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Stop Foreclosure Without Hiring an Expensive Specialist
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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.
Commercial property owners are the next big group of mortgage holders facing foreclosure on their property due to the economic downturn resulting in higher vacancies, higher debt service and reduced rents.
Whether you are a commercial property owner or homeowner facing foreclosure, there are solutions that will help you stop foreclosure.
This article will highlight your best options.
Five ways to prevent the foreclosure sale include:
1. Negotiate a short sale (Learn how critical your hardship letter is to get approval)
2. Loan modification (Learn how to cut to the front of the line for faster approval and get the best terms for you, not the bank)
3. A little-known government program that stops a foreclosure in less than a day (The ultimate street-fighting tactic to use when all else fails)
4. Refinance your loan
5. Bankruptcy (Learn to claim maximum benefits under Chapter 7 and 13)
Selling your property by negotiating a short sale
If you must sell your property 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) (if you have a 1st and 2nd lien, for example) to agree to discount the loan balance(s) 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.
If you hire a real estate broker to sell your property, make sure the broker has a lot of experience with short sales and dealing with the lender.
Your Hardship Letter Is Critical To Your Success
The quality of your short sale hardship letter to the lender will determine if your request is granted or denied.
Many property owners have had great success in getting their short sale request approved with the help of this Short Sale Hardship Letter Workbook.
Loan Modification
If you want to stop the foreclosure and keep the property and have more affordable payments, your next solution is to negotiate a loan modification with your lender(s). Even if you owe more than the property is worth, ie, “overleveraged” on your equity in the property, 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 thousands of files on the desks of loss mitigators in the department.
TIP: If getting a loan modification is an option for you, you stand a better chance of getting approved by your lender if you apply yourself and not through a loan modification company or attorney.
It is a little-known fact that banks and loan servicers hate working with these third parties.
On top of that, you’ll avoid the experience of so many homeowners who are getting ripped off by loan modification scams and even negligent attorneys.
Many property owners are having great success using the step-by-step instructions provided in our recommended DIY Loan Modification Workbook.
The author, Mike Rockwood, has modified five of his own loans, including his personal residence and investment property.
Mike has created a top-notch workbook to walk you through the steps of cutting to the front of the line, so-to-speak, for faster approval and fighting to get the best terms on your loan modification.
Click here to get proven help with your home loan modification
Little-known strategy you can do yourself using a government program that stops a foreclosure in less than a day
If you really want to keep your property, you can use this option in a few ways:
1. As a last-ditch effort when all other options won’t work such as a loan modification or forebearance and you need to buy some time (up to several months) to work out another solution.
2. As a precautionary step to keep the bank from auctioning your property or foreclosing even if they have agreed to a loan modification or short sale.
This outrageous action has already happened to property owners as sited in numerous news stories.
3. To protect yourself if your lender is dragging their buns approving your request and the clock is ticking.
4. You hired a loan modification company or attorney and they turned out to be one of many scammers and just took your money and ran and you need time to work out another solution. Who hasn't heard of these scam-artist stories in the news?
Click here for more details on this stop foreclosure option
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 Protection
Filing for bankruptcy will temporarily suspend the foreclosure proceedings. This can buy you some time to negotiate with your lender a loan modification or short sale.
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.
If you feel that bankruptcy protection is your only option, review this Bankruptcy Strategies Workbook on getting the maximum benefits under Chapter 7 and 13. It's written by a bankruptcy attorney with 25 years of experience who has helped 5,000 clients.
TIP: One more thing you will likely want to do once you solve your foreclosure problem, is to fix your credit.
You probably have mortgage lates and other derogatory items on your credit report that you 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.
Click here for details on a DIY Credit Repair Workbook
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
Commercial property owners are the next big group of mortgage holders facing foreclosure on their property due to the economic downturn resulting in higher vacancies, higher debt service and reduced rents.
Whether you are a commercial property owner or homeowner facing foreclosure, there are solutions that will help you stop foreclosure.
This article will highlight your best options.
Five ways to prevent the foreclosure sale include:
1. Negotiate a short sale (Learn how critical your hardship letter is to get approval)
2. Loan modification (Learn how to cut to the front of the line for faster approval and get the best terms for you, not the bank)
3. A little-known government program that stops a foreclosure in less than a day (The ultimate street-fighting tactic to use when all else fails)
4. Refinance your loan
5. Bankruptcy (Learn to claim maximum benefits under Chapter 7 and 13)
Selling your property by negotiating a short sale
If you must sell your property 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) (if you have a 1st and 2nd lien, for example) to agree to discount the loan balance(s) 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.
If you hire a real estate broker to sell your property, make sure the broker has a lot of experience with short sales and dealing with the lender.
Your Hardship Letter Is Critical To Your Success
The quality of your short sale hardship letter to the lender will determine if your request is granted or denied.
Many property owners have had great success in getting their short sale request approved with the help of this Short Sale Hardship Letter Workbook.
Loan Modification
If you want to stop the foreclosure and keep the property and have more affordable payments, your next solution is to negotiate a loan modification with your lender(s). Even if you owe more than the property is worth, ie, “overleveraged” on your equity in the property, 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 thousands of files on the desks of loss mitigators in the department.
TIP: If getting a loan modification is an option for you, you stand a better chance of getting approved by your lender if you apply yourself and not through a loan modification company or attorney.
It is a little-known fact that banks and loan servicers hate working with these third parties.
On top of that, you’ll avoid the experience of so many homeowners who are getting ripped off by loan modification scams and even negligent attorneys.
Many property owners are having great success using the step-by-step instructions provided in our recommended DIY Loan Modification Workbook.
The author, Mike Rockwood, has modified five of his own loans, including his personal residence and investment property.
Mike has created a top-notch workbook to walk you through the steps of cutting to the front of the line, so-to-speak, for faster approval and fighting to get the best terms on your loan modification.
Click here to get proven help with your home loan modification
Little-known strategy you can do yourself using a government program that stops a foreclosure in less than a day
If you really want to keep your property, you can use this option in a few ways:
1. As a last-ditch effort when all other options won’t work such as a loan modification or forebearance and you need to buy some time (up to several months) to work out another solution.
2. As a precautionary step to keep the bank from auctioning your property or foreclosing even if they have agreed to a loan modification or short sale.
This outrageous action has already happened to property owners as sited in numerous news stories.
3. To protect yourself if your lender is dragging their buns approving your request and the clock is ticking.
4. You hired a loan modification company or attorney and they turned out to be one of many scammers and just took your money and ran and you need time to work out another solution. Who hasn't heard of these scam-artist stories in the news?
Click here for more details on this stop foreclosure option
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 Protection
Filing for bankruptcy will temporarily suspend the foreclosure proceedings. This can buy you some time to negotiate with your lender a loan modification or short sale.
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.
If you feel that bankruptcy protection is your only option, review this Bankruptcy Strategies Workbook on getting the maximum benefits under Chapter 7 and 13. It's written by a bankruptcy attorney with 25 years of experience who has helped 5,000 clients.
TIP: One more thing you will likely want to do once you solve your foreclosure problem, is to fix your credit.
You probably have mortgage lates and other derogatory items on your credit report that you 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.
Click here for details on a DIY Credit Repair Workbook
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
