|Mortgage & Refinancing Information|
Stop Foreclosure - 7 Tips to Save Your Home
Faced with the threat of a foreclosure on their home, with all the weight of the mortgage industry and its army of attorneys against them, the average homeowner might feel like David facing Goliath.
But David defeated Goliath !
David had a sling and some pebbles.
You have an armory of tactics and options which can enable you to stop foreclosure proceedings in their tracks.
There are certain basic rules to follow if you want to stop foreclosure on your home.
*** Do not leave your home. If you do, you may lose your eligibility for assistance.
*** Do not speak to the lender's Collection department, especially over the phone.
*** Never speak to any of your lender's representatives without having all your facts assembled, and your strategy determined.
*** Don't ask the lender what your options are - know your options before the real discussions begin. Know and be prepared for the questions and forms you will be faced with.
*** Don't volunteer the fact that you are either unemployed or insolvent, or you're dead in the water.(If you are either unemployed or insolvent, you'd better change things pretty quick, for the lender has to be convinced that you have the means to meet the loan repayments, and he will want to see evidence supporting this fact before he will stop foreclosure proceedings.)
*** Don't rely on your memory - have everything written down clearly, and all your credit history records at hand.
*** Speak to the lender's Loss Mitigation or Foreclosure department. Be firm, and insist on speaking to the right people every time.
*** Make a real effort to understand the legal terms relating to mortgages. To stop foreclosure proceedings, you need to speak the same language as your adversaries.
If you cannot fully understand the options, or the terms used, you should certainly speak to a HUD approved counselor - ring (800) 569 4287.And do this as soon as you realise you might be heading for foreclosure.
Know your options ! Know your rights !
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The US is facing an ever-increasing tidal wave of homeowners defaulting on their mortgages. The average cost to the mortgage industry for each foreclosure is around $25000!
Foreclosures cost lenders money, big money, so it is in their interests to reach a workout with the borrower, either to rescue the mortgage, if this is possible, or to reduce the loss as a result of foreclosure.Don't be intimidated by the lender or his attorneys. Appraise yourself of your exact financial position. Seek advice. Know your rights. Know your options. Be honest in your statements. Keep a written record of all communucations.
You can stop foreclosure in its tracks. And save your home.
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