The Oak Tree

Special Report - “3 Ways To Stop Foreclosure Now”

1) Talk to your lender today.

The biggest misconception that homeowners have is that the lender is not approachable. If you are behind in your payments, then you need to be in contact with your lender. Make sure that you talk to the loss mitigation department rather than the collections department. The reason for this is that the collections department will have just one answer for you - “Pay now”.

If you are unable to get to the loss mitigation department, or if you want some help with the process, sometimes a local realtor or real estate investor may be willing to help out since they know that you might need them later to assist with a possible sale of your home.

Here are three ways the lender might be willing to help you:

Accept a “Workout ” solution with you

This is where the lender gives you a temporary waiver of your payment, a lower payment for a short period of time, or perhaps adds the past due amount to the loan balance. It is critical to the lender that you have the ability to make all of the payments according to the new terms that the lender agrees to. Be prepared to prove this to the lender with paycheck stubs and other background information.

Accept a Deed in lieu of foreclosure

To do this you would sign a document that gives your lender complete ownership of your home. You typically won’t get any money from this and you will have to of course move out of the home. The advantage of doing this is that a “Deed in lieu” won’t look as bad on your credit report as a foreclosure will.

Accept a Short Sale

A short sale is where the lender agrees to accept an amount that is less than the total amount due so that you are able to sell the house. Don’t expect to get any money from the sale. In addition you may be responsible for paying taxes on the amount that the lender does not receive. A realtor or real estate investor may be willing to help you with a short sale because they may be able to profit from doing so.

See “3 Ways To Stop Foreclosure Now Part 2″ for steps 2 & 3….

Contact us today if you have any questions or need our help.
Click the link “Sell Your House” above or call us at 570-668-3357.

…Until the next “acorn” drops…Keep looking up…