LoanBoss Blog

10 Ways to Avoid Foreclosure

07 Jun, 2012 By:admin in Home Loan,

With the skyrocketing prices of just about everything, our expenses are rising simultaneously. And because of these packed budgets, most of us struggle to pay mortgages. Maintaining a perfect balance between monthly expenses and debt repayments, becomes very hard sometimes which may result in home foreclosures. If one is lagging behind on his mortgage payments, he should try out some simple solutions that may help him save his home from being foreclosed.  
1. One shouldn't ignore any letter and notice from the bank as these keep him posted about every detail relevant to the procedure so that he can get right assistance to get the matter resolved within time. 
2. Due to any reason, if one is going to fall behind on repayment, he must call the bank ASAP and inform them about his plight. 
3. Get a reinstatement figure from the bank. It gives the info on previous payments, precise amount due and exactly how much money is required to bring the loan back to current status. 
4. If it has been three months aggregating past due, the debtor may get in trouble. The bank will officially place the property in foreclosure status and the amount to bring the loan back to current status will be more than before because of the addition of late fee and legal fee. Adding to the troubles, the bank can refuse to accept any payment unless the debtor pays entire past due amount. 
5. Creating a budget comes very handy. One should enlist all his monthly expenses as well as sources of income each month. This out-and-out information will help the attorney in sorting things out, in case the borrower decides to seek legal assistance. 
6. Loan modification is another aide-de-camp in eluding foreclosure. One can ask his lender to lower interest rates or monthly payments through loan modification. 
7. It's of absolute importance that one follows up his loan modification plea. It's not unusual to find out that the lender is going through foreclosure process exactly when the borrower is applying for loan modification. Therefore, one should contact the lender very frequently and ensure that the foreclosure process is being put off for a while and the loan modification application is being reconsidered. 
8. Don't fall into a trap. Many companies make false promises to help the borrower save his home from being foreclosed. As appealing and affirming it may sound, one must not fall for such bonds. One should realize that no third party can help him retain his property and he may end up losing the house as well as additional money paid under such scams.  
9. Another thing that may help the borrower is taking responsibility. If the lender is convinced that the borrower is being financially responsible regarding his payments, he (lender) is more likely to cut the debtor some slack. So, what one needs to do is cut back on the expenses and find different sources to earn from in order to arrange for payments. 
10. Consulting a local attorney helps a great deal. Lawyers with expertise in foreclosure issues can provide the borrower with some excellent advice. Bankruptcy lawyers can be really helpful here as they have immense experience in putting an end to foreclosure auctions.

With the skyrocketing prices of just about everything, our expenses are rising simultaneously. And because of these packed budgets, most of us struggle to pay mortgages. Maintaining a perfect balance between monthly expenses and debt repayments, becomes very hard sometimes which may result in home foreclosures. If one is lagging behind on his mortgage payments, he should try out some simple solutions that may help him save his home from being foreclosed.  

 

1. One shouldn't ignore any letter and notice from the bank as these keep him posted about every detail relevant to the procedure so that he can get right assistance to get the matter resolved within time. 

2. Due to any reason, if one is going to fall behind on repayment, he must call the bank ASAP and inform them about his plight. 

3. Get a reinstatement figure from the bank. It gives the info on previous payments, precise amount due and exactly how much money is required to bring the loan back to current status. 

4. If it has been three months aggregating past due, the debtor may get in trouble. The bank will officially place the property in foreclosure status and the amount to bring the loan back to current status will be more than before because of the addition of late fee and legal fee. Adding to the troubles, the bank can refuse to accept any payment unless the debtor pays entire past due amount. 

5. Creating a budget comes very handy. One should enlist all his monthly expenses as well as sources of income each month. This out-and-out information will help the attorney in sorting things out, in case the borrower decides to seek legal assistance. 

6. Loan modification is another aide-de-camp in eluding foreclosure. One can ask his lender to lower interest rates or monthly payments through loan modification. 

7. It's of absolute importance that one follows up his loan modification plea. It's not unusual to find out that the lender is going through foreclosure process exactly when the borrower is applying for loan modification. Therefore, one should contact the lender very frequently and ensure that the foreclosure process is being put off for a while and the loan modification application is being reconsidered. 

8. Don't fall into a trap. Many companies make false promises to help the borrower save his home from being foreclosed. As appealing and affirming it may sound, one must not fall for such bonds. One should realize that no third party can help him retain his property and he may end up losing the house as well as additional money paid under such scams.  

9. Another thing that may help the borrower is taking responsibility. If the lender is convinced that the borrower is being financially responsible regarding his payments, he (lender) is more likely to cut the debtor some slack. So, what one needs to do is cut back on the expenses and find different sources to earn from in order to arrange for payments. 

10. Consulting a local attorney helps a great deal. Lawyers with expertise in foreclosure issues can provide the borrower with some excellent advice. Bankruptcy lawyers can be really helpful here as they have immense experience in putting an end to foreclosure auctions.

Comment:(9)
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on 16 Feb, 2013

On the car loan, no. The interest rate stays unnhacged as it is a secured loan.Under the old law, they could on your credit cards. Under the new law, they cannot raise your interest rate on your credit card unless you are delinquent for 60 days. Then they can raise your interest on the ENTIRE balance for 6 months. Delinquent any one time and the rate stays elevated for another 6 months.The foreclosure can and probably will trigger a higher interest rate for new purchases.

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