Welcome to Home Foreclosure Information
Foreclosure Article
Foreclosure In The Near Future? STOP! Here are 6 Simple Solutions
from: Adam BoultonA foreclosure happens when you are seriously delinquent on your
mortgage payments, and the lender attempts to reclaim the
property. If you or someone you know is facing a foreclosure in
the near future, you should know that many options are available
that help avoid losing your home, and most of them don't hurt
your credit! Most of these options are for FHA loans but some
may be applicable to a VA or conventional loan.
1. First of all, do not prematurely move out of your home, or
you may not qualify for assistance. Most lenders have a Loss
Mitigation Department that can provide you with some options.
Find out their contact information and provide them with your
financial situation or any extenuating circumstances. You'd be
surprised at how much a single phone call to your LMD can help.
2. You may also contact a HUD approved housing counseling
agency by calling toll free (800) 569-4287. They will provide
you with the nearest agency to you. These services are almost
always free of charge and can be a very beneficial resource if
you use them correctly. They provide you with a wealth of
information ranging from government aid to local community
organizations that can help you.
3. If you have recently experienced a reduced income or an
increase in expenditures, you may quality for what's called
Special Forbearance. In most cases the lender can either provide
you with a reduced payment plan or even a complete suspension of
payments. You will however need to provide some kind of proof
that you are experiencing financial hardships.
4. Your fourth option is what's called a Partial Claim. What
happens is the FHA-Insurance fun can bring your mortgage up to
date by giving you a temporary interest free loan. You may only
qualify for a Partial Claim if you are over 4 months delinquent
but no longer than 1 year. You are also required to make full
mortgage payments after the lien is placed and your payments are
caught up. The amount of the partial claim is due either when
you sell the home or the mortgage payments are completed. If you
choose this option make sure that your financial hardships are
over because you will be required to make full mortgage payments
after the Partial Claim is in effect.
5. Your lender may sometimes provide you with a Mortgage
Modification which allows you to refinance the amount of the
debt or extend the timeline of your loan, which will reduce
payments.
6. As a last resort and after you've exhausted all other options
above you may willingly give back the property to the bank. This
is what's called a Deed in-lieu of foreclosure. In most cases
your credit will not be harmed, but you will lose the home. You
may not pick this option if you have any other FHA loan in
default.
As you can see there are many options available that are much
better than giving your house up. Best of all, if done properly
the options listed here will not hurt your credit!
About the author:
If you've tried all the options above and need a quick way to
get out of your home without ruining your credit please visit
our
site.
Foreclosure News
Federal refi program launches - Chicago Sun-Times
 Kansas City Star | Federal refi program launches Chicago Sun-Times An Obama administration program began this week to help homeowners who owe more on their mortgages than their home is worth and are facing foreclosure. ... Summary Box: Plan to help "underwater" borrowers Volatile Housing Market Baffles Homeowners Shake Up in Best Housing Markets |
City's foreclosure fix-up plan gets boost - The Aurora Sentinel
 OregonLive.com | City's foreclosure fix-up plan gets boost The Aurora Sentinel AURORA | City officials will be able to acquire and renovate about 15 foreclosed properties using funds from a new federal grant ... Maryland awarded $6.8 million in foreclosure-help funds Federal funds flow into Oregon in attempt to relieve foreclosure troubles HUD allocates $1 bln for anti-foreclosure efforts |
Lender seeks foreclosure against owner of former Hilton - Pittsburgh Post Gazette
Lender seeks foreclosure against owner of former Hilton Pittsburgh Post Gazette Foreclosure proceedings started by BlackRock last week in Allegheny County Common Pleas Court were automatically stayed when Shubh filed for Chapter 11 ... Bankruptcy filing aims to stall Pittsburgh Hilton Hotel foreclosure Pittsburgh Hilton Hotel May Seek New Brand Name Hilton Pittsburgh owners file for protection |
Maryland wins $6.8M to fight foreclosures - Bizjournals.com (blog)
Maryland wins $6.8M to fight foreclosures Bizjournals.com (blog) ... Program grants as part of $1 billion US Housing and Urban Development earmarked for states struggling to reverse the effects of the foreclosure crisis. ... Fighting Foreclosures and Strengthening Neighborhoods County in line for $1.6 million in blight funds |
The Most (And Least) Economically Stressed Counties In The US (PHOTOS) - Huffington Post (blog)
 The Jersey Journal - NJ.com | The Most (And Least) Economically Stressed Counties In The US (PHOTOS) Huffington Post (blog) The AP's index calculates a stress score for each county from 1 to 100 based on unemployment, foreclosure and bankruptcy rates. ... AP analysis: Economic pain failed to ease in July |