Avoid Foreclosure
With 8000 of the 143,898 New Jersey borrowers who opted for sub-prime mortgages going into foreclosure in the first half of this year and another 11,000 borrowers up to three months behind on their mortgage payments, there is still a light at the end of the tunnel if a homeowner acts quickly enough. Don’t let fear or your pride get in the way of reaching out the lender and working out a plan to get you back on tract. You will find that lenders want to help you in this time of need. Some of the help available through your lender will surprise you for example: Special Forbearance (tweaks your repayment plan to better fit your financial situation), Mortgage Modification (refinances the debt or extend the payment term to lower you monthly payments), or Partial Claim (an FHA insurance fund for qualified homeowners). There is a HUD pamphlet (http://www.hudclips.org/sub_nonhud/cgi/pdfforms/pa426h.pdf) that explains how homeowners can avoid losing their homes. HUD also maintains a website with helpful tips. (http://www.hud.gov/foreclosure/index.cfm) Jerry Keelen, director of Single Family Programs with the state’s Housing and Mortgage Finance Agency, said his agency is preparing to offer $30 million to help bail out about 200 sub-prime borrowers. So you may have gotten into a loan program that got in a house today and will put out on the street tomorrow but with a bit of effort you may be able to save your home.
foreclosure loan…
Many of the web pages that you will learn of dealing with this topic are very knowledgeable, while many are not….
Trackback by foreclosure loan — October 19, 2007 @ 8:02 pm