You have a better chance of stopping mortgage foreclosure if you don't bury your head in the sand. So keep reading to learn my 8 strategies for saving your home, including sage advice from Donald Trump given on CNBC in 2007.
Are you behind on your payments now? Have you received a notice of default? Don't give up. With a little knowledge, you can turn this predicament around.
People get a notice from a bank to be out of their property in 3 days and they leave. The bank does not want your property. - Donald Trump, CNBC, October 2007
Well, imagine that! You and the bank want the same thing! In fact, you landed on my website because you hope to take control of your mortgage. You want to know how to stop mortgage foreclosure.
Hi, I'm Kate Ford. You may know me as Ask Kate!
For over 20 years, I led thousands of satisfied borrowers into home ownership. Recently retired from mortgage lending, I'm packing my knowledge and expertise into this website for your benefit.
I understand you need help refinancing. You require low mortgage payments and intend to get the best mortgage rate. You're searching for ways to save money on your mortgage and seeking the best mortgage advice.
So, if the threat of skyrocketing mortgage payments is keeping you awake at night, get started right now with these 8 strategies, your beacon to stop mortgage foreclosure.
1 - Foreclosure is costly to your credit score and your pocketbook. The first step in preventing foreclosure is to understand its impact on your life.
2 - If you understand your adjustable rate mortgage, you can anticipate interest rate adjustments and plan for increases in your mortgage payments. That way you'll know ahead of time if you need to contact your lender for assistance. Remember, you can stop mortgage foreclosure!
3 - Ask your lender for foreclosure help alternatives. Assistance is available. Act now if you think you are going to be late on a mortgage payment.
4 - 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.
5- Share your circumstances with your mortgage lender. Explain to your lender how you are trying to prevent foreclosure in the midst of personal adversity. With a plan in place, your lender may be able to help you save your home.
6 - Take advantage of the current mortgage crisis to stop foreclosure. You have the power to make a deal with your mortgage company. Mortgage lenders are negotiating with home owners to stop mortgage foreclosure.
7 - Here is a fact for you. It is possible to sell your house and remain legally obligated on the mortgage. If promises to sell a house quick seem too good to be true, don't rush. You worked hard at homeownership.
8 - Once you and your mortgage company come to an agreement, follow your lender's directions very carefully. Whether you use Hope Now, FHA Secure, Home Affordable Refinance Program or another foreclosure help alternative, this is a new start for you. Pat yourself on the back. You found out how to stop mortgage foreclosure. You saved your home!
One of my friends called me last week for mortgage advice regarding his own predicament. Jerry was afraid he couldn't stop mortgage foreclosure.
As a mortgage broker I used to get calls like this all the time. He had bought his house 2 years ago when he was a first time home buyer. His search for a mortgage company to approve his high debt ratios had left him frustrated. He finally settled for an adjustable rate mortgage, fixed for the first two years. This was not the mortgage he had hoped for. He was getting one of the subprime mortgage loans.
Now, almost 2 years later he received a notice of payment adjustment from his mortgage lender. His mortgage payment was going up from $1800 to $3200 a month. How could he make that mortgage payment and still feed his family?
Does Jerry's story sound familiar? Perhaps you've heard stories like his on TV. The housing market and mortgage woes saturate the evening news. Radio programs report on the credit crunch and resulting subprime mortgage meltdown.
Walk around your neighborhood and you'll probably see real estate for-sale signs reading "Bank Owned" or "In Foreclosure". Real estate statistics indicate foreclosures are on the rise.
On top of that, hundreds of thousands of home owners with subprime mortgages need to refinance or suffer through an increase in their mortgage payments. Some may even double. In other words, life has thrown many home owners a curve ball.
How about you? Are you one of these home owners? Do you need to refinance to maintain an affordable house payment or to stop mortgage foreclosure? When you took out your last mortgage, you may not have fully understood that your payment was going to increase in the future.
Regardless, today you are the one who has to deal with rising payments, the threat of a mortgage foreclosure, or the fear of losing your home. If this describes your situation, what should you do? How do you stop mortgage foreclosure?
Jerry's payment was jumping from $1800 to $3200 in 2 short months. His mortgage had been paid on time since he'd become a home owner almost 2 years before. But his savings account was still at zero. He hadn't reduced his credit card debt like he'd planned. In fact his balances had increased. To compound the problem, his house was worth less than when he bought it. He felt like he was in the middle of a bad dream.
And then he asked me THAT question...
"Kate, will I have to give my house back to the bank?You can't believe how often I used to hear that question.
"Back to the bank?" Jerry, the bank never owned your house in the first place and doesn't intend to now. Remember the months you spent hunting for your home, then jumping through the mortgage company's hoops and signing enough paperwork to destroy an entire forest? Why do you think the mortgage company required those steps? Your lender wanted assurance that you were able to make house payments on time. Mortgage bankers don't want to own your home. They want monthly income. It is a common misconception that lenders want your house. You can use that to your advantage. You can stop mortgage foreclosure"
Jerry was seeking a solution to skyrocketing mortgage payments. I thought his dilemma was almost over. He called me back to report his lender extended his mortgage term for another year. The minor draw back was a slightly higher interest rate. I was so excited for him. I knew that was a great deal. He'd even get an entire year of breathing room to prepare for a new mortgage. When I expressed my happiness and relief for him, he said he wasn't sure. Maybe there was still a better deal out there.
I did not hesitate to tell him that he had no options left. Deals out there were few and far between after the subprime meltdown. So he listened to me and accepted the mortgage company's offer.
My relief may have been greater than his own because I knew if Jerry couldn't continue making his mortgage payment, he would be the one to lose. So know when to stop negotiating and accept your lender's help. If you get a decent offer from your lender, be smart and make a decision. Don't shop so extensively that you lose all of your options.
Don't delay. Act now with Kate's insider secrets and personal tips. You can save your home! Learn more about how to stop mortgage foreclosure with mortgage loan modification.
Loan Modification Ask and Answer - A collection of questions regarding loan modification, Home Affordable Programs, HARP and HAMP, each with an individual answer from Kate.
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please tell your friends about Stop Mortgage Foreclosure - Eight Uncommon Strategies. I hope you'll come back and visit often.
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