Stopping Potential Foreclosure
Although the vast majority of homeowners continue to make their monthly mortgage payments on time, many homeowners have fallen behind their payment schedule and face the possibility of foreclosure on their homes.
Without a sense of irony, many of the same mortgage brokers that promoted subprime, interest-only and no-money down loans have moved to a new line of work: the “loan modification” industry. The “loan modification” industry offers consumers a way out of their current loan structure, often lowering the monthly payments – for a fee, of course.
Companies like “Foreclosure Shield,” “Fight Foreclosure.Com” and “Stop Foreclosure.Com” are popping up across the Internet like wild flowers. But do homeowners need to pay a fee to a third party in order to achieve relief from their mortgage obligations?
In some cases, the answer is probably not.
Ways to Avoid Foreclosure
The dirty secret is that most banks do not want to foreclose on your property. Banks typically lose money by foreclosing. Banks now hold so many homes they can’t sell even at deep discounted prices, the last thing they want is more property on their books. That’s why many lending institution are willing to renegotiate the terms and structure of current loans to provide barrowers short-term relief. In some instances, banks have changed high interest loans to a flat 5% interest rate for five years to help give homeowners a chance to get back on their feet.
But if you run into difficulty with your mortgage payments, do not ignore your lender’s letters and calls for payment. Depending on your situation and circumstances, you should contact your lender to ask for relief.
Possible options to help avoid foreclosure include:
• Special Forbearance
Special Forbearance is a written repayment agreement between the lender and barrower that contains a plan to reinstate a loan that has been delinquent for at least 90 days. This is not always an option but some banks and mortgage companies can provide temporary reduction or suspension of your payments, based upon circumstances.
• 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 but your net income is less than it was before the default (failure to pay). If you have sufficient equity and meet the lender's lending guidelines, the lender might increase your loan balance to include the back payments and re-amortize the loan.
• HUD Help
The Federal Government through the Office of Housing and Urban Development is working with mortgage companies to provide interest-free loans (“Partial Claim” loans) to bring your mortgage current. You may qualify if:
o Your loans if more than four months behind not no more than one-year delinquent
o Your mortgage is not in foreclosure
o You are able to begin making full mortgage payments.
• Selling Prior To Foreclosure
This will allow you to sell your property and pay off your mortgage loan for less than you owe, to avoid foreclosure and damage to your credit rating. You must meet certain requirements to qualify for this option.
• Deed-In-Lieu Of Foreclosure
As a last resort, you may be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it will help your chances of getting another mortgage loan in the future. You can 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 mortgage in default.
• Repayment Plan
For example, if your payment is $2,500 a month, the lender might let you add $200 a month to each payment for a year until you are caught up.
Act As Early As Possible
Once your lender files a Notice of Default, your options become extremely limited. You’l have more options (and less stress) if you call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.
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CREDIT SCORES
Did You Know?
You can get a free credit report once every 12 months without hurting your score? This service was created by the three nationwide consumer credit reporting companies, Equifax, Experian and Transunion in accordance with the Fair and Accurate Transactions Act (FACT Act).
To learn more or to get your free credit report, go to AnnualCreditReport.com.
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By: RJ Matson, The St. Louis Post Dispatch, courtesy of Cagle Cartoons
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