Why You May Need Foreclosure Help
- Date: 2010-09-05 - Word Count: 501
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If you have fallen behind with your payments then it is vital you find someone that can help you. It is important to get foreclosure help, ideally from both your lender and an independent financial advisor. The most important thing to start with is not to ignore any potential problems.
There are many reasons why people can fall behind in payments. If you have recently lost a job then it may be difficult to make up the payments. If you are suffering from an illness or a death in the family it can be stressful and problems can start to mount. Losing a home in a divorce settlement can make life financially difficult.
Regardless of the situation it is very important to contact your broker immediately once you are aware of any problems. Ignoring letters and phone calls will not make the problems go away and if anything will make it worse. If you are served with a notice of default then it is very likely that you will lose your home if you do not find a way to correct this.
Discussing the problem with your lender before a notice is served will give you a chance to find a solution. For example they may reduce the rate of borrowing to make it easier for you or add the payments on at a later date. In some rare cases they may forgive a later payment provided you then return to regular payments later on. It is vital you give them as much information as possible about their current circumstances.
In some cases you may be able to get financial help. There are some government loans that are available for people to help them repay any outstanding arrears and there are some debt repayment plans that are available. Independent financial advisors can let you know if you fit the criteria for any loans or repayment plans.
Once the default notice is served there are significantly less options and you have a limited time to repay the debts. This will usually be the point where you will have to sell your house. In this case it is worth getting someone to appraise the property in order to gauge its value. It may be enough to cover the repayments. However this equally depends on how quickly the house can be sold in order to get those payments covered!
There are companies that also offer buy and rent back services. This is where they buy your house and you rent it from them after it has been sold. Like any service it is worth shopping around to see what people offer for your house. While this is a stressful situation, it is important that you still get the best possible deal.
With any agreement on your home, always seek out independent financial advice to see what is and is not possible. You can look up financial advisors in the telephone book or on local listings websites. Remember, if you deal with the problem as soon as possible it can be solved!
There are many reasons why people can fall behind in payments. If you have recently lost a job then it may be difficult to make up the payments. If you are suffering from an illness or a death in the family it can be stressful and problems can start to mount. Losing a home in a divorce settlement can make life financially difficult.
Regardless of the situation it is very important to contact your broker immediately once you are aware of any problems. Ignoring letters and phone calls will not make the problems go away and if anything will make it worse. If you are served with a notice of default then it is very likely that you will lose your home if you do not find a way to correct this.
Discussing the problem with your lender before a notice is served will give you a chance to find a solution. For example they may reduce the rate of borrowing to make it easier for you or add the payments on at a later date. In some rare cases they may forgive a later payment provided you then return to regular payments later on. It is vital you give them as much information as possible about their current circumstances.
In some cases you may be able to get financial help. There are some government loans that are available for people to help them repay any outstanding arrears and there are some debt repayment plans that are available. Independent financial advisors can let you know if you fit the criteria for any loans or repayment plans.
Once the default notice is served there are significantly less options and you have a limited time to repay the debts. This will usually be the point where you will have to sell your house. In this case it is worth getting someone to appraise the property in order to gauge its value. It may be enough to cover the repayments. However this equally depends on how quickly the house can be sold in order to get those payments covered!
There are companies that also offer buy and rent back services. This is where they buy your house and you rent it from them after it has been sold. Like any service it is worth shopping around to see what people offer for your house. While this is a stressful situation, it is important that you still get the best possible deal.
With any agreement on your home, always seek out independent financial advice to see what is and is not possible. You can look up financial advisors in the telephone book or on local listings websites. Remember, if you deal with the problem as soon as possible it can be solved!
Related Tags: foreclosure help, how to stop foreclosure, prevent foreclosure
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