Thursday, July 1, 2010

Say No To Foreclosure

Our home is our treasure. This is where we are building strong foundation of our family. But what if you are facing the challenge of foreclosure? How are you going to fight for your right to own back the home that plays a vital role in molding your family values?

When there is a possibility of facing foreclosure, you can still save your home by filing a Notice of Default. It is a public notice attached generally on the front window in a big letter. It says that the borrower is in default, not updated on the mortgage payments, and in the event of not being able to pay, the lender will get the house. The Notice of Default will make the lenders feel that their interests are protected, hence foreclosure can be avoided.

Stay positive in responding to your lenders. You may often get embarrassed by your lenders, but you should be able to deal with them in a calm state. Ignoring letter from them may worsen things.

Another way to avoid foreclosure is to use Mortgage Modification. By this we mean, giving you the chance to extend the payment period of your mortgage loan. Mortgage Modification will lower the level of your monthly payment. To find out if you are qualified for a Loan Modification, you may check out this link this loan modification website for evaluation and further assessment. They have been helping a lot of people who are struggling to fight foreclosure.

The root of foreclosure issue is from the rate of mortgage. People often get stuck on paying the mortgage because of high interest rate. The government has established a program that would make it easier for people to understand the terms of mortgage. The “Home Affordable Modification Program” or HAMP is a program by President Barrack Obama. This is a foreclosure prevention plan of Obama’s governance to help people fight foreclosure. Request for free Mortgage review to know more about this program.

Disclaimer: Please note that I am not endorsing these people -- whose websites is linked above BUT I just thought of sharing it to you guys as it might be of help. Please be cautious and do your own security checks too on to whatever they are offering. Thanks!

1 comment:

  1. Recently the economy hasn't been prospering as much as everybody would like. As a result, many people are finding it hard to pay off some of their loans. With payments overwhelming the population, there is an American home mortgage servicing inc reducing foreclosures. Homeward is one of the few lenders doing its best to lower foreclosure rates.