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Millions of homeowners who were enticed by variable or adjustable rate mortgages are now facing increasing mortgage payments that are almost impossible to keep up with. Skyrocketing adjustable rate mortgages are one of the major reasons that foreclosures have been on a steady increase. Here are some options to avoid foreclosure:

One of best options to consider is refinancing.  If you qualify, you can switch to a fixed-rate loan for almost the same interest rate as an adjustable. The problem is that an increasing number of homeowners can't do that without forfeiting the "prepayment penalty," costing thousands of dollars. Another obstacle is the current slump in the housing market where values of some homes have decreased to below their original purchase price. This has lenders tightening credit standards, thus making mortgages and refinancing harder to get. This means some lenders are demanding proof of income, minimum credit scores, and at least some kind of down payment.

Is a temporary agreement that delays payments for a short period of time. Mortgage lenders will only allow forbearance if you can prove you'll eventually acquire funds. Some common examples would be a tax refund or a bonus where you can show future earnings that can bring your mortgage up-to-date.

If you're behind on your mortgage payments, a reinstatement can take place when you make a lump sum payment by a specified date, bringing your account back to current status. Lenders often combine reinstatement with forbearance.

Repayment Plan

If you're behind on your payments, the mortgage company may give you a fixed amount of time to catch up, by combining a portion of your past due amounts with your regular payments, allowing you to get current.

Loan Modification
The terms of your loan can be adjusted. Changing the amortization table or lowering your interest rate can make a big difference, reducing your monthly payment amount to something you can afford.

Sell Your Home

If you are a couple months late, and refinancing and nothing else of the above works then foreclosure is on the horizon, and it will happen sooner than later. The worse thing that could happen to anyone is to foreclose: then your only option is to put your home up for sale!! Even if you can't get the full market price, it's better than the lender repossessing the property, in which case you'll get nothing.

Lenders, in order to avoid foreclosure, will allow you to sell the property for less than the total amount due on the mortgage and then forgive the remaining debt. This is called a Short Sale. If you consider this option, you will save your credit, not having to put a foreclosure on it. An experienced Real Estate Salesperson will ensure that the property is sold in the fastest amount of time. Remember, we are working against the clock; we need to make sure we secure a new buyer before the bank forecloses.

Don't think you're the first person to be facing these issues, its happening to millions around the country.  Don't be shy about asking for help before it’s too late. As previously noted, most lenders want to avoid foreclosure just as much as you do. And remember, there are options to avoid foreclosure. Use them.

Taking a pro-active approach to home foreclosure avoidance can't be stressed enough. If you lose your home to foreclosure, the lender may come after you to recover money owed that may not have been recuperated in the property foreclosure sale. Having a house foreclosure on your credit report is detrimental and ranks right up there with bankruptcy. Remember that as negative as things may seem, your current financial problems are most likely temporary. Avoid foreclosure now so that when you get back on your feet, you won't be restricted by looming credit issues.

If you are currently facing foreclosure and would like to discuss your options with me, please feel free to call me at 914-309-9383. Click the green button and fill out my Foreclosure Fix form to help me with basic information about your situation


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