| Every year over 8 million homeowners are | | | | VA or other government loans you may qualify |
| seeking help preventing foreclosure proceedings. | | | | for even more options. |
| This is a stunning 30 year high. Experts project | | | | File for Bankruptcy - Some attorneys may advise |
| that by 2006, 12 million homeowners will be | | | | a homeowner to file for bankruptcy. This is a legal |
| teetering on the brink of foreclosure. Many | | | | way to avoid the foreclosure process. However |
| homeowners are not aware that they can | | | | the process may still continue and you will be |
| prevent foreclosure and save their house. Did you | | | | stuck with bad credit for 7 years. You should |
| know that you can stop the proceedings up to an | | | | consult your attorney about the option of |
| hour before the auction takes place? | | | | bankruptcy. |
| As a homeowner facing foreclosure there are | | | | Sell your home - The problem with selling the |
| various options available. We will briefly examine | | | | home is that if you list it with and agent, and it still |
| some of the most popular options. | | | | is not sold the lender does not care, you are still |
| Reinstate the loan - Ideally you would like to be | | | | on the foreclosure clock. The best way to go |
| able to pay the loan payments that you are | | | | about selling the home in this situation is to |
| behind on and bring the loan current. These costs | | | | contact a real estate agent that is familiar with |
| would include whatever owed on the missed | | | | foreclosure investing. They may be able to put |
| payments, and any additional late charges or | | | | you in contact with investors that will be happy to |
| attorney fees. This is the most efficient way | | | | buy your home. Preventing foreclosure |
| when preventing foreclosure proceedings. | | | | proceedings can be as easy as getting in contact |
| Get forbearance - When a lender forecloses on a | | | | with a foreclosure investor. |
| property it is expensive for them. They would | | | | Deed in lieu if foreclosure - This is when you |
| rather work out some sort of arrangement than | | | | would voluntarily give the house back to the |
| proceed with the foreclosure. Talk to your lender | | | | lender. The lender is not obligated to accept it. |
| and see if they are willing to work out a plan that | | | | You should discuss with the lender how they will |
| outlines a way to get current on your mortgage. | | | | report it back to the proper agencies. Should the |
| This agreement will vary depending on the | | | | lender choose to refuse the deed they are |
| situation and the lender. Some things they may be | | | | required to file a Notice of non acceptance with |
| able to help with are a temporary reduction or | | | | the county recorder. |
| suspension of your payments. If you have a FHA | | | | |