Friday, July 10, 2009

It’s sad, but it’s true. Whether you are a homeowner who experienced a sudden loss of job or income, a first home buyer stuck with a mortgage you can no longer afford, a person who suffered a critical injury or illness and now has overwhelming medical bills, or even an investor who was unable to sell before the bubble burst, the skyrocketing numbers of foreclosures will devastate millions of people personally and financially, not to mention ruin their credit for many years.

There has never been a better time to be delinquent on your mortgage. The foreclosure epidemic has created tremendous leverage for homeowners, because banks do not want more homes. Liquidity has become a serious issue with banking institutions; therefore they are negotiating and offering home loan modifications with lower payments for homeowners.

This may sound obvious, but don’t skip your house payment. It takes only one missed payment to set the foreclosure procedure in process. Missing a mortgage payment is very serious compared with missing a credit card payment or any other unsecured loan payment. So if you need to prioritize which payments to make, mortgage ALWAYS comes first!

Foreclosure prevention specialists are available to assist you with foreclosure prevention options that may be available to you. You can also speak to a legal foreclosure attorney about loan modification, short sales, deed-in-lei and bankruptcy options.

Most foreclosure victims only “allow” the foreclosure to happen because they feel they have no other options. It’s not a decision like deciding to go to the mall for the day, or take a trip to Six Flags with the kids, and this decision is often based on false of incomplete foreclosure information. Homeowners have more options than they realize to prevent foreclosure, which is why it is important to get the most relevant foreclosure advice possible, and examine which options, besides refinancing, putting together a bank workout plan, or selling the property, would result in them being able to keep their homes and begin repairing their damaged credit.

Other things that can help you on your monthly payment:

You can have a home equity line of credit already in place. If you ever get into a financial bind, you may need to access funds quickly. Having a line of credit in place can give you that much needed resource. There are credit lines available that you do not need to make payments on unless you carry a balance so it’s a great resource if you don’t have an emergency fund built up.

It would probably be best if the foreclosure victims found a Realtor or investor who guided them in what to do about the summons on their own, and was just there to facilitate the short sale or other deal to stop foreclosure. Realtors already represent the homeowners if they are listing the house for sale or attempting to locate buyers — owners do not need to give them even more power to represent them in court, as well.

Short Sale for the home owner and the lender is one way to settle most of you debt with the bank. It consist of you putting the house up for sale at the current market value. In today market for many home owners that means selling your home for less than whats owed to the bank.

You will benefit from this foreclosure guide if you are…

- Facing foreclosure or you are currently in foreclosure,
- Concerned about the lender suing you for your mortgage balance,
- Attempting to workout your mortgage problem yourself,
- About to have your Adjustable Rate Mortgage reset to a higher rate,
- Burdened with an IRS tax lien on your real estate,
- Trying to sell your home but you don’t have any equity,
- A Realtor has listed your property but they are not getting results.

Until now, most homeowners have been lost regarding their number one investment. Well, I’m here to lead you down a path of truth on the subject and eliminate the mystery that appears to force so many borrowers down the incorrect path.

You have the choice of either hiring a loss mitigation company to represent you in negotiations with your lender, which can cost $1200-2500 or more, attempt to resolve your mortgage problems on your own and risk the lender moving forward with the foreclosure anyway, or do nothing and hope the Sheriff doesn’t knock on your door and tell you to vacate your property in the next 24 hours!!!

Or, you can take matters into your own hands and follow the easy program I have developed in Foreclosure Defense Secrets that will help you to keep your home!!!