Communication, Flexibility, and Discipline Needed to Stop Foreclosure

A period of low interest rates and rising housing prices have prompted a lot of people to take on some pretty hefty mortgages. Now that the housing market is running into trouble, with prices falling and many adjustable rate mortgages maturing, some people are facing a very real threat of losing their homes to foreclosure. The trend to borrow against the value of a home, at the same time as paying off a mortgage, has put some families into even more debt.

There's a chance that you fall into this category of heavily indebted homeowners, and especially if you've fallen on tough times because of the economic difficulties, you may be concerned about losing your home. Regardless of whether or not you were irresponsible with your borrowing, there's a good chance that you can prevent foreclosure. This is true even if you've completely lost your job. Click here to stop foreclosure on your home.

The key to avoiding foreclosure is communicating with Home Assure so that we can deal with the lender for you, taking some disciplined action, and being flexible. Home Assure's communication with your lender is vital because your lending institution will make decisions about what can be done to make paying your mortgage easier. Naturally, your lender will be more flexible, the more you communicate and cooperate with its wishes. For this reason, it's important to call us as soon as possible. In a perfect world, this phone call should take place before you've missed any payments, but even if it hasn't, it's still a good idea to make the call as soon as possible. This phone call will alert Home Assure to the fact that you are having trouble, and we can respond by notifying the lender and sending you an information packet that will describe what we can do to help you prevent foreclosure.

Typically, if you've fallen on hard times that will last a while, you should expect to modify your existing mortgage or pay it off with a new one through refinancing. Mortgage modification can involve increasing the amount of time that you have to pay off the mortgage, decreasing your interest rate, or possibly both. In any case, your monthly payment should be lower after mortgage modification. Refinancing is a good option if your original lender isn't necessarily the most reputable or is less than willing to help you. Ideally when looking to refinance your mortgage, the fact that you've made your payments on time and in full so far will make another lender more willing to give you a low, fixed mortgage rate than your original lender was. Another advantage of refinancing is that you might be able to talk your first lender into releasing you from your mortgage for less than what you owe. This will also reduce your overall debt and is especially helpful if you paid more for your home than what it's worth now.

When it comes to saving a home from foreclosure, discipline is required in several respects. First of all, you have to exert the discipline to keep from falling into despair and giving up. If you give up hope of avoiding foreclosure and don't bother taking action, you'll definitely lose your home. You'll also need to exert a certain amount of discipline to reign in your spending. Eliminating your cable TV, mobile phone (or home phone while keeping the mobile), and restaurant meals will help to earn good will and the resulting cooperation from your lender. Stop foreclosure on your home, contact us today!

Last of all, it's helpful to be flexible. You may be in a situation where you can't afford to keep your home under any circumstances. If that's the case, then you might have to sell your home. It may be a bitter pill but selling is a lot better than having your home taken away from you.

1-877-818-KEEP
1-877-818-5337