Foreclosure rates have been climbing at alarming rates. Much of this is due to adjustable rates on mortgages taken 3-5 years ago adjusting upwards. With the largest slice of mortgages adjusting in the next few quarters, the country faces an epidemic. Companies like Home Assure, LLC are springing up with promises to negotiate with your lender on your behalf and keep you in your home. How do these companies do this you ask? Well there are a few different ways they can do this.

Foreclosure rates have been climbing at alarming rates. Much of this is due to adjustable rates on mortgages taken 3-5 years ago adjusting upwards. With the largest slice of mortgages adjusting in the next few quarters, the country faces an epidemic. Companies like HomeAssure are springing up with promises to negotiate with your lender on your behalf and keep you in your home. How do these companies do this you ask? Well there are a few different ways they can do this.

• Reinstatement - Pay your lender(s) all of your past due payments to bring your mortgage current. This option is rarely feasible for consumers.

• Restructure - We can negotiate with your lender to get your loan in good standing again. There are many options available to us to get a restructure approved like a separate payment plan for your delinquency or even adding the delinquency to the end of your loan. In order to qualify for this option, you must have sufficient income to cover your immediate financial obligations. This is the most common and desirable option to most.

• Refinance - Refinancing a delinquent mortgage is almost impossible to do in this environment. Banks are simply no tin the market to lend money to those that are currently delinquent.

• Sell Your Home - You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option.

• Short Sale - Companies like HomeAssure may be able to negotiate a Short Sale on your behalf with your lender(s). In this instance the lender may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.

• Deed-in-Lieu of Foreclosure - These companies can also arrange for you to simply give the home back to the lender and walk away with a clean slate.

• Bankruptcy - This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure.

• Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The lender will take your home and all of your equity. If there is no equity, your lender may get a deficiency judgment against you and come after you to repay the shortage or deficiency. This is the most damaging to your credit and your ability to acquire another home loan.

So as you can see, fighting foreclosure is certainly an option. There is no need to just surrender your home to the bank and lose your home. If you find yourself in one of these situations, be sure to review your options, and pick the one that is right for you.

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