Today, many people are seeking mortgage relief, because of foreclosure and adjustable rate mortgages. As you’ve probably heard, many lenders have gone out of business because of the foreclosure problems nationwide. The lenders that have not gone out of business are being sued for mortgage fraud. The government has even stepped in with a new foreclosure bill, to try and provide mortgage relief.
The mortgage loans that were available in the past allowed almost anyone to get a home loan, even if they didn’t have a down payment. Lenders would give money to just about anyone, because the housing prices we increasing on an hourly basis, it seemed. They could lend 110% of the home’s value, because six months later it would be worth 10% or 20% more. When the real estate market crashed, many home owners found themselves in an upside down mortgage.
If you are facing foreclosure and you want to keep your home, the mortgage modification is probably the best option. But if you’re upside down in the mortgage, you may want to consider a short sale or deed in lieu. There is no reason to pay a mortgage for more than your home is worth.
As loans become increasingly harder to find and the foreclosure rate continues to rise in most areas, finding mortgage relief is becoming harder every day.
A legal repayment plan can be negotiated with your lender or can be forced by the court in a Chapter 13 Bankruptcy.
In many ways, a bankruptcy is better on your credit record than a foreclosure and it can also eliminate other debts. But before filing for bankruptcy, you need to find out if your lender will agree to a better workout plan. Most lender will provide you with a better payment plan than the court, so it’s worth trying that option first. We only recommend bankruptcy in cooperation with a workout plan, or as a last resort.
There are many options, so get started today by completing the form on the left and requesting your free foreclosure evaluation and our 12 free ebooks.
If you have missed more than one payment, or if you expect to miss payments in the future, then you need to advantage of our limited time offer and complete the form on the left today!