Home foreclosure cases have increased since the housing crash began last year and the fear of losing a home has become a real threat for several homeowners.
According to foreclosure statistics reported in January 2009 by Neighborhood Works America, no less than one out of every 200 homeowners is facing a severe threat of foreclosure.
So, how to tackle this problem? Do not run away from the problem as it will only increase your difficulties.
Here are some easy ways to prevent home foreclosure.
Do not delay the action.
The longer you delay the action, the more difficult the problem becomes and the poorer you seem to lenders.
Solve the problem immediately after you know your job is in danger and before your interest rate becomes too high.
Do not hesitate to ask for help, as you are not the only person who is facing this problem.
Do call the U.
S.
Department of Housing and Urban Development (HUD).
There are many counseling agencies approved by HUD to help you attach to some significant federal and state information and aid programs.
One can find a complete list of approved agencies on their website.
Discuss the problem with your lender also, as your lender also does not want you to close out.
Before meeting him, note down important questions to be discussed and be prepared to take notes.
Discuss every point remaining cool and calm.
Also, take help of a real estate attorney or law firm expert in loan adjustments.
An attorney having full knowledge of real estate laws and regulations will help you to come out of the problem in the best possible manner.
There are some important tips and warnings to be followed: Make a file to keep all important documents, like notices from your lender so that the important information is easily available whenever you require it.
A blank paper in the file is necessary to note the date, time and agenda of discussions with your lender and other concerned people.
Make a budget to see where and how your money is going.
This will also help your attorney and lender to assess your financial situation and make the best decision for you.
Never call a "loan modification company", as these new companies have no real experience of dealing with home loans.
Do not make your mortgage payments to anyone except your lender.
Also, do not fear if the procedure takes more than one month, because some consultations may take up to six or nine months.
According to foreclosure statistics reported in January 2009 by Neighborhood Works America, no less than one out of every 200 homeowners is facing a severe threat of foreclosure.
So, how to tackle this problem? Do not run away from the problem as it will only increase your difficulties.
Here are some easy ways to prevent home foreclosure.
Do not delay the action.
The longer you delay the action, the more difficult the problem becomes and the poorer you seem to lenders.
Solve the problem immediately after you know your job is in danger and before your interest rate becomes too high.
Do not hesitate to ask for help, as you are not the only person who is facing this problem.
Do call the U.
S.
Department of Housing and Urban Development (HUD).
There are many counseling agencies approved by HUD to help you attach to some significant federal and state information and aid programs.
One can find a complete list of approved agencies on their website.
Discuss the problem with your lender also, as your lender also does not want you to close out.
Before meeting him, note down important questions to be discussed and be prepared to take notes.
Discuss every point remaining cool and calm.
Also, take help of a real estate attorney or law firm expert in loan adjustments.
An attorney having full knowledge of real estate laws and regulations will help you to come out of the problem in the best possible manner.
There are some important tips and warnings to be followed: Make a file to keep all important documents, like notices from your lender so that the important information is easily available whenever you require it.
A blank paper in the file is necessary to note the date, time and agenda of discussions with your lender and other concerned people.
Make a budget to see where and how your money is going.
This will also help your attorney and lender to assess your financial situation and make the best decision for you.
Never call a "loan modification company", as these new companies have no real experience of dealing with home loans.
Do not make your mortgage payments to anyone except your lender.
Also, do not fear if the procedure takes more than one month, because some consultations may take up to six or nine months.