Stop Foreclosure – Avoid Foreclosure – Refinance – Short Sale – Lease Option

Families love their pets and will only abandon them as a last resort.  Foreclosure has forced many families to leave their pets behind.  Some drop them off at the animal shelter.  Others either turn their pets out to fiend for themselves or leave them inside with food and water.  Either approach has its good and bad points.  Pets left to a shelter at least have little to suffer from and a chance for a new home.  Those cast out suffer from the elements or other predators.  Disease and injuries will create a horrible fate for the once loved pets. Pets are ill equipped to survive in an urban setting.

If you can afford to make a donation to a overburdened shelter please do so.  Save a pet from suffering or euthanization.

Current events have created hardships and financial devistation for many homeowners. These homeowners were unable to make their mortgage payments and were in default. Foreclosure is a problem that many people have been experiencing right now. If you are one of them, you would be now thinking of a solution for you to stop the foreclosure process immediately. One of the most practical solutions to your foreclosure problem is to sell before foreclosure. There are many reasons why you should sell before foreclosure and here are some of those reasons:

1) If you sell before foreclosure the sales contract will immediately stop the foreclosure process, since what the lender wants is the money that they have loaned you during your mortgage loan agreement. If you sell before foreclosure and your house is already being auctioned, the sales contract will immediately hold the bidding and it will not be sold to anyone at the auction.

2) Another reason to sell before foreclosure is that you could sell your house or your real property for the current market value. This means that when you get to sell before foreclosure you would be able to pay the bank and still have some money for you to save or use for the down payment for your new prospective home. This is hitting two birds with one stone, being able to pay your lender or the bank solves your foreclosure problem, since this is your main reason to sell before foreclosure and having the extra money from the sales of your house or real property is a big bonus.

3) Protecting your credit is another reason why you should sell before foreclosure. If you house or your property has been foreclosed surely this will have a big effect on your credit record. Large points will cause your credit to change dramatically from good to worse. If you have a bad credit then you want to purchase a home or perhaps a car you would be required to make a large down payment and will have higher interest rates than the usual interest rate. Another effect of a foreclosure in your credit is that you will have a difficult time in getting a decent credit card with decent interest rates. Though there are special credit cards for those with bad credit record, however this credit card is more like a prepaid credit card, then the credit limit will not be the same as a normal credit card. So, if you sell before foreclosure you would be able to avoid all these hassles and more importantly you will not get a bad record on your credit since the creditor could not tell if you are currently under the foreclosure process then you would be able to get another mortgage easily if you sell before foreclosure since you will not have a bad record in your credit.

4)When you sell before foreclosure you will not be asked to vacate your previous house immediately, you will be given an ample amount of time to move out. Usually most sales contract will give the previous homeowners 30 or 60 days to move out. This way, the previous homeowners will have time to pack up, how they will transfer their things and furniture, previous homeowners will have time to sort out their next move, make proper arrangements in terms of their new home, and gather their monetary resources.

By all means if you can sell your house before foreclosure do so. Your lender may even accept a short sale of some amount to facilitate the sale. The faster you can solve this default the sooner the damage to your credit will stop. Missed payments will cause points to be lowered but a foreclosure will hurt more for a longer period of time.

If you lose your job or some other problems shows up and you fail to pay your mortgage payment, don’t pretend there isn’t a problem by ignoring it. Look up your lender’s number and give them a call. They may be able to help you stay in your home and keep your credit from being damaged.

Communication between you and your lender is necessary whether you have had an illness or job loss. Missing a mortgage payment is not the end of the world but, letting your mortgage company know there is a problem demonstrates you care about you home and are trying to solve the problem.

When your bank gets your call they will probably ask if your financial problem is temporary or if a major change has occurred. Losing your job may jepordize future payments and trigger a notice of default. The earlier both of you can start finding solutions the more likely a foreclosure can be avoided.

The type of loan you have will make determine what choices are available or not. For instance, if you have a conforming conventional loan some lenders will be able to start finding satisfactory solutions for you and them. If your loan is FHA or VA or some other government backed or insured loan you may have to wait several months for the opportunity to start working on the loan problem. Irregardless, you still need to call your mortgage company.

Here is a list of 7 examples that a mortgage company may suggest.

1. Waive late payment fees

2. Extending your payment by spreading it out over a 12 to 24 month period and adding a fraction of the payment to each future payment till you get current on your payments.

3. Accept a partial payment

4. Move the past due payment to the end of the loan, giving you some time to recover

5. Interest or principal can be reduced

6. Creating a separate personal loan with favorable terms for the missed payment

7. Loan refinancing or re-amortizing the current loan

Your lender does not want your property. By law they can not own real estate. They do want the payment. Lenders are aware of economic downturns and will be more flexible with borrowers, as long as, good faith and trust are present.

Lenders are not mind readers so do not expect them to call and make suggestions. They may not know what your problems are and if you are having a difficult time making your payments.

The 7 examples above are available but your lender may have policies in place that limit what they can offer. These solutions are not automatic, you must qualify for a lender to grant any changes to your loan. Lenders may ask for proof of job loss and may want financial statements to justify any offer for help. This procedure may be inconvienant and invasive but, if you can keep your house it may be worth the trouble.

Do you want to gamble and risk the loss of your home or make a phone call?