search foreclosure information

New to Avoid-Foreclosure-Services? Here you'll find a free answers to foreclosure questions and how to stop foreclosure!

help prevent foreclosure Simply quote your foreclosure refinance and receive a free advice from foreclosure specialists. You have nothing to loose. Compare ways to stop foreclosure safely and securely.

Relevant searches
What other people who read this article are searching for:


  • What Happens In Foreclosure
  • Foreclosure Lender
  • Foreclosure Information
  • Foreclosure Loan
  • Foreclosure Help
  • Mortgage Foreclosure
  •  

    How To Avoid Foreclosure
    by Kimberly Patrick


    The guidance below is applicable to homeowners with FHA Insured loans. While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned may be available to you if you have a VA or conventional loan. Additionally, HUD/FHA does not have any Loss Mitigation oversight over VA or conventional loans. Please contact your lender or a housing counseling agency.

    Q: What Happens When I Miss My Mortgage Payments?

    Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additional amount.Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.

    Q: What Should I Do?

    DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your
    situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.

    Stay in your home for now. You may not qualify for assistance if you abandon your property.
    Contact a HUD-approved housing counseling agency. Call (800) 569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.

    Q: What Are My Alternatives?

    You may be considered for the following:Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

    Partial Claim.

    Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.You may qualify if:

    Your loan is at least 4 months delinquent but no more than 12 months delinquent;

    You are able to begin making full mortgage payments.

    When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full.The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.You may qualify if:

    The loan is at least 2 months delinquent;

    You are able to sell your house within 3 to 5 months; and

    A new appraisal (that your lender will obtain) shows that the value of your home meets HUD program guidelines.

    Deed-in-lieu of foreclosure.

    As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.You may qualify if:

    You are in default and don't qualify for any of the other options;

    Your attempts at selling the house before foreclosure were unsuccessful; and

    You don't have another FHA mortgage in default.

    Q: Should I Be Aware of Anything Else?

    Yes. Beware of scams! Solutions that sound too simple or too good to be true usually are. If you're selling your home without professional guidance, beware of buyers who try to rush you through the process. Unfortunately, there are people who may try to take advantage of your financial difficulty. Be especially alert to the following:Equity skimming. In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him or her. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose. Remember, signing over your deed to someone else does not necessarily relieve you of your obligation on your loan.Phony counseling agencies. Some groups calling themselves "counseling agencies" may approach you and offer to perform certain services for a fee. These could well be services you could do for yourself for free, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale. If you have any doubt about paying for such services, call a HUD-approved housing counseling agency at (800) 569-4287 or TDD (800) 877-8339. Do this before you pay anyone or sign anything.

    Q: Are There Any Precautions I Can Take?

    Here are several precautions that should help you avoid being "taken" by a scam artist:

    Don't sign any papers you don't fully understand.

    Make sure you get all "promises" in writing.

    Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt.

    Check with a lawyer or your mortgage company before entering into any deal involving your home.

    If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information.

    Q: What Are the Main Points I Should Remember?

    Don't lose your home and damage your credit history.

    Call or write your mortgage lender immediately and be honest about your financial situation.

    Stay in your home to make sure you qualify for assistance.

    Arrange an appointment with a HUD-approved housing counselor to explore your options at (800) 569-4287 or TDD (800) 877-8339.

    Cooperate with the counselor or lender trying to help you.

    Explore every alternative to keep your home.

    Beware of scams.

    Do not sign anything you don't understand. And remember that signing over the deed to someone else does not necessarily relieve you of your loan obligation.

    Act now. Delaying can't help. If you do nothing, YOU WILL LOSE YOUR HOME and your good credit rating.

    About the Author...

    My name is Kim Patrick, and I have worked as a Loan Officer in the mortgage industry since 1994. I have helped countless people, over the years, achieve their goal of homeownership.

    I am a Financial Advisor, and regardless of whether or not my customers are first time homebuyers, or experienced homeowners, I look at their whole financial picture and make recommendations on how they can best achieve their financial goals.

    My goal is to help folks who have credit "issues", as they call them in my business, find their way out of the proverbial "paper bag" and achieve the American dream of owning their own home.

    If you want to read more articles like this please visit my blog at http://creditrepair4u.wordpress.com

    More info on your stop foreclosure information search:

    Get Free Foreclosure Advice and Free Refinance Quotes
    Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...


    Summary Of Vermont State Foreclosure Law
    There are four different type of foreclosure are followed in Vermont. Strict foreclosure Power of sale foreclosure Judicial foreclosure Non-Judicial foreclosure What is the processing period for foreclosure in Vermont? Processing period is normally 210 days (Approximately 7 months) in Vermont. Is ... more...

    What Happens After Foreclosure? A Guide for Homeowners
    What happens after foreclosure depends on whether you live in a state that has a Redemption Period. A Redemption Period is a time after the house has been auctioned to the highest bidder that the homeowner has to buy it back for the auction price. The time varies by state. In some places, it is as ... more...

    Judicial And Non Judicial Foreclosure In New Hampshire
    In New Hampshire foreclosure is done by Judicial or Non-judicial method or sometimes by special methods such as Entry under process, Entry and publication or possession and publication. What is the processing period for foreclosure in New Hampshire? It varies by the process, but normal is around 60 ... more...

    What Happens After Foreclosure Depends on What You Do Today
    What happens after foreclosure depends on what you do today. You see, the three deadly sins of the credit report world are foreclosure, bankruptcy, and eviction. All too often, people facing foreclosure end up with all three on their record. In an extremely bad situation, what happens after ... more...


    More on what happens in foreclosure...

     

    avoid foreclosure services
    Home
    search foreclosure info answers
    Search
    about  us
    About
    privacy policy
    Privacy
    terms of service
    Terms
    contact us
    Contact
    information for doeclosure specialists
    Agents
    Foreclosure Refinance: Stop Foreclosure Refinance , FHA Foreclosure Refinance, VA Foreclosure,
    Ways to Stop Foreclosure: How to avoid losing your home, Foreclosure Help Loans, We pay cash for houses, Foreclosure Mitigation, stop foreclosure in Alabama, stop foreclosure in Alaska, stop foreclosure in Arizona, stop foreclosure in Arkansas, stop foreclosure in California, stop foreclosure in South Carolina, stop foreclosure in North Carolina, stop foreclosure in Colorado, stop foreclosure in Connecticut, stop foreclosure in Dakota, stop foreclosure in DC, stop foreclosure in Delaware, stop foreclosure in Florida, stop foreclosure in Georgia, stop foreclosure in New Hampshire, stop foreclosure in Hawaii, stop foreclosure in Idaho, stop foreclosure in Illinois, stop foreclosure in Indiana, stop foreclosure in Iowa, stop foreclosure in New Jersey, stop foreclosure in Kansas, stop foreclosure in Kentucky, stop foreclosure in Louisiana, stop foreclosure in Maine, stop foreclosure in Maryland, stop foreclosure in Massachusetts, stop foreclosure in New Mexico, stop foreclosure in Michigan, stop foreclosure in Minnesota, stop foreclosure in Mississippi, stop foreclosure in Missouri, stop foreclosure in Montana, stop foreclosure in Nebraska, stop foreclosure in Nevada, stop foreclosure in New York, stop foreclosure in Ohio, stop foreclosure in Oklahoma, stop foreclosure in Oregon, stop foreclosure in Pennsylvania, stop foreclosure in Tennessee, stop foreclosure in Texas, stop foreclosure in Utah, stop foreclosure in Vermont, stop foreclosure in Virginia, stop foreclosure in Virginia, stop foreclosure in Washington, stop foreclosure in Wisconsin, stop foreclosure in Wyoming
    Foreclosure Laws: How to avoid losing your home, Alabama, Alaska, Arizona, Arkansas, California, South Carolina, North Carolina, Colorado, Connecticut, Dakota, DC, Delaware, Florida, Georgia, New Hampshire, Hawaii, Idaho, Illinois, Indiana, Iowa, New Jersey, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, New Mexico, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Virginia, Washington, Wisconsin, Wyoming
    Avoid-Foreclosure-Services.com is a free tool to find foreclosure information when your need it most. Avoid-Foreclosure-Services.com is not a lender, broker, foreclosure mitigation company, or affiliate of any foreclosure financial services. © 2007-2008