Your receipt of a notice of foreclosure letter can leave you scrambling for options and many homeowners end up trying foreclosure alternatives that do not work. One thing that you will not get when a lender sends this notice is a tip sheet on ways to avoid foreclosure. Why? Your lender wants you out of their home. That’s right. You made a life in their home and they are notifying you that they are now taking it back. If you don’t have the money to hire an attorney to fight, you can seek avoid foreclosure options that are alternatives to the norm. You should be careful of trying foreclosure alternatives that do not work to save you time and money when you have little of each left.
A quick search online for foreclosure help can present you with ways that homeowners have used in the past to fight mortgage lenders. One of the problems with these methods is that they are outdated and no federal assistance has been updated. Lenders are taking back homes right and left while homeowners are lost in the shuffle using old tips.
Foreclosure Alternatives That Do Not Work
This method used to be a way out of foreclosure back when home prices were sky high. The drop in the last 6 years of home values has nearly wiped out all the equity that was built up. Most homes are now worth less than the mortgages that are owed. This is a lose-lose situation for a mortgage lender and the reason that refinancing no longer works. Credit worthiness is also a factor. Banks and lenders won’t renegotiate a mortgage if you have less than a perfect credit score.
Job loss and other financial difficulties that prevent you from paying your mortgage are now frowned upon by lenders. When you obtain a mortgage, you are guaranteeing with your signature that your payments will be on time for the length of the mortgage. Your personal financial situation is not supposed to change. Missing payments due to job loss or unemployment usually do not guarantee approval for forbearance. Most lenders will not erase missed payments that were guaranteed to them in mortgage contracts.
When you are behind on payments, the last thing that a bank or lender will consider is modifying your loan. The problem with this method is that there are many qualified applicants that could take over your current mortgage at the standard rate. Lenders know this and work hard behind the scenes to throw you out of your home. Negotiations and modifications usually fail after a notice of foreclosure is sent to you. A limited amount of time is available for modifications, but only before you experience several missed mortgage payments.
“Say No to Foreclosure Alternatives That Do Not Work”
Call 1-800-589-4106 and speak to educated counselors that know how to help you avoid foreclosure with proven methods. Don’t waste time with foreclosure alternatives that do not work to keep you from losing the home that you love.