Need Help To Save Your Home From Foreclosure?

Mortgage lenders and banks are in the game for one reason: money. If you think that they are lending you a huge amount of money in the form of a mortgage just because they want to see you happily settled down, you had better think again. This is why, if you have a mortgage and have missed several payments, the lender starts to get testy. Missing one or two mortgage payments is bad enough, but when you miss enough payments that your lender is intending to foreclose on your home, things can get scary. Fortunately there is help to save your home from foreclosure, before it even gets to that point.

While there is no one specific foreclosure help program, stop that irritating lender in their tracks by actually sitting down and calling them. Often, if you have only missed a few payments, there are ways that you can get yourself back on track. First of all, your mortgage lender may be willing to refinance your home. Refinancing is basically when they pay off your current mortgage and issue you a new one. There are fees involved in this, however, and if they are not willing to add these fees onto your new mortgage, you may still need foreclosure help. Preventative steps take time, and if your mortgage lender is unwilling to refinance, you might need to try something else.

To help save your home from foreclosure, ask for a forbearance. Forbearance is one sort of foreclosure help program. Stop that large sum of money you owe by breaking it up into smaller pieces. Specifically, a forebearance is when the lender agrees to give you a specific amount of time to regroup yourself in order to start paying your mortgage regularly again. Often, college students get a forbearance when they are first entering the work place so that they can establish themselves first, before they have to start paying off their mountainous debts. It is basically the same principle. The only difference in a mortgage forbearance is that often you will be required to still pay the interest fees, as well as your insurance and taxes.

If all else fails, and there is no way to use a foreclosure help program, stop that train of thought and start thinking outside the box. If there is no way you can pay your mortgage lender the amount of money they want, in the time frame that they want, then it is best to sell your home as quickly as you can. By selling the home, you can pay the lender their money and hopefully salvage your credit in the mean time.

Selling your home through a realtor is a long process. Often now, realtors expect home owners to “spiff” up their home as much as possible before they will even think of taking on the home to sell. They may ask you to paint the home, or re-floor a room. Things like this take time and money, which you may not have enough of. Add to that the amount of time it takes to fully sell and house and you will start to realize that selling your home through a realtor is not the best way to help to save your home from foreclosure.

There are businesses that purchase homes, though, just the way they are. Businesses, or investors, that will give you a fair market value for your home in its current condition in order to help to save your home from foreclosure. This option allows you to pay off the lender in one lump sum. Frequently, when home owners have built up equity, these investors are able to give them enough money for their homes that they have a little bit left over with, after the mortgage has been paid off, to use as a nest egg on their next home.

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: “help to save your home from foreclosure", "foreclosure help program stop that", real estate, real estate investing, foreclosure help, we buy houses