Is There Help In Preventing Foreclosure?

It is one of the most feared words in any homeowner’s vocabulary: foreclosure. And because of subprime mortgage loans, you are hearing about it more and more.

Foreclosure occurs when you have missed a set amount of mortgage payments, which can happen to anyone who doesn’t have help preventing foreclosure. These missed payments allows the bank or mortgage company to start taking complete ownership of your home, which means that they get to sell it, and you have to leave it, losing all of your equity that you may have built. Once the ball has started rolling on foreclosure, it is often hard to stop, but there is some home foreclosure help out there. You just need to look in the right places.

One of the best ways with help preventing foreclosure is to contact your bank or Mortgage Company as soon as you know that there might be a problem. If you lose your job, or some other catastrophe occurs, you will probably have a difficult time making your mortgage payments. If you contact your lender, there might be a few ways that they can find for you to help stop foreclosure free of charge.

Forbearance is one of the most popular ways to help stop foreclosure foreclosure. Free advice regarding forbearance can be given to you if you call your lender before your mortgage is a problem. Forbearance is when the mortgage company or bank allows you to put off your payments for a certain amount of time. Most of the time you will still be responsible for paying your interest, as well as your taxes and insurance, but having to pay a less than your normal amount may be enough to get you through the rough patch. When looking for help preventing foreclosure, this may be the best option for you.

A repayment plan is also a popular way to find help preventing foreclosure before it occurs. With a payment plan, you make a deal with your mortgage carrier to repay the amount of money that is due within a specific amount of time. A lot of carriers will have you plop down a large lump sum, and then will add a few hundred dollars to your monthly payment until everything is paid off. This is a good way to get home foreclosure help if you are only behind a month or two.

If, however, you do not anticipate having a large amount of money deposited into your bank in a short amount of time, and you have gotten past the point of getting a forbearance or repayment plan, there is only one thing you can do: sell. This is the best home foreclosure help you can get, because it is a win-win situation for you and your lender. If you can sell your home quickly enough, you will not have to deal with the foreclosure, or the pesky problem of bad credit that follows you around after the foreclosure. Selling your home on the open market can take months, so it is best, if you get to this point, to contact a company who purchases and resells homes as a business.

You might not get the same amount of money for your home as you would if you sold it through a realtor, but selling quickly will give you help preventing foreclosure and will allow a fair value for your home. When a company specializes in home foreclosure help, you can rest assured that you are in good hands. Help stop foreclosure free of charge and without throwing away your good credit and home ownership dreams by selling.

John Panico is the author of this article. John is an active investor of properties throughout NE Georgia. He is the General Manager of Local Guys Equities, LLC, one of the fastest growing real estate investment companies in Georgia. John founded the NE GA Real Estate Buying & Investing Group and wholesales properties to real estate investors around the country. Feel free to contact John about selling your house or other information.

Keywords: "home foreclosure help", "help preventing foreclosure", and "help stop foreclosure free"