Category: foreclosure

In the world’s faltering economy today, there is increasing need for real estate foreclosure and mortgage foreclosure help. It is often not only homeowners who are finding themselves in trouble, but it is also real estate investors who are finding themselves in trouble with real estate prices dropping and no buyers in sight. There is mortgage foreclosure help available to the individual home owner and to these investors as the mortgage companies do not want to continue losing money through unpaid mortgage dues or all the fees required to complete a foreclosure.

Communication

There are some home owners who become scared when they are unable to pay a mortgage payment and will abandon their home in hopes of avoiding the issue of foreclosure. It is a very high pressure situation when a family is faced with the prospect of losing their home and a natural tendency is to run. This is the worst possible thing that individuals who are in financial trouble can do in that situation. Instead, they should become regular callers to their mortgage companies, providing updates on the current situation and the plans that they are working on to resolve their financial problems and begin regular payments once again.

Mortgage foreclosure help begins as soon as the individuals become aware that they may miss a payment. If this is a one time occurrence, then the mortgage company will often let them break it up into smaller payments that they can begin the following month in addition to their regular payment until they get caught up. If the individual knows that he will not be able to pay the following month as well, such as if he has lost his job or has had a cut in income for some reason, then he also needs to communicate the problem so that he can find out what the possibilities are for a solution until he is able to bring in more income.

Mortgage foreclosure help can often be given in terms of forbearance or a partial forgiveness of missed payments depending on the situation. The forbearance is usually granted for a couple of months to allow the individual to find other employment and begin to make payments again. It is important to continue to communicate during the forbearance so that the mortgage company is kept fully aware of all the individual is trying to do to fix the problem, which usually makes the mortgage company more likely to grant leniency with them.

Finding mortgage foreclosure help is a very important process that requires communication on the part of the individual who is in need. There is free foreclosure help that is available, and the best source is through working with the mortgage company, because they usually want to work out the problems without reaching the point of foreclosure as well, since they will lose money in the deal in a bigger way through foreclosure in most cases than working out a deal with the individual in need. Individuals do need to be careful of companies that tout free foreclosure help because there are some who offer initial services for free but then charge hidden fees throughout the process or try and buy the home at too low of a price, costing the individual thousands of dollars and heartache.

Talk, Talk, Talk

The best way to get free foreclosure help is to talk to the mortgage company as soon as the individual is aware that there may be a problem in paying the mortgage. Again, mortgage companies are usually very willing to work with individuals who are showing due diligence in communicating with them what the problem is and what they are actively doing to help to solve it. Many times the mortgage companies will give individuals a special forbearance so that they have a couple of months where they do not have to pay the mortgage in order to get another job or whatever it takes to begin to pay again.

Another way to get free foreclosure help is to talk to an agency that is approved by HUD. There are usually non-profit agencies in every town that are approved by HUD to give counseling and other services to individuals who are in danger of foreclosure. Most of the time these agencies services are free foreclosure help, although there are times that a small fee will be required. Usually the fee is based on the income of the individual, which is often waived since they are there because of financial trouble. These free foreclosure help agencies will usually sit down with the individual to talk through all of their current income and expenses to try and figure out where any cut backs can be made so that they can begin to pay their mortgage again. They will also look at the interest rate of the mortgage and at whether it is an ARM or not and advise the individual if they should try to refinance the loan to help them out.