3 Things You Should Know if Facing Foreclose
This is one of those possible life changing decisions that should only be made after consolations with both your legal and tax advisors.
#1. Talk to your lender. Depending on your lender, you may be able to restructure your mortgage if you’re late in making monthly payments. The delinquent mortgage payments may be added to the mortgage balance, or the homeowner could be given additional time to make catch-up payments.
#2. If you can no longer afford your adjustable loan rate, don’t count on bankruptcy court to save your home: Changes in the bankruptcy law in 2005 have made it harder for homeowners to qualify for a “fresh start” and prevent foreclosure. #3. Instead, work with a qualified credit counseling service to restructure your non-mortgage debt to free up cash flow. Federal help may also soon be on the way: Mortgage finance giants Fannie Mae and Freddie Mac are planning to introduce alternative financing to help homeowners with subprime loans avoid foreclosure.[tags] foreclosures, home foreclosures, real estate market[/tags] San Diego California Realtors
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I definitely agree with #1. Always stay in close contact with your banker and don’t doubt that he won’t help you out with your mortgage. You never know.
Sheanna
San Diego California Plastic Surgery
There are numerous credit counseling services available that people should look into prior to filing bankruptcy.
-Perry
San Diego County Medical Studies
Filing bankruptcy should be thought of as a LAST resort not as an EASY way out.
rich
San Diego Clinical Studies