Discover The Truth - Foreclosure Help

Here's the truth about foreclosure help. Lenders want your mortgage payments, not your home. Mortgage companies are not in the business of owning homes.

This is great news for home owners today. It's also why mortgage lenders are willing to help you avoid foreclosure.

After all, there's more assistance to stop foreclosure than ever before. So, act now if you think you are going to be late on mortgage payments.

Ask For Foreclosure Help

Ask for help. This is one time you shouldn't try to tough it out on your own. It's too serious. When it comes to being late on mortgage payments, there's no time to spare. Contact your lender for foreclosure help at once.

10 Foreclosure Alternatives - Ask Your Lender

1. Hope Now:

A mortgage industry alliance assisting home owners in distress. HOPE NOW offers 3 options to help American home owners prevent foreclosure.

a. Refinance an existing subprime mortgage into a new home loan
b. Extend current interest rates for 5 additional years
c. Move subprime mortgages into the FHASecure loan

2. Reinstatement:

This requires a lump sum to bring delinquent mortgage payments current. If a lump sum payment works for you, great! But let's face it. If you actually have saved enough money to repay missed mortgage payments, you probably would not be in need of foreclosure help. Right? So let's explore some other options.

3. Special Forbearance:

If you are experiencing temporary circumstances that cause you to get behind on mortgage payments, your lender may give you a short period of time with reduced payments or no payments at all. Be prepared to present an eventual solution to resuming regular mortgage payments. Lender will want to know why your financial problems will be short-term. Forbearances won't last forever.

4. Mortgage Modification A:

Another solution to avoiding foreclosure is to ask your lender to extend the number of years to repay your mortgage. Even though it will take you longer to pay off your mortgage, it's a great alternative to foreclosure.

5. Mortgage Modification B:

Here your lender actually refinances your home. The terms might not be perfect but if the refinance modification lowers your payment and saves your home, explore the options. And be smart. Like Jerry learned, know when to stop shopping and accept the lender's offer to stop mortgage foreclosure.

6. Short-Pay:

If you're attempting to sell your house with an appraised value less than the mortgaged amount, ask about a short-pay. This means your lender agrees to accept less than full payment of your mortgage. You'll be able to proceed with your sale. Your lender might even be willing to give you a certain amount of time without mortgage payments while you sell your home.

7. Deed in Lieu of Foreclosure:

This resembles a voluntary repossession. It should be your last resort. Most lenders do not want your house back and are willing to work with you before it comes to this.

8. FHA Loans:

If you have a FHA mortgage, the FHA-Insurance fund might pay some of your delinquent mortgage payments to your lender. Certain restrictions apply. After the lump sum is paid by FHA, you must be able to resume the mortgage payments. U.S. Department of Housing and Urban Development will place a lien on your home for repayment of the lump sum when you refinance or sell your home.

9. VA Loans:

The U.S. Department of Veterans Affairs offers foreclosure help to VA home owners.

10. FHASecure:

This is a foreclosure help alternative for home owners who do NOT have an FHA loan. The current mortgage must be an adjustable rate mortgage with a payment that is resetting. Many are subprime mortgages.

FHA Secure Update! April, 2008 - FHA clarifies. Not necessary to be delinquent to qualify. Get the full FHA update.

Getting The Foreclosure Help You Need

Mortgage Loan Modification: Mortgage modification helps borrowers in hardship. Get answers to the question "Should I handle the mortgage loan modification myself?"

Kate's Blog is here. Keep up to date on what's new about mortgages and additional foreclosure help.

More Help For Saving Your Home

Mortgage Debt Relief For Homeowners Facing Foreclosure - Mortgage Debt Relief is here. The Mortgage Forgiveness Debt Relief Act helps prevent additional taxes for those facing foreclosure.

Act Now! Stop Mortgage Foreclosure - The more you know the less you feel the fear. With a little knowledge, you can turn this predicament around. Get foreclosure help!

Avoid Foreclosure - Save Your Home! Save Your Life! - Learn why foreclosure is costly to your life. It will affect more than losing your home.

How To Avoid Surprises Of The Adjustable Rate Mortgage - Imagine what it would be like if you could plan for changes to your mortgage payments.

U.S. Government Supports Home Owners With Subprime Mortgages - Hope Now for home owners with subprime mortgages. If your adjustable rate mortgage payment is going up, get relief and foreclosure help.

How To Stop Foreclosure Now! Free Report! - Stop foreclosure now! Don't walk away. Instead, get this free report explaining how you can negotiate a better deal with your mortgage lender.

Home Owners - Stop Foreclosure Now - Do you need to foreclosure help? Have you lost your lenders name and phone number? Here are 7 easy ways to find your lender.

Sell Your House Fast - For Cash - Sell your house fast. Cash in 7 days. Beware of scams to sell a house fast. If offers of a quick sale seem too good to be true, don't rush.

Prevent Foreclosure - 9 Simple Steps To Save Your Home - Prevent foreclosure! When adversity strikes, what should you do? You can save your home. Foreclosure help is available to home owners.

Subprime Mortgage Loans fulfilled an important role in America by increasing homeownership but eventually they created a trap for home owners.

You are invited to discover why every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Here is a long term plan I used to help homeowners transition to traditional mortgage financing.

Can I do a Mortgage Loan Modification myself?" The answer is yes. But find out the first question you really should be asking.

Ask Kate About Loan Modification - Ask a question, get an answer from Kate.

Loan Modification Ask and Answer - A collection of questions regarding loan modification, Home Affordable Programs, HARP and HAMP, each with a individual answer from Kate.

Return to Get-Your-Best-Mortgage-Rate from Mortgage Loan Modification and Foreclosure Help Collection

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