Stop Mortgage Foreclosure

With decreasing home values and record unemployment, there are plenty of people facing foreclosure. As you look at your own individual situation, you really need to ask yourself if you should even bother to try to stop mortgage foreclosure. There are some serious questions you should ask.

Can I really even afford this home? If you find yourself in a situation where more than 30 to 40 percent of your income is going towards your mortgage, you likely have more home than you can afford.

Is this home worth what I owe on it? If the answer is no, figure out just how far “under water” you are on the home. How much do you owe on it versus how much it is worth? Is it a deficit that could be made up within a few years? If not, really think about just how valuable this home is to you.

How good is my credit? If you have otherwise excellent credit, think about just how much damage this will do to your credit scores. They will be affected for at least seven years because that is how long a foreclosure will remain on your credit report. How important is that to you?

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I know what you’re probably thinking; why would someone not want to stop mortgage foreclosure on their home? There are a lot of things that you need to take into consideration when you are facing foreclosure. And one of the most important questions is: can you afford the home at this time and will you be able to in the future? If you do not make enough money to be able to afford not only the mortgage payments but also the utilities and maintenance on the home, you need to seriously look at whether it makes sense for you to even try to stop the foreclosure process.

If you’ve been laid off, you might be able to work with your mortgage company to temporarily stop payments without any penalties. But if the prospect of you being able to find a job soon is not very good, then you need to look at if it is even worth it to save your home.

The truth of the matter is that you can find another place to live. Even with a foreclosure on your record, you can find somewhere to live. It might not be ideal and it might not be what you want to do but you need to consider the long-term financial consequences of your decision. How much is it worth to you to save your home from foreclosure? Is the price too high?

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There are a lot of ways to stop mortgage foreclosure. The best solution for you all depends on what your situation is, who your lender is and how much, if any, cash you have on hand to work with. It is good to take an inventory of these things to see where you stand.

But the thing to remember is that this does not have to get complicated. All you really need to do is find a method that works for you. In order to do this, I suggest you take some time to really look at your situation. Lay out what your income and expenses are. Figure out how much of a shortfall you are really looking at each month. That way, when you call your lender in order to figure out a solution with them, you can give them real numbers about where you are and then see what solutions you can work with them to develop.

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Having a foreclosing home is not easy. Figuring out how you can stop it is even more of a nightmare. Luckily, there are resources out there that can help you. You just need to know where to look in order to find them.

One of those resources are HUD counselors. If you live in a major metro area, you likely have a HUD counselor near you. They can offer free advice on how you can save your home from foreclosure. They also may be able to point you in the direction of other resources that can help you.

Another great resource is your state. Most states now have some sort of dedicated foreclosure help available. It may be in the form of a hotline, free classes or free counselors to help you. Do some digging and you are sure to come up with what your state is offering in the way of foreclosure assistance.

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It can be hard to know what to do with a foreclosing house. It can be challenging and emotionally draining to deal with. I know that it was for me. So how can you deal with it effectively? What can you do?

Remaining calm and rational in the middle of your foreclosure is essential. Both for your own piece of mind and for those around you. You will also get a much better response from the people who are critical to your foreclosure process when you remain calm. Giving energy and attention away to worry and aggravation does not help your case and only drains you.

Taking positive action every day is also important. Even taking a small step is important to your success in saving your home. Remember that saying, “How do you eat an elephant? One bite at a time.” Keep that in mind as you work on your foreclosing house situation. It is not going to be simple or easy. Accept that and just keep doing what you need to do every day.

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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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President Obama’s inauguration speech reminded me of what I had to do to stop mortgage foreclosure on my home. Lots of hard work, responsibility and action. You will need these things as well in order to stop mortgage foreclosure on your home. Saving your home from foreclosure is not easy. You will have to work with your mortgage company. You will have to work to come up with the money that you need.

And you will need to take on a new financial responsibility. This means getting honest with yourself about what you spend money on and what are truly necessities in your life as opposed to niceties. You will need to find a way to cut back if you want to stop mortgage foreclosure on your home. You will need to find a way to downsize your lifestyle.

And you will need to act. Do something every day, even if it is a small thing, to stop mortgage foreclosure on your home. Doing something is better than doing nothing. The more you act and continue to act, the closer you will be to saving your home.

President Obama reminded us of what this country was founded on and that the path ahead will not be an easy one. Neither will the path for you if you want to stop mortgage foreclosure. Are you ready for the challenge?

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As we start a new year, it is a good time to reflect on possibilities. I believe in possibility and that no matter where you are in the foreclosure process that it is possible for you to stop mortgage foreclosure and save your home. I saved mine with less than 30 days to go to the sale date so I believe that it is possible for you to save yours. Live in a space of possibility.

There is a lot of information out there about how to save your home from foreclosure but very little, if any, of it has to do with your mental attitude and how you are thinking about your foreclosure. Many people, including myself, choose to live in state of denial about their foreclosure. “This is not happening to me.” Denial will not stop mortgage foreclosure on your home. Thinking in possibility will.

You cannot escape the fact that your house is in foreclosure. You simply can’t. But you can decide how you will think about it. Choose to think of ways to save your home. Choose to educate yourself about how to save your home. Think of at least one thing every day that will help you save your home. Research one way every day to stop mortgage foreclosure on your home.

By doing these things every day, you will be one step closer to saving your home.

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Even if you are facing foreclosure, you can still have a happy and enjoyable holiday season. It may take a bit more work and effort to focus on the positive, good things in your life but those good things are there. And at this time of year that is more important than ever. Here are a few things that can help you stop mortgage foreclosure and still enjoy your holiday season.

Control your attitude. You may not have been able to control the circumstances that lead you into foreclosure but you have complete control in how you react to it. If you want to stop mortgage foreclosure on your home, make a conscious effort to be positive and upbeat when dealing with your mortgage company and when talking about your foreclosure.

Think about and focus on what really matters to you in life. Yes, I understand that your house is important to you but at the end of the day it is still just a house. Family and friends are more important than any house. Focus on the people who love you and who will be there for you through thick and thin.

Let the joy of the holiday season into your heart. Keep your head and your spirits up. You can get through this.

Happy Holidays!

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Every foreclosure situation is different and what will stop mortgage foreclosure for one person will not stop it for another. Your ability to stop foreclosure depends on several factors, some within your control and some outside of your control. Let’s look at a few of those factors so that you know where to spend your energy.

Factors You Cannot Control

When you are looking at ways to stop mortgage foreclosure, understand that the biggest piece of this that you cannot control is who your mortgage company is. You are stuck with whoever you are stuck with. Some will be easy to work with and others will not. It will do you no good to wish that you have a company that is easier to deal with so just focus on working with who you have.

Another thing that you cannot control in the foreclosure process is the timeline that you have to work with. This timeline is dictated by the laws in your state and you cannot control that. In order to stop mortgage foreclosure, figure out how you can work with the timeline that you have.

Factors That You Can Control

You always, always have the ability to control how you react. This is true in your foreclosure situation and really in all of life. You may not have been able to control the factors that landed you in foreclosure. But you have a choice in how you react to being in foreclosure. If you want to stop mortgage foreclosure, focus on finding solutions instead of bemoaning your fate. That helps you retain control of the situation.

You can control how well you communicate with your mortgage company. If you want to stop mortgage foreclosure, you are going to have to work with your mortgage company. There are simply no two ways about it. You can call them up and yell at them or you can ask them to help you come up with solutions. The people at the other end of the line have no control over the fact that your home is in foreclosure. Accept that and do what you can to work with them.

The best way to stop mortgage foreclosure is to focus on what you can control instead of getting upset or angry about what you cannot control.

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