Submitted by Naomi M on Tue, 10/30/2007 - 18:27.
Stop Foreclosure Without Hiring an Expensive Specialist
Homeowners all across the country need help to stop home foreclosure. You may be one of millions of homeowners now facing foreclosure or you likely know of someone in this dire situation.
Millions of homeowners are facing huge increases in their house payment because their ARM or adjustable rate mortgage has reset. This one factor is a big contributor to the historic foreclosure rates we are now experiencing.
There are ways to help stop foreclosure fast
Fortunately, there are solutions that will help you either sell your home successfully or keep your home and make your house payment more affordable.
Four ways to prevent the foreclosure sale include:
1. Negotiate a short sale
2. Loss mitigation
3. Refinance your loan
4. Bankruptcy
Let me easily explain what these solutions are.
Selling the house by negotiating a short sale
If you must sell your home and...
[1] Your loan balances and costs to sell exceed what your property is currently worth and
[2] You don’t have any money to make up the difference between what you owe and what you can sell your property for...
you will need to get your lender(s) to agree to discount the loan balance owed and pay your selling costs including your real estate agent’s commission.
You will have to prepare a package of documents the lender(s) will provide to you to make a “case” to convince the lender that taking a “short sale” loss will cost them less money than letting the house go to foreclosure.
Your real estate agent can help you complete the short sale package. However, I also urge you to educate yourself about the short sale process.
You can search around the internet for bits and pieces of information or you can get a comprehensive education for about $50 from a “Virtual Short Sale Expert” (try hiring a lawyer for 1 hour for that amount) to make sure your agent knows what they’re doing to avoid costly mistakes. Keep in mind, once the NOD (Notice of Default) is filed, the clock is ticking towards your foreclosure sale date.
An Option
Once you learn how to negotiate a successful short sale you may even decide to sell the property yourself. Learn more about using a “Virtual Short Sale Expert” to help you in this section.
If you want to stop the foreclosure and continue to live in the house and have affordable payments, your next solutions are loss mitigation, refinancing the loan(s) and filing for bankruptcy protection.
Stopping the foreclosure using Loss Mitigation
To mitigate means “to make something less harsh or severe.” So, in the context of what we’re discussing, this foreclosure solution involves you negotiating with your lender(s), namely their Loss Mitigation department, to make the impending foreclosure sale “less harsh or severe” by negotiating an alternative solution that benefits you and your lender.
Even if you owe more than the property is worth, ie, “overleveraged” on your equity in the home, a negotiation can be worked out.
Solutions can involve a loan modification plan or a repayment plan that is realistic for the both of you. A loan modification plan may include a partial payment of amounts in arrears and then an extension of the loan terms.
Loss Mitigation departments are very, very busy right now. You can just imagine how overwhelmed they are with hundreds or thousands of files on the desks of loss mitigators in the department.
Many Loss Mitigators aren't up-to-date with current housing prices. They still think values are higher than what they really are. So you will need to convince them of the realities of your market as property values continue to decline.
The right education will help you successfull work with your Loss Mitigation department before you pick up the phone to contact them. You don’t want to mess this up. There are strategies that work quickly and effectively. You also need to know the single best way to assemble a complete, professional-looking, proposal package and send it at the right time so it gets accepted.
You can hire a Loss Mitigation Specialist or service to do this for you. This will cost you on average, $1,500. Depending on your situation it can be less or a lot more. The other option is to spend a fraction of that cost, about $50, and learn from a “Virtual Expert” how to do it yourself. Learn more about using a “Virtual Loss Mitigation Expert” in this section.
Refinance your loan
Another solution to your pre-foreclosure problem is to refinance your loan(s) that are in default. This solution may not work for you under certain circumstances, including:
1. You don’t have the equity needed to refinance your loan(s)
2. You have mortgage lates on your credit report and other derogatory credit accounts. The terms of the new loan may be worse than what you’ve got already.
3. If you have a pre-payment penalty with your existing loan, that can be a big chuck of change to lose.
Bankruptcy
Filing for bankruptcy immediately stops all of your creditors from seeking to collect debts from you (including your mortgage), at least until your debts are sorted out according to the law. Filing for bankruptcy is not as easy at it used to be with the new bankruptcy laws that went into effect October 17, 2005. The new bankruptcy law requires, among other things, individuals to go through a minimum 3-month credit counseling period before filing for bankruptcy. You may not have enough time to do that if your NOD has already be filed.
Summary
These are the best ways to stop pre-foreclosure and avoid foreclosure altogether. If you have received an NOD you don’t have time to waste. Make a decision and take action on one of these solutions. Learn more about the “Virtual Short Sale Expert” and “Virtual Loss Mitigation Expert” help today.
P.S.
One more thing you will likely want to do once you solve your foreclosure problem, is the fix your credit. You probably have mortgage lates and other derogatory items on your credit report that would love to have permanently removed.
This can be accomplished, too, on your own, without having to pay an expensive attorney or hire a credit repair company. You may have already guessed - you can use a "Virtual Credit Repair Expert," too! Review my recommendations.
Stop pre-foreclosure, foreclosure in every state including: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Washington DC, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
Millions of homeowners are facing huge increases in their house payment because their ARM or adjustable rate mortgage has reset. This one factor is a big contributor to the historic foreclosure rates we are now experiencing.
There are ways to help stop foreclosure fast
Fortunately, there are solutions that will help you either sell your home successfully or keep your home and make your house payment more affordable.
Four ways to prevent the foreclosure sale include:
1. Negotiate a short sale
2. Loss mitigation
3. Refinance your loan
4. Bankruptcy
Let me easily explain what these solutions are.
Selling the house by negotiating a short sale
If you must sell your home and...
[1] Your loan balances and costs to sell exceed what your property is currently worth and
[2] You don’t have any money to make up the difference between what you owe and what you can sell your property for...
you will need to get your lender(s) to agree to discount the loan balance owed and pay your selling costs including your real estate agent’s commission.
You will have to prepare a package of documents the lender(s) will provide to you to make a “case” to convince the lender that taking a “short sale” loss will cost them less money than letting the house go to foreclosure.
Your real estate agent can help you complete the short sale package. However, I also urge you to educate yourself about the short sale process.
You can search around the internet for bits and pieces of information or you can get a comprehensive education for about $50 from a “Virtual Short Sale Expert” (try hiring a lawyer for 1 hour for that amount) to make sure your agent knows what they’re doing to avoid costly mistakes. Keep in mind, once the NOD (Notice of Default) is filed, the clock is ticking towards your foreclosure sale date.
An Option
Once you learn how to negotiate a successful short sale you may even decide to sell the property yourself. Learn more about using a “Virtual Short Sale Expert” to help you in this section.
If you want to stop the foreclosure and continue to live in the house and have affordable payments, your next solutions are loss mitigation, refinancing the loan(s) and filing for bankruptcy protection.
Stopping the foreclosure using Loss Mitigation
To mitigate means “to make something less harsh or severe.” So, in the context of what we’re discussing, this foreclosure solution involves you negotiating with your lender(s), namely their Loss Mitigation department, to make the impending foreclosure sale “less harsh or severe” by negotiating an alternative solution that benefits you and your lender.
Even if you owe more than the property is worth, ie, “overleveraged” on your equity in the home, a negotiation can be worked out.
Solutions can involve a loan modification plan or a repayment plan that is realistic for the both of you. A loan modification plan may include a partial payment of amounts in arrears and then an extension of the loan terms.
Loss Mitigation departments are very, very busy right now. You can just imagine how overwhelmed they are with hundreds or thousands of files on the desks of loss mitigators in the department.
Many Loss Mitigators aren't up-to-date with current housing prices. They still think values are higher than what they really are. So you will need to convince them of the realities of your market as property values continue to decline.
The right education will help you successfull work with your Loss Mitigation department before you pick up the phone to contact them. You don’t want to mess this up. There are strategies that work quickly and effectively. You also need to know the single best way to assemble a complete, professional-looking, proposal package and send it at the right time so it gets accepted.
You can hire a Loss Mitigation Specialist or service to do this for you. This will cost you on average, $1,500. Depending on your situation it can be less or a lot more. The other option is to spend a fraction of that cost, about $50, and learn from a “Virtual Expert” how to do it yourself. Learn more about using a “Virtual Loss Mitigation Expert” in this section.
Refinance your loan
Another solution to your pre-foreclosure problem is to refinance your loan(s) that are in default. This solution may not work for you under certain circumstances, including:
1. You don’t have the equity needed to refinance your loan(s)
2. You have mortgage lates on your credit report and other derogatory credit accounts. The terms of the new loan may be worse than what you’ve got already.
3. If you have a pre-payment penalty with your existing loan, that can be a big chuck of change to lose.
Bankruptcy
Filing for bankruptcy immediately stops all of your creditors from seeking to collect debts from you (including your mortgage), at least until your debts are sorted out according to the law. Filing for bankruptcy is not as easy at it used to be with the new bankruptcy laws that went into effect October 17, 2005. The new bankruptcy law requires, among other things, individuals to go through a minimum 3-month credit counseling period before filing for bankruptcy. You may not have enough time to do that if your NOD has already be filed.
Summary
These are the best ways to stop pre-foreclosure and avoid foreclosure altogether. If you have received an NOD you don’t have time to waste. Make a decision and take action on one of these solutions. Learn more about the “Virtual Short Sale Expert” and “Virtual Loss Mitigation Expert” help today.
P.S.
One more thing you will likely want to do once you solve your foreclosure problem, is the fix your credit. You probably have mortgage lates and other derogatory items on your credit report that would love to have permanently removed.
This can be accomplished, too, on your own, without having to pay an expensive attorney or hire a credit repair company. You may have already guessed - you can use a "Virtual Credit Repair Expert," too! Review my recommendations.
Stop pre-foreclosure, foreclosure in every state including: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Washington DC, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
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