If you are looking for stop foreclosure help, the first thing you have to remember is not to panic. Though the time it takes to lose your home may vary from state to state, there are many options out there to help you stop your home from going into foreclosure. The most common means of stopping foreclosure is to involve an attorney through loan modifications or filing bankruptcy.
Filing A Bankruptcy
If you are extremely desperate, filing bankruptcy may seem like your prime choice for solution, although it is important to remember that this can be a temporary fix to a much more serious problem. If you miss a single payment your home will immediately find itself back on the market with very few options remaining to save it, and now your problem is compounded. The other thing to think about before filing a bankruptcy is that it will stay with you for 10 years. Right now that may not seem like much compared to the stress you feel with your debt hanging over your head, but ten years is a long time to have a bankruptcy stuck on your credit.
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Loan Modification
Another more permanent solution is loan modification. A loan modification is a procedure in which a loan's terms, such as the interest rate, monthly payment or term, are altered with the approval of the lender.
If you have found yourself with little time left, attempt to utilize the Obama Mortgage plan. This will prevent your lender from foreclosing on your property for 90 days, giving you valuable time that can lead to another, more permanent solution. The most attractive feature about this plan is that it will reduce your current mortgage payments to 31% of your total monthly income. Rates can go as low as 2% and if the lender is unable to reduce the payments by rate reduction alone, they can increase the length of your loan up to 40 years, and may even reduce your balance. By extending the loan period to 40 years you may be able to lower the payment to a more reasonable means.
It is a good idea to contact an attorney, to learn the laws and basic guidelines to qualify into these programs, you only get one chance, making a poorly informed decision might damage you and your family for life.
The goal is to save your home by stopping foreclosure, but make sure you don't stop your life goals at the same time. If you are buried by as much as fifty thousands dollars or more in other debt besides your home then perhaps you will want to look at a bankruptcy. A good lawyer can help you figure out the benefits. However, you may find that if you have mainly credit card loans that make up for much of your debt problems the credit card companies are usually very eager to work out repayment solutions with you to help your budget. If those debts can be reduced then you may be able to make your house payments to avoid bankruptcy and save your home.
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