Foreclosure is a distressing fact of life in these bad economic times.
Many homeowners are struggling and finding themselves on the brink of foreclosure.They are missing payments and even worse are actually receiving notices of default, but they do have several options to help them. Most options are made available without complex requirements and anyone can explore them if they act fast enough.
Banks and lending institutions generate their profits from interest earnings on the loans that they give out, so they are badly affected if you don’t make the required payments. They would rather not foreclose if there is any possibility of you making the required payments with the help of other options. Before these institutions get unfriendly, you better get talking to them right away
Banks have been asked by most government agencies to do whatever they can to keep people in their homes.The bank doesn’t want to foreclose because they lose a lot of money by doing this. If they extend your loan, forget your default and make other arrangements with you, they may lose money but not as much as if they had foreclosed.
Explore your options and then make a commitment. You need to be honest with yourself. Do you think you can do it by yourself or should you get assistance from professional people, who work to help stop foreclosure. When facing the prospect of losing your home, these decisions are very important.
However these options have their own requirements and you need to know which option is the best for you, taking into account the risks and repercussions involved. You may need professional help with some of the legal aspects of these options. With this all important decision involving your house, it might be best to seek assistance with someone of some standing who has more knowledge and experience in these matters. Some of these professionals can also help, with not only advice, but with the real process of stopping foreclosure. These processes are emotionally draining, not to mention the financial and physical aspect of it, which is why it is better to leave it to someone with the necessary expertise.
Most homeowners can be emotionally involved in their financial difficulty and their judgment can be compromised when faced with a composed representative from a lender. It can put homeowners at a severe handicap. A wrong move from you could spell disaster.
Having a foreclosure professional doing the long haul for you can place you at least on the same footing as your lenders. You can have the benefit of a calm, clear-headed and objective professional who is abreast with the latest developments in these issues and has the expertise that you lack.
David Mills specialises in helping US citizens who are facing financial problems and the threat of foreclosure. Having spent most of my career working within the financial sector I have published a number of books on various subjects relating to mortgage, debt, housing market, bankruptcy etc and have also been involved in a lot of freelance work for newspapers,magazines and forums.
This is one video in Primary Capital’s Short Sale Series, a multi video series on California short sales. All videos can be viewed on www.dontmoveout.com or on Youtube keyword search: Primary Capital Real Estate.
Video Rating: 5 / 5
