Best Ways to Stop Foreclosure Now at Real-estate-yogi.com
Learning How to Stop Foreclosure Quickly
There are a number of options available for homeowners who have fallen on hard times and been unable to meet the terms of their mortgage loans to stop foreclosure.
Experts believe as many as seven million American homeowners will face foreclosure within the next two years. The problem is so huge that the media is filled with news about homeowners needing options to stop foreclosure. Unfortunately much of the information they provide to stop foreclosures is inaccurate at best.
Defining the Types of Home Foreclosures
There are two types of home foreclosure: judicial and non-judicial.
Judicial Foreclosure:Most of the states in the United States allow judicial foreclosures. This means the process is monitored by the judiciary court and usually begins with the filing of a lawsuit by the mortgage lender.
Non-judicial Foreclosure:In this type of foreclosure proceedings the court is not involved at all. The lender can make an announcement and sell the house at a public auction.
Real-Estate-Yogi Can Provide Help with Foreclosure
When you’re behind on your mortgage payments and facing the possibility of foreclosure time is of great importance. Fortunately Real-Estate-Yogi is part of a large network that supplies help to those who are attempting to stop home foreclosure. Our company has several years of experience working with lenders and mortgage companies in order to help stop a foreclosure. Some of the ways Real-Estate-Yogi helps you stop mortgage foreclosure include:
- Working with your mortgage company to work out a satisfactory agreement
- If your problem involves a foreclosure that is already scheduled for sale we will work to stop a house foreclosure sale while we work with you to develop a plan tailored to your needs
- We will help you work with your lender in an effort to stop foreclosure quick by setting up a payment plan for the back payments that fits into your budget
- If you are in an upside down mortgage we will work with your lender in an attempt to convince them to agree to a short sale
Why You May be Facing Foreclosure
There are many factors that have taken the blame for causing foreclosures, but when you speak to those who have walked in those shoes, you will discover there are some main ingredients that are more common and fail despite all the ways to stop foreclosure. Some of the most common ones include the following:
- Declining real estate prices
- Upside down mortgages
- Life events such as death and divorce
Brief Synopsis of Ways to Stop a Foreclosure
The thought of losing your home can be very stressful and emotional and many people wonder how to stop the foreclosure process. Instead of worrying about it, allow Real Estate Yogi to work with you and help you understand the ten different ways you can avoid foreclosure sales.
Easy Steps to Stop Foreclosure
- Refinance is a viable option for those you are current on their mortgage payments and have not been more than 30 days late over the past 12 months.
- Those who are not eligible for refinance, are facing long-term financial hardship and are several months behind on payments or may be soon may qualify for modification.
- If you don’t want to refinance or are not eligible and are facing a short-term hardship forbearance may be the best option for you
- A short sale may work best for those who cannot refinance, are at risk for foreclosure and have unsuccessfully attempted to secure a modification plan with the lender
- If you don’t qualify for refinance and are facing financial hardship you may qualify for government programs to stop foreclosure
- Deed for lease is a plan through Fannie Mae that may allow you to lease your home back after you transfer the title to the mortgage company (this is usually called a Deed-in-Lieu of Foreclosure)
- The repayment plan option is excellent for those who are unable or do not wish to refinance and are facing short-term financial difficulties
- Make sure to contact your lender as soon as you know you have a problem and don’t wait until the last minute
- Be aware of scams
- Know your mortgage rights