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 Save the Dream is the newest interactive and informative web site created by the State of Ohio to help homeowners try to save their home from Foreclosure. CentralOhio-Homes wants to make it as easy as possible for everyone that is trying to make the American Dream a reality come true. Click on the logo to go directly to their web site.
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Avoiding Foreclosure
I today’s real estate market, foreclosure properties are becoming a major problem. Many home owners are facing the inevitable foreclosure process for a variety of reason. Many choose to purchase their homes with ARM’s (Adjustable Rate Mortgages) that are now coming to the period of interest rate changes. I have personally had clients that saw their payment go from $1200 per month to over $1800 per month.
Most people can not afford to sustain that large a jump in their monthly mortgage payment. And for this reason are facing foreclosure. Foreclosure does not just happen because your payment went up, many things can happen in our lives, such as illness, loss of job or many other catastrophic events. Fortunately there are many options for people facing foreclosure. I will try to outline some of the option here, but each case most be looked at individually. Please do not take any of this as legal advice; this comes from my years of experience in dealing with such cases.
Call the loss mitigation department of your mortgage lender – immediately
If you qualify, several options may be available to you;
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Forbearance Agreement -- This is a written repayment plan based on your current financial status. You make your regular payment, plus part of what you owe, until you catch up. Some lenders suspend payments for a month or two.
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Mortgage Modification -- The lender may extend the timing on the mortgage loan out over a new thirty-year period and/or reduce your monthly payment.
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Partial Claim _ If you have an FHA loan, HUD may consider lending you the money to catch up on what you owe by means of an interest-free loan that you will pay back when you sell the property or pay off your first mortgage.
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Pre-Foreclosure Sale(Short Sale)
-- You may be allowed to sell the property for less than the mortgage balance. This hurts your credit less than an actual foreclosure.
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Deed-In-Lieu of Foreclosure -- As a last resort, it may be best to give the house back to the lender. This usually requires the use of an attorney. This is better for your credit than an actual foreclosure.
These are real option for people facing foreclosure for what ever the reason. I would caution you to beware of the many scams that have arisen in this market. Many people a re losing their homes, credit and being evicted from their homes. Please speak only with a reputable lender and/or a licensed REALTOR®.
Below I have include may free reports and guide to help you in the foreclosure process. Please feel free to download them and share them with anyone that might be in this frightening situation.
Resources
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Free Foreclosure Reports
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