What is foreclosure?

Foreclosure is the legal process by which a mortgagor (you) of real property is deprived of his or her interest in the property due to failure to comply with the terms and conditions of the mortgage. The bank or lender will send a series of foreclosure notices which could result in the property facing public auction sale date to regain the property.  If you think you are in foreclosure, but not certain, consider these questions:  Have you received a late notice? Have you missed a payment?

Has your bank called you with a reminder to pay? Have you received any communication (mail, phone call…) If you answered yes to any of these questions, more than likely you are in the beginning stages of foreclosure!

http://www.free-foreclosure-stop.com/

Counselors are available free of charge to assist you in dealing with your foreclosure. These counselors work with a non-profit agency and are experienced and trained to give you information that will make you aware of resources to help you make the best decision for you and your family. Call 877-543-3221 to speak with a counselor today.

Follow these 5 steps to avoid foreclosure.

1. Educate yourself about foreclosures and find a starting point.  There are good companies that will help you gather information, do research, analysis and reveal options to help you implement the right plan for your family. LIFE- Leaders In Financial Education is just one example of credible companies assisting families with their financial needs. http://www.leadersinfinancialeducation.com
   
2. Make a Payment. Unless you are robbing Peter to pay Paul by using credit cards, retirement accounts, kid’s college funds and borrowing from family members, reevaluate your expenses and try to make a payment.
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3. Refinance Your Loan. New laws make is easier to refinance mortgages to historically low interest rates. The government-backed loans are often the only viable option but you must owe 105% of your current mortgage. http://www.free-foreclosure-stop.com
4. Do a Loan Modification. With a modification, the lender can lower your payments by a combination of reducing your interest rate or lengthening the term of your loan. The incentive lenders have to modify your loan is that foreclosure is very expensive, so keeping a borrower in the home is often a prudent thing to do
5. 5. Short Sale Your Home. If your bank agrees to a short sale, hire an agent to find a buyer for the house.  You sell the house at a loss, and with the bank’s blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).

It seems that the rules for loan modification are changing daily!   When you drive down the street you see giant billboards announcing,  “Get your loan modified with us!”  Radio, T.V. and the internet are inundated with loan mod ads!  With all this noise out there, how do you know who you can trust?  Articles are full of stories of individuals who paid scammers large sums of money up front and never saw any results.   They say it is a sea filled with sharks that are looking to make a quick buck!

Individuals can call their bank or lender to begin the loan modification process.  If you are not well versed in mortgage lingo this may prove a troublesome process.  Additionally, the person you are dealing with is an employee of the bank, so whose best interest are they looking out for?  There are good companies like LIFE – Leaders In Financial Education (http://www.leadersinfinancialeducation.com) and non-profit agencies that will represent your interests, but what are the proven tips for finding such a trustworthy company?

First, good loan modification companies are companies that work hard and do the research to stay on top of the best options for you! They should be able to show proof of their success! Ask to see completed modifications.  In some cases you may even get permission to talk to clients about their experience.

Second, does the company offer more than just help with the modification?  Chances are, if you need help with your loan, you may need help in other financial area’s. Do they provide other financial education?  Do they offer a no cost analysis of your whole financial picture?  Are they willing to help you beyond just handling the paper work?   Do they walk you through the process or are they just letting you hang out there wondering how it’s going?  For a free, no cost loan analysis of your current mortgage http://www.free-foreclosure-stop.com