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Avoiding Foreclosure
Keeping
Your
Home
 Few
things are as devastating as losing your home. Sadly, it's not
always inevitable. In many cases the foreclosure could've been
avoided with some outside help.
Finding a new home. Don't believe that it will be
better to let the foreclosure happen, because after you lose your
home, you will still need to find a new place to live. All too
often, the price you will need to pay in rent will be almost as high
if not higher than your current mortgage payment. Remember: The
owner of the property needs to make his mortgage payment,
too, so he's going to charge a rental payment that's higher than his
mortgage costs.
Deficiency judgment. It's not uncommon that the
sale of the home is insufficient to cover the remainder of the
mortgage. When the property has been damaged, or market values have
dropped, the owner may end up with a bill in the tens of thousands
for the difference.
Despite what many people think, most lending institutions are
not anxious to foreclose. It's a last-ditch effort to recover
their money and minimize their losses, and it's an incredible
hassle. Most lenders would rather avoid it, if possible. There are
multiple sources for help that you should be aware of, and most
lenders will be happy to hear that their clients are going to try to
keep their home rather than just await a foreclosure.
Housing Counseling Agency. The US Department of
Housing and Urban Development maintains a list of HUD-approved
counseling agencies. Call (800) 569-4287 to find the agency nearest
to you.
FHA-Insurance fund. FHA borrowers may qualify to
have HUD make a one-time payment to bring their mortgage current.
See www.hud.gov/foreclosure
for more information on the requirements to qualify. Or see if
you qualify to refinance your existing conventional adjustable rate
mortgage using the new FHA Secure
financing programs.
Different mortgage program. Talk to a loan officer
about the possibility of refinancing your mortgage to a more
affordable program. Call Glen Tonnesen at 702-524-7216 to find out
if you qualify to refinance your mortgage.
Special Forbearance. Many borrowers can qualify for
a new payment structure if they've had an increase in their
cost-of-living, such as unexpected medical expenses, or a decrease
in wages. This payment structure will allow the owner to repay the
lender in a given time frame.
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