![]() |
How Homeowner Can Save Their Home From ForeclosureDrive around and see how many signs you see that says House for Sale. How many lease purchases do you see? How many abandon houses are on your street? Our country is up against the wall with delinquent mortgages. FHA mortgage lenders are filing claims in the millions from HUD. How do I know? I counsel homeowners every month concerning their mortgage and what they need to do to protect their property and communicate with their mortgage lender. What is the cause of all these delinquence? There could be several reasons: Lost of a job, health issues, divorce, business failure & income reducing. Before the homeowner even tries to save his/her home, they move out or better yet file bankruptcy. If they only knew what options were available to them, they stood a better chance of saving their homes. Some homeowners try to make an attempt to talk to their mortgage lender for a possible workout but here is the problem. They are taking to the wrong people and they do not have a plan. I know some mortgage lenders can make it very difficult to be reach and consider you for a workout. Some will tell you that all communication will be handle by their attorney. The only thing their attorney wants to know is whether or not you can reinstate the mortgage and if not, it goes to foreclosure. Some homeowners even got to the right department to discuss a workout only to find out the lender denied their case. I am here to tell you that your home can be save from foreclosure. There are some facts you need to know before you abandon your home or file bankruptcy. Fact number one: Stay away from so-called investors. Why are you going to give your equity away when you can save your home yourself? Yes you can do it. Do not quit - claim your home, sale or sign any papers until you talk to your attorney. Fact number two: If your home is FHA or VA insured, your mortgage lender must consider a workout before they can file a claim. If FHA or VA discovers you were not given the opportunity for a workout, then FHA or VA may deny the mortgage lender claim, they don't want that. Fact number three: To be considered for a workout, you must have some money. At a minimum you must have the attorney & foreclosure fees payable to the mortgage company before the sale date. Reason: Your mortgage lender cannot put the attorney & foreclosure fees back into the loan. Their insurer will not permit it. Note: If you don't have any money to pay attorney & foreclosure fees, get the money, have a yard sale, borrow from your 401K, life insurance cash values, mutual funds or stock holding; church and family, try getting an advance from your employer, refinance if you have enough equity. Start getting busy! Fact number four: The rules change if your loan is a conventional, because these loans are not FHA or VA insured and they normally do not have a loss mitigation department, you will need haft of the amount of your reinstatement to be considered for a workout. These are investors type loans and it will take me more time to explain what it all means than I have room for in this article. Early I mention you are probably talking to the wrong person when you contact your mortgage lender, you need to request the name & number of the representative in the loss mitigation or foreclosure department who is assign to your case. Do not talk to the collection department or you will surely lose your home. When making the call, be aggressive until you get the right person, if you sound like a whimp and don't know what you are taking about, they will only react slow and put your case at the bottom of the pile. Note: Be tactful. Request a loan workout package, complete and return the forms as instructed. Secret: When completing the financial statement after all expenses are subtracted from the net, you must show at lease haft of your mortgage payment as a residual to qualify for a workout. Secret: When giving your hardship statement, do not tell your mortgage lender that you mismanage your money, that is a sure case you will be deny. Do not contact your lender's attorney, they work for your lender not you, they can't help you. Tip: Give your lender all require documents. If any information is missing, it will only delay your case and their response is, why bother, if you don't care, why should I. You have been given some value information here that will help your save your home from foreclosure. Before you move or file bankruptcy, use these strategies first and you will be surprised that you can save your home. Until your workout is approved, start saving your money. About The Author Bobby Johnson is a comprehensive financial planner who speaks on the topic"How to Eliminate Debt and Build Wealth" and the author of "How to Save Your Home From Foreclosure and Not Lose Your Mind" http://foreclosurmanual.ieasysite.com/. For information on hiring Bobby to speak for your company, corporation, church or event, call 770-210-8797 or e-mailing [email protected]
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business Can refinancing a mortgage hurt my credit score? Fox Business Today's mortgage refinance rates see little change as market holds steady | February 25, 2021 Fox Business Best cash-out refinance lenders in 2021 Bankrate.com ADA Member Advantage endorses Laurel Road as mortgage refinancing provider American Dental Association Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle) What Are The Benefits Of Cash-Out Refinancing? Is It Worth It? The Mortgage Reports David Hochberg: Can homeowners refinance after forbearance? WGN Radio - Chicago How Long Does Underwriting Take? Is 'No News Good News'? The Mortgage Reports Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports PCMA Unveils OMEGA National Television Advertising Campaign, Targeting Primary/Secondary Home Mortgage Business Wire Can You Use A 203K Rehab Loan For An Investment Property? The Mortgage Reports Top 5 mortgage refinance questions answered Fox Business USDA Construction Loans | Buy Land & Build A Home With USDA The Mortgage Reports How to decide if you should refinance your mortgage Fox Business Pros and cons of a cash-out mortgage refinance Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business Mortgage refinance: Everything you need to know Fox Business How do I get the most out of my mortgage refinance? Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What are the hidden costs of refinancing a mortgage? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette 4 ways to get lower mortgage refinance rates Fox Business The best mortgage refinance lenders of March 2021 Business Insider Despite low mortgage interest rates, homeowners should research the caveats before refinancing Seattle Times 5 reasons to refinance your mortgage right now HousingWire 15-Year Mortgage Refinance Rates for March 2021 NextAdvisor Complete Checklist of Mortgage Refinancing Requirements Credible News 10 things to know before refinancing your mortgage Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Refinancing your mortgage? Don’t make this mistake Fox Business How a mortgage refinance affects your net worth Fox Business How often can you refinance your mortgage? Fox Business 10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider
|