People lose their homes to foreclosure everyday. Thousands each month across the U.S. it is an epidemic a financial epidemic that is sweeping this country. People who in most cases through no fault of their own come into financial problems, job loss, divorce, medical emergency, accidents, job transfer, death in the family just to name a few and lose their homes. Here are some things that you can do to work through a foreclosure and may be keep your house or at least not have a foreclosure on your credit record. 1. Make up all your back payments make your loan current. Seems cold but if you do this early enough in the process you keep your house and your credit can be clean up fairly quickly. 2. Cant make up your payments? Work with your lender to add the missed payments and interest on to the back of the loan or have them create a new loan with all the missed payments added in. Again you must start early in the process and be able to prove to the bank that you can make the future payments. 3. Sell your boat, sell the second car, sell your kids cars, sell the time share at the beach, and sell anything that can be used to make up your back payments and make your loan current. 4. Apply to another mortgage company for a new loan. Not very likely that it will happen but its worth a shot. The new lender may have a program just for you. 5. Ask your relatives for help to make your loan current. If they know your circumstances they may help, if they know youre a deadbeat no way will they help. 6. Work with your lender, they all have in house teams to help you with your financial problems. Take your time give them the whole story. Pay something each month each week until you can get back on your feet. 7. If your lender has filed notices with the county court you will start to get calls and letters from investors and real estate agents who want to buy home. They do this through a process called a short sale where the bank does not foreclose on the property but takes less money than what you owe. You will lose the house, you will receive no money and your credit will be a mess for a long time. 8. If you have any equity in the house you should try to sell it, use a professional real estate agent. List your house at a fair price but below market value for a quick sale, take what ever you can get and move on. If you can make up the back payments and get back on track with your lender this would be best. Work with a real estate agent to sell your home and pay off the loan. You can fall back on working with a real estate agent or investor for a short sale which will keep you from foreclosure if the bank will work with them. Do every thing you can not to lose your home in a foreclosure sale you will end up losing more than just the house. |
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