7 Steps To Avoid Foreclosure
ByAnthony Barnes
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@2009 by Tony Barnes.
I am going to share some tips that the banks do not want anybody to know on how to avoid foreclosure. What is going on right now in this country is many banks made outrageous loans to just about anybody who could fog up a mirror. Now their strategy has come back to haunt them with the current foreclosure crises.
1. If you have not missed a payment yet but think you are going to, the first step is to contact the bank and try to make arrangements to pay, or get a forbearance that allows you to delay payments for a short amount of time.
2. Ask for a repayment plan where you add a portion of the missed payments to the next few payments. This will help in the event of a short term unexpected expense or sudden repair that may take you by surprise.
3. If you are two or three payments late, the lender may still make arrangements to repay, but you may have to put up to half of the outstanding balance to resume the loan. Never ignore the lender letters and notices. Always keep in contact with the lender to keep them aware of the situation. Ignoring the problem only makes the situation worse and increases the costs.
4. You may get a loan modification through the lender bailout programs from the government. If you qualify the lender will adjust the terms of the mortgage to make the loan more affordable. They can lower the interest rate, re-amortize the past due amounts into a new loan, or lengthen the time period of the loan to reduce the payments.
5. Some companies may offer a short refinance where the lender forgives some of your debt and refinances the rest into a new loan. The lender is able to get more money this way rather than foreclosing on you which creates a win-win for both of you.
6. Deed in Lieu of foreclosure is another possible step that can help. Basically you sign the paperwork to give up your rights to the home and give it back to the bank. Then the bank can skip the foreclosure process without having to foreclose.
7. This last step is negative on your credit and should be avoided if possible. You can file chapter 13 bankruptcy to stop the foreclosure process and can force the mortgage lender to accept a more friendly payment plan. A bankruptcy will affect your credit for 10 years.
If all the seven steps above fail, you may still have one option. You can sell the property up until a few days before the sheriff sale. You can contact an investor such as me and we may purchase your home and put money back into your pocket if your situation allows it. For more details or to hear a free recorded message with these steps you can call 888-442-2320 x9004.
Here is the information an investor will need to know about your situation to see if you qualify.
1. How much is owed and how much is past due
2. Does the payment include taxes, if not are taxes overdue?
3. Has a notice of Sheriff sale been received?
4. Has the bank sent a list of additional expenses resulting from the foreclosure process?
5. The address of the property.
6. The condition of the house from one to five.
7. Your contact information so they can contact you.
By using these simple steps you may keep a foreclosure off of your record, possibly receive some money back and give you piece of mind by alleviating part of your financial responsibility and burden.
Tony Barnes is the President of Barnes Investment Properties and is a Private Real Estate Investor. Tony looks for win-win situations where the buyer, the seller and Tony can all win. For more foreclosure information go to http://seller.barnesip.com
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