When working to avoid foreclosure on a home, many people immediately turn to sources of extra money like friends and family and even second and third jobs to try and make their payments. It is very important not to fall behind on payments as it is the beginning of a slippery slope to losing your home and it can quickly see you sliding straight to the bottom. What many people fail to do is to get creative about ways that the property itself can work for you and make money—even without selling it. Try some of these top tips to… Read more »
Archive for the 'Stop Foreclosure' Category
One option most people don’t think of is using credit counseling to stop foreclosure. Credit or debt counseling is a service offered by debt relief companies, many non-profit, that is touted as an alternative to bankruptcy. The agency requires the debtor to complete a detailed budget, including all payments due on debt. Credit counseling agencies often claim that they can lower the total debt owed, therefore lowering monthly payments…. Read more »
If you’re falling behind with your home loan, the best thing you can do is contact your bank right away to attempt and work out some kind of payment arrangement. If you wait till a notice of default has been filed, the loan company will probably be less likely to work out any arrangement with you. Should you speak to the lender in time, there is an excellent chance they will offer you a specific amount of time to have things up to date and stop foreclosure…. Read more »
The city of Las Vegas has announced that they will be receiving $200,000 from HUD to help stop foreclosure in the city. Obviously, this is not enough to money to help homeowners directly with their past-due mortgages, so what is this money to be used for? The city plans to develop an educational program the will help residents facing foreclosure learn about their options.
It makes sense that Las Vegas would be targeted for a program like this because foreclosures in Nevada, especially in the Las Vegas area, are higher than in any other area of the country right now. Las… Read more »
One way to stop foreclosure on your home is to sell it and use the proceeds from the sale to pay off the mortgage. Unfortunately, most of the time this is much harder than it sounds. There are two reasons for this: First of all, it often takes a long time for a house to sell and if you are facing foreclosure, time is something you don’t have a lot of. The other reason is that with real estate prices falling, the amount owed on the home is often more than the house is likely to sell for.
The amount… Read more »
Many people think you can stop foreclosure by refinancing your home. Although this is a possibility, it is not easy to get a bank to agree to refinance your mortgage once you are behind on the payments. However, if you have not yet fallen behind, refinancing could be an option for you.
Lower Your Payment by Refinancing
If you know that your income will be falling, you can start looking for a refinance loan that will give you a lower monthly payment than your current mortgage. By obtaining a new mortgage with a lower interest rate or a longer term,… Read more »
One thing you will see warnings about over and over again when researching what to do to stop foreclosure is working with a real estate investor. Does this mean all real estate investors are scammers? No, of course not! However, people facing foreclosure are heavily targeted by scammers, so it is important to use caution when considering a deal with a real estate investor.
How Can You Tell an Investor from a Scammer?
The first thing you should do before accepting an investor’s offer is to determine whether the person is legit. This can be difficult to do, but here… Read more »