STOP FORECLOSURE

How Homeowner Can Save Their Home From Foreclosure

Drive around and see how many signs you see that says House for Sale. How many lease purchases do you see? How many abandon houses are on your street? Our country is up against wall with delinquence mortgages. FHA mortgage lenders are filing claims in millions from HUD. How do I know? I counsel homeowners every month concerning their mortgage and what they need to do to protect their property and communicate with their mortgage lender.

What is cause of all these delinquence? There could be several reasons: Lost of a job, health issues, divorce, business failure & income reducing. Before homeowner even tries to save his/her home, they move out or better yet file bankruptcy. If they only knew what options were available to them, they stood a better chance of saving their homes.

Some homeowners try to make an attempt to talk to their mortgage lender for a possible workout but here is problem. They are taking to wrong people and they do not have a plan. I know some mortgage lenders can make it very difficult to be reach and consider you for a workout. Some will tell you that all communication will be handle by their attorney. The only thing their attorney wants to know is whether or not you can reinstate mortgage and if not, it goes to foreclosure.

Some homeowners even got to right department to discuss a workout only to find out lender denied their case. I am here to tell you that your home can be save from foreclosure. There are some facts you need to know before you abandon your home or file bankruptcy.

Fact number one: Stay away from so-called investors. Why are you going to give your equity away when you can save your home yourself? Yes you can do it. Do not quit - claim your home, sale or sign any papers until you talk to your attorney.

Fact number two: If your home is FHA or VA insured, your mortgage lender must consider a workout before they can file a claim. If FHA or VA discovers you were not given opportunity for a workout, then FHA or VA may deny mortgage lender claim, they don’t want that.

Fact number three: To be considered for a workout, you must have some money. At a minimum you must have attorney & foreclosure fees payable to mortgage company before sale date. Reason: Your mortgage lender cannot put attorney & foreclosure fees back into loan. Their insurer will not permit it.

This is an excellent collaboration between Mark Hansen, author Chicken Soup for Soul book series; and Robert Allen, author of Nothing Down, Creating Wealth, and Multiple Streams of Income.

The pages compliment each other by helping you learn a system for creating wealth that benefits others (as authors point out, “like a hammer, money can be used to build or destroy”).