Nobody expects it to happen but many families are facing a home loan foreclosure. For whatever reason, these families can no longer afford their homes and the banks are forcing them out. Why is this happening to so many people? Most of the home loan foreclosures are happening because people signed sub prime mortgages. That means they didn t have the credit to get a normal mortgage so they were enticed with a sub prime mortgage that had a very low initial interest rate. The problem is that the families didn t realize that their rate would jump in a few months. When that happened, the monthly note became so high that they began to default. Several months have now gone by and the foreclosure notice was given. Now they must find someplace to live. Whether you signed a sub prime mortgage or you lost your job and can no longer pay your mortgage, you should take action to prevent a home loan foreclosure at any cost. First, research all the home foreclosure information you can and then take the following steps to enable you to keep your home.
Get Money
You ve spent so much time and money on your home, the last thing you want to do is move out. Therefore, you need to exhaust all avenues to prevent this home loan foreclosure from happening. You should call everyone you know, friends and family alike, and ask them for loans. Your pride is going to hurt as nobody likes to ask for money, but it s better to do that then to move your family out onto the street. If you don t have anyone to ask, then you need to look around at things you can sell. The name of the game is money and you need to find it fast. If that all fails then second or third jobs need to be considered until your family gets back on their feet.
Contact the Mortgage Company
If you think you may miss a payment, you need to contact the mortgage company and inform them of your problems. The time to do that is before you face a home loan foreclosure. You don t want to contact them after you ve already missed three payments and then tell them you re in trouble. By that time, it s likely they ve already filed for a foreclosure. You may be able to get your payments deferred for a few months or even a reduced interest rate if the company is forgiving enough. At least it shows you re making an effort and hopefully the company will see that.
If all else fails and you absolutely cannot get out of your home loan foreclosure, you may have to look for someone to buy the home for what s left on it. You ll still lose the home but at least the foreclosure won t go on your record and that will allow you to hopefully find a cheaper home for your family to live in.