Tips on How To Avoid Foreclosures?
Foreclosure rescue and mortgage modification scams are a growing problem. Homeowners must protect themselves so they do not lose money—or their home. Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income...
People may face foreclosure for many reasons. Changes in life situations,
job loss, divorce, prolonged illness and many others — or because they must relocate right away. Foreclosure can happen when payments become three to four or more months late, depending on the conditions for repayment as stated in the mortgage.
In most cases even if the bank be capable of selling the property, the borrower may have to pay for any difference between the remaining scales on the loan and the sales value of the property at foreclosure, depending on the conditions for repayment as stated in the mortgage and state law. Foreclosure stays on a credit report for 7 to 10 years.
It's significant to mention that no one benefits from a foreclosure. Mortgage services are doing everything they can to help borrowers who want to stay in their homes and have the means to pay their mortgage. Since June of 2007, the mortgage industry has helped avoid more than 5.2 million foreclosures via either loan modifications or workout plans.
If you are in danger of immediate foreclosure, be cautious of Foreclosure Rescue Scams,
* Beware of people who ask you to pay a fee in trade for a counseling service or modification of a delinquent loan.
* Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
* Assistance from an approved housing counselor is FREE.
* Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
* Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
* Never make a mortgage payment to anyone other than your mortgage company without their approval.
As you may know, the Obama Administration has performed a plan to help homeowners who are having difficulty making their mortgage monthly payments. The Making Home Affordable program is a cooperation between the mortgage industry and the federal government, organized to stabilize the houring market.
For more Information about this new affordable mortgage loan program that can save you from difficulties in your high mortgage monthly payments our you can visit our website.
