Stop Mortgage Foreclosure

Understanding what your foreclosure rights are can be a tricky thing. Getting a straight and consistent answer on this issue is not always easy. Different people interpret things differently and this can lead to confusion and delay in finding a way to save your home.

So where do you go? Who can you trust? Ever hear the expression “you get what you pay for.” This can certainly be true in the area of foreclosure. A lawyer who understands the laws that rule foreclosure in your state is a great source of information on this subject. And what’s more, he or she can give you accurate information about what your specific options are given your current situation.

Can’t afford legal advice? Believe me, I understand. If that is the case, then you simply must make due with what you have and what you can find out on your own. Local and state resources will be your best bet. Free phone lines, classes and online information should help you at least get a basic understanding of your rights.

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If you are in the middle of losing your home to foreclosure, understanding what foreclosures procedures are in place in your state is vital. If you do not understand the timelines, laws and procedures that regulate foreclosure in your state, you could end up losing your home. Missed deadlines can mean the difference between staying in your home and ending up with an eviction notice.

Timelines are especially important because you do not get a second chance at saving your home once foreclosure has started on it. You get one shot at this and if you do not know when your sale date is or if you have a right to cure or right of redemption, you could lose your home without even realizing that you lost it.

So how do you find out what the foreclosures procedures are in your state? Check with local and state agencies. One of the best resources that I had in my own foreclosure process was my county’s website. I could lookup my foreclosure records there and find out exactly what paperwork had been filed and by whom it had been filed. You probably have a similar source of information in your state. Find out what it is and how to access it.

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There are many ways that a foreclosure procedure can be stopped after it has been started. You need to figure out what your situation is and what the best alternative is for you. That depends on several factors. Overall, there are a few questions you should look at:

• How much money do I currently owe the bank in missed payments and fees? (You can get this figure by calling your bank and asking them to tell you how much it would be to reinstate the loan.)
• Do I qualify for a workout arrangement with my bank? (You can find this out by asking your bank if your situation qualifies as a financial hardship situation.)
• How much money do I have at my disposal in order to save my home from being foreclosed on? (Only you can decide how far you’re willing to go to come up with the money you need.)
• How long do I have before my foreclosure sale? (You need to know the timeframe that you’re looking at. You can find this information on the paperwork that you got from your bank’s lawyers.)

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As with all areas with foreclosure, there is no assurance that you will be eligible for this plan or that your lender will be capable of extending this as an option in your unique situation. Before you get your hopes up that this will work for you and help with foreclosure in your situation, there are some areas you should understand.

There is an upfront mortgage insurance premium that you must pay and a yearly one after that. There is an equity and appreciation sharing clause. You will have to divvy up some of the equity that you realize in your house with the federal government. So prospects are that this is not going to be a enduring solution to help with foreclosure for you unless you wish to share the equity you get in your house with the federal government. You also cannot get any other kind of loan on the property (like a home equity loan) as long as you have this loan. The unique exclusion to this is if the new loan is being used simply to keep up the property. So you could not get a home equity loan to help you pay back other bills, you could simply get one if you are using it fix your home.

The other thing you must be mindful of if you wish to use this as a manner to help with foreclosure is that there are some pretty severe necessaries for even making this variety of loan. You have to have received the loan on or before January 1, 2008. The mortgage payments that you have at this time has to be greater than 31% of your gross monthly income. You cannot have by choice not made your payments. And you must not own any different homes or other sorts of residential properties.

Does this not appear like a great selection to help with foreclosure to you? It may not be depending on your position. It does have rewards. Being able to save your house tops the list. Getting payments that are simpler for you to make is also another good point. For those of you that are in ARM loans, this is a path to get into a fixed rate loan. Another good feature of this program is that you will right away have a 3.5 percent equity in your house. This may be a great bonus if at this time you owe more on your home than what it is valued at. If that is the position for you, be aware that your mortgage company could not even offer this as an alternative. They suffer financially with that and many mortgage companies are not alright with that and so will not extend this to you as an choice.

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The threat of losing your home is never easy, no matter what the circumstances are. But in order to prevent the loss of your home to your lender, you need to take a look at where you are and options to help you get out.

Where You Are
Get honest with yourself about just how far gone you are in your situation. How many months have you not been making your payments? Have you talked to your lender? Where are you really at? How much money do you owe your lender?

Options to Help You Get Out
There are many options that can mean not losing your home. Talking to your lender is a good starting place. The sooner you start a dialog the sooner you will be on the road to saving your home. Another good place to go to for help is a HUD counselor in your area. These counselors are free resources for you. Find state or local help. With the home loss crisis facing our nation, there are many state and local resources that have sprang up to help homeowners. Use these sources. That is why they are there.

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According to the Center for Responsible Lending, there is a new foreclosure started every 13 seconds. And that number does not look to be going down anytime soon. As unemployment skyrockets to new highs not seen for 26 years, it is likely that the number of foreclosures will continue to get worse before it gets better. More and more homeowners will be looking for ways to stop mortgage foreclosure on their homes and to find resources to help them.

So how did we get to this mess in the first place? Eric Stein’s testimony to the Senate Committee on Banking, Housing and Urban Affairs in October of 2008 helps shed some light on the issue. Eric is the senior vice president of the Center For Responsible Lending. In that testimony Eric indicates that base of the foreclosure problem we currently find ourselves in is founded on the number of unsustainable loans.

On the bright side, Eric offered the senate possible solutions to help stop mortgage foreclosure and get us back on track. The question is, will anything be done to fix the problem that we now find ourselves in?

You can get Eric’s full testimony at http://www.responsiblelending.org/pdfs/senate-testimony-10-16-08-hearing-stein-final.pdf

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