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

10 Foreclosure Alternatives - Ask Your Lender

• Hope Now:
  A mortgage industry alliance assisting home owners in distress. HOPE NOW offers 3 options to help American home owners prevent foreclosure.
  • Refinance an existing subprime mortgage into a new home loan
  • Extend current interest rates for 5 additional years
  • Move subprime mortgages into the FHASecure loan
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.

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

• VA Loans: The U.S. Department of Veterans Affairs offers foreclosure assistance to VA home owners.
• 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.

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Lenders want your mortgage payments, not your home. This is great news for home owners today. Ask for foreclosure help now. Save your home! Save your life!

Here are 7 ways to locate your loan servicing company. If you anticipate being late on a mortgage payment, you need to remember the current name of your lender to stop foreclosure now.

Go ahead and bookmark this site. This way you can easily return to review the keys to finding your best foreclosure help alternatives.

Kate's Blog is here. Keep up to date on what's new about mortgages and additional tips on saving your home.

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Tip: You can also use this toolbar for searching. Enter your subject and you'll be instantly guided to the mortgage information you're seeking.

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