mitigators do not make final decisions, but are there to help develop mutually beneficial options.
Every borrower is unique and each lender handles delinquent accounts differently. There is no one-size-fits-all solution to prevent foreclosure. Some banks will eagerly work with borrowers and offer loan modifications or short sale options. Other lenders won't budge an inch. Most fall somewhere in between. You won't know what options exist until you talk to your lender.
Entering into a short sale agreement is a good option if you cannot see light at the end of the financial tunnel. If you have no assets, owe more on your home than its appraised value, and can no longer afford to stay in the home, a short sale can be a saving grace.
Obtaining short sale approval is no easy feat. Short sales have been making headline news lately and loss mitigators are overwhelmed by requests. When banks enter into this agreement, they accept less than is owed on the loan. Borrowers need to prove financial distress in order to obtain approval.
Our team of short sale specialists has engaged in hundreds of successful transactions. Experts claim banks approve one of every ten short sale requests. We boast an 80-percent success rate.
We have worked hard to develop a strong reputation with realtors, attorneys, lenders and homeowners to create win-win short sale transactions. Our focus is on turning a negative situation into a positive outcome.
We are currently accepting a limited number of borrowers who need to escape the bondage of their home. If you need to stop foreclosure, time is of the essence. The solution you are seeking is only a few keystrokes away. Better yet, there is no fee to have your property reviewed by our team.
If you are ready to take advantage of this unique opportunity, fill out the "we buy houses" form. I will personally review your property and contact you to further discuss your situation. Don't delay. This is a very limited offer.
Published on June 19, 2009 at 02:01 AM