You might want to consider a couple of options to reverse a mortgage foreclosure. I did, and I'm thankful I took the opportunity to dig a little deeper for help after my bank announced it was moving ahead with a foreclosure. You see, there's usually always time to negotiate even after a foreclosure has been announced because the whole thing can take many months to finalize. If you can find a way to avoid a foreclosure your lender will jump for joy. It saves them a lot of time and money. I'll try and explain.
There
are two options I discovered during my frantic search for help online and
through friends and advisors. Eventually I was clued in to a website called
credit-yogi.com that provided a wealth of information on all things debt
related. Their website was very easy to navigate and I found the drop down
menus on mortgage and foreclosures to be informative on my initial visit. After
filling out a short form explaining my situation I was hooked up with a
professional advisor who began consulting me on my various options, with bankruptcy and foreclosure being the very last and least
desirable. The two that struck me as being the most viable were the Homes
Affordable Modification Program designed by the government in 2009, and
possibly refinancing an auto loan to help make payments. Since I've
successfully worked for myself for years and believed my financial difficulties
wouldn't last much longer I decided to take out a loan to stop foreclosure
through auto refinancing because I was told the market for these was great.
Right now creditors are competing with each other for your business, so things
like interest rates are lower meaning better deals for you and I. The loan was
ok, and it certainly helped, but my business continued to struggle so I
contacted credit-yogi.com again to talk about a loan modification for my
mortgage.
Since 2009 its been possible to
modify an existing loan with your lender in order to make your monthly and
total payments more manageable. The government designed this to be favorable to
both the lender and the home owner, so you have a chance if you can prove that
you are having financial difficulties that will make it impossible to honor the
original contract.
§ Make a complete list of your income
and expenses. Be frugal about what you can keep in terms of luxuries like cable
or excessive cell phones accounts as well as other expenses that aren't a
priority such as food and shelter. This information will provide the lender
with a blueprint for the type home loan you can afford. That benefits you.
§ With this list of revenue and
expenses, predict what your future monthly home loan payment will look like and
what you can afford to pay.
I
had to write a letter of Hardship which outlined the reasons why I was making
the decision to do a home loan modification. I described the reasons why I
found myself in this situation and why it prevented me from honoring my
original agreement. Credit-yogi advised me the entire time and through
my own organization and their helpful negotiating skills I was able to acquire
a new mortgage. How can you stop foreclosures? Start by visiting
credit-yogi.com.
