The Foreclosure Prevention team
Message from the Stop Foreclosure Attorney
We Will Help You Stay In Your Home!
If you’re a home owner and you find that you are about to lose your home to foreclosure, you might want to join a foreclosure prevention team. Often, its seniors that cannot pay their monthly mortgage and yet they might qualify for some sort of tax break or tax deferment, but simply don’t realize about it. That is the type of group that a foreclosure prevention team will help you with. There are a number of groups out there that specialize in assisting people in foreclosure prevention, and of course there is also the government. They often pass out free government money to help homeowners in foreclosure prevention and that is where you might want to start.
You should join a foreclosure prevention team if you are worried about losing your home to foreclosure. One of the first things that they will do is assess your situation and try to work out a plan with you to stop foreclosure. This is often done by a mortgage broker who looks at your situation and your financial situation and tries to come up with a foreclosure prevention plan with you. They have all the options available to them to stop foreclosure and they often contact your lender and the relevant departments in your state to negotiate with them on your behalf. The aim is to keep you in your home.
A foreclosure prevention team will try to keep you in your home by calling your lender several times a month and negotiating with them on your behalf. Often they will be successful and the lender may actually come down on the side of the homeowners and offer them a solution that keeps them in your house. Sometimes these solutions can be far better than what you were offered originally. It is important to understand that sometimes there are other options available besides foreclosure.
A foreclosure prevention team will also keep you informed of what the various programs and assistance is that is available from your state. There are a number of government programs set up to help homeowners facing foreclosure in your area. These can be offered through the federal government or through your local government. The foreclosure prevention team will contact the relevant agencies and give the information on what programs they offer and how you can apply for them.
Another option for homeowners who are facing foreclosure is contacting their lender and setting up an open meeting. Here they would tell them about the problem and seek their advice on how to solve it. Often they will be able to prevent the foreclosure proceedings by offering a deed in lieu of foreclosure on the mortgage payment due plus a few months rent in the event that this is not agreeable to the borrower. Many lenders will accept this as it allows them to avoid the foreclosure process and has a chance to sell the property. However this does not mean that this option will always work out for you.
A hecm holder can also stop foreclosure by offering a deed in lieu for non-payment of the mortgage. A deed in lieu of foreclosure only requires the homeowners to pay a specified amount of money back to the lender. They can then apply for a reverse mortgage, which offers a higher interest rate on the remaining balance of the mortgage if the homeowners agree to a term based on a percentage of the home equity converted into cash.
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