Sugar Blossom

Keep Your Home away from Foreclosure

Loosing a home is my worst nightmare ever! It could tears apart our sense of security and comfort, coz a home is one of the most basic necessities of a human being – it’s our ultimate spot of sanctuary where we can freely express & truly become ourselves.

Letting ourselves clumsy in damaging our credit history – even just by missing a mortgage payment – seriously could lead us in loosing our sweet & precious home. Be clear & honest about your financial situation to yourself & your mortgage lender, and then explore every alternative to keep your home on your hands. Here are some tips to avoid foreclosure that I find very important in keeping your home.
What are the alternatives we got? Well, you can consider these actions:

• Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments.
• Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan.
• Partial Claim. Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.
• Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
• Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily “give back” your property to the lender. This won’t save your house, but it is not as damaging to your credit rating as a foreclosure.

I myself personally encourage you in taking the home retention through loan modification. Coz this may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

The main point in my foreclosure prevention advice is that you should be aware of scams by not signing anything that you don’t quite understand. Get more information to empower & protect yourself against becoming a victim of predatory lending especially - on our most vulnerable condition as a homeowner.