Still Going Strong…unfortunately
Foreclosure numbers are still staggering and they are likely to continue until some type of “real” aid is available to the average homeowner who is losing their job, unable to make payments or just made a poor financial decision.
What To Do Now
If you are at risk of foreclosure, you need to do something now. Do not wait as this is a sign of your willingness to go through with the foreclosure. Instead, invest the time in getting help.
#1: Talk to an experienced Housing Counselor about your situation. They may be able to point you in the right direction in terms of stopping the foreclosure process. There IS help available for many people.
#2: Talk to your lender. Today’s lenders are more willing than ever to keep you in your home by finding a solution to foreclosure. When they call, tell them what is happening and ask what type of help they can offer.
Should You Keep Your Home?
Those without income may be unable to remain in their home since no amount of mortgage can be paid. If you do have a job and you do wish to stay in your home, find out if there are any options to help you to do so. If you lose your home to foreclosure, lenders will not lend to you for years to come. With the credit market being so tight, even with good credit, you will struggle to find a lender to buy another loan, or even a rental agent who will rent to you. In other words, if you can stay in your home, do so.
Those who may be having trouble with lenders or those who are unable to find the help they need otherwise, may wish to look for help directly from FHA loan specialists. The goal you have is to get help now. Do not wait since it only takes a few months before you are too far into the foreclosure process to stop it.
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