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Best Foreclosure Loan Providers, Resources and Tips

Foreclosure is never an option you think about when purchasing a home. However, sometimes circumstances come around where foreclosure could be a possibility. Foreclosure happens when you no longer make payments on your mortgage - for whatever reason and the lending institution takes your home from you as payment for the outstanding debt. Having a foreclosure on your record will seriously damage your credit score for a long time and may prevent you from being able to purchase another house in the future. How can you avoid foreclosure?

Talk to your lender. Don't be afraid or embarrassed about speaking with your lender about your financial difficulties. The lender does not want to take your property; they are not in the business of selling houses, which is what they have to do with properties after they are foreclosed upon. The longer you wait to talk to your lender, the harder it will be to work out a solution.

If you are behind on payments because of a temporary problem, such as a short period of unemployment, or illness - then you might ask for one of the following solutions: forbearance, repayment plan, or reinstatement plan. Forbearance is a temporary halt to your payments. Interest will still accrue, which will be added to the remaining balance of the loan and you will then shortly begin making full payments on the mortgage when the forbearance period ends. Repayment plan is best if you can continue to make your regular payments on time and set up a payment schedule to pay a bit more each month so that you can work off the late payments over time. A reinstatement plan is best for you if you can resume regular payments and are able to pay off the late payments in one lump sum.

Below are some foreclosure service companies that can help you deal with the foreclosure process. They might even help you keep your home.

Service Provider: Home Assuare

  • HomeAssure gives FREE foreclosure consultation to help assess your current situation.
  • Company can represent you and help negotiate a suitable resolution with the foreclosing bank.
  • They can help stop the foreclosure process and allow customers to keep their homes.
  • They make dealing with your foreclosing lender much easier.

Lender: Credit Axis

  • We guarantee anyone a bad credit loan or credit card approval through our directory of little-known lenders.
  • We also offer a unique credit repair kit and a do-it-yourself bankruptcy filing kit.
  • Our information is applicable to residents of the U.S., Canada, and the UK.
  • Our bad credit lender directory and do-it-yourself kits are all downloadable from our members-only area.

Foreclosure Service Provider: Realty Store

  • RealtyStore is the #1 provider of Foreclosure information in the nation.
  • Realty Store has the premier database of foreclosure properties, which sell for much less than "ordinary" homes (up to 50% less according to industry reports).

If you foresee that your income will be reduced for a long period, you might want to consider these options. Refinancing your existing mortgage. If you have enough equity and have held your mortgage long enough - you might be eligible for refinancing and rolling the past due amount into your new mortgage. You can give your property back to the lender by way of Deed in Lieu of foreclosure. The bank then accepts your house as payment of your mortgage in full. Deed in Lieu will leave you without a home, but will not affect your credit score as much as a full foreclosure. Sell your house on your own. If you are in pre-foreclosure proceedings, you may be able to get the bank to stop proceedings if you agree to sell your home. You must follow through on the sale and the lender may put a time limit on it, so that may mean taking a lower price for the home than you might otherwise to get a fast closing.

Depending on the type of mortgage you have, your lender may have other programs available to help stop the foreclosure. Time is of the essence here, the sooner you speak with your lender, the more choices you will have to avoid foreclosure.

 

Click here for a list of all the articles on mortgage and loan tips.


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