How,Stop,Foreclosure,From,Happ business, insurance How To Stop Foreclosure From Happening To You!

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The purpose behind this report is to help you decidewhich option is best for you when it comes to preventing the foreclosureprocess.  The way to do this is throughinformation.  You cannot have too muchinformation when it comes to the foreclosure process.  The more you know, the better informed youare of your choices.  You do not have towalk into the foreclosure process blindfolded - there are preventative measuresthat you can take.Itis important that you know the options that are available to you.  The options that you choose will depend onwhether you want to keep your home or sell your home.  This report can give you some of theinformation regarding these choices. Before making a choice, however, you should talk with a lossmitigation specialist who is familiar with theforeclosure process and who can analyze your case.  After you read over this report, you shouldcall or contact 1st Foreclosure Prevention so that you can get afree foreclosure evaluation that can weigh your options against your unique setof circumstances.  All foreclosures aredifferent and all come with a unique set of circumstances.  The main reason why people go intoforeclosure is due to a loss of income. This can occur because of a loss of a job, an illness or even adivorce.  During troubled times, it canbe tempting to just try to ignore the situation rather than seek help.  But sooner or later, you have to face thefact that you may lose your home, which is when you will act.  At 1st Foreclosure Prevention, we give you choicesthat you can make that can occur throughout the foreclosure process.  Timeis not your friend when it comes to foreclosure.  The minute your mortgage payment is more than15 days late, you are assessed with a late charge.  The calls begin after the loan is more than30 days past due and do not stop. Lenders today do not want to foreclose, but have no choice if you arenot responding to them.  They will mostlikely send you one letter before they file a Lis Pendens or a Notice ofDefault in the court of the county where your property is located.  Then, everyone will know that you are goinginto foreclosure as this is public information. If you have already been through this process and received a notice, youare probably inundated with calls and mail from those who say that they want to“help.” Whodo you trust?  Bankruptcy lawyers willurge you to file bankruptcy, which should never, ever be the first option whenit comes to stopping foreclosure and, in many cases, will not save yourhome.  Some companies that say they areloss mitigation companies will urge you towards a loan modification that theyreceive a fee for up front.  At 1st Foreclosure Prevention, we do not push youtowards any option that may not be right for you.  We take a careful look at your particularsituation and then come up with a solution to suit your needs.  There are two solutions that we look at -keeping your home through a variety of different methods, and selling your homein a variety of different ways.  Choosingone of these solutions that is right for you depends on yourcircumstances.  There are three ways that you can stop foreclosure and still keepyour home.  They include reinstating yourloan, refinancing your loan or declaring bankruptcy.  These choices may or may not work foryou.  Let’s take a look at them and see how they stack up against oneanother: Reinstating your loan can consist of more choices.   You may want to borrow money from a thirdparty and get your loan up to date.  Youcan talk to your lender on how much you need to borrow in order to stop theforeclosure process and get your loan current. Many times, the lender will waive some of the late fees if you promiseto catch up on your mortgage. Insome states, there is no reinstatement available after the judgment has beenentered and the date of the foreclosure sale set.  Other states allow you a right to redeem yourproperty even after the sale.  This issomething that your loss mitigation specialist at 1st Foreclosure Prevention can help youunderstand.  Ifyou can reinstate your loan, there are several ways to do it.  These include a total reinstatement, arepayment plan, a loan modification, a forbearance and a partial claim.  Total ReinstatementIn order to use this option, youhave to be able to make your loan current right away.  This is usually done when you borrow from athird party.  This option makes sense ifyou went into foreclosure due to some problem with income, such as the loss ofa job, but are now back on your feet and financially able to pay yourmortgage.  This option does not makesense if you are struggling to pay your mortgage as it is and can often get youdeeper into debt. Repayment PlanLenders will often tell you thatin order to stop the foreclosure process, you have to go for a totalreinstatement.  This is not true.  Many lenders will accept a repayment plan ifyou are in a better financial position to repay the mortgage.  The late mortgage payments can be spreadthroughout the other mortgage payments for up to 12 months, until you getcaught up.  If your lender is telling youthat you need a total reinstatement, you can use a loss mitigation service thatwill be able to succeed with your lender where you cannot.  This is because you are most likely nottalking to the right party.  This workswell if you can make up the delinquent payments with larger payments and arenot struggling to pay the mortgage.   Loan Modification A Loan Modification plan can help stop foreclosureas this entails a loss mitigation company renegotiating the terms of yourmortgage.  Many loss mitigation companiessteer clients in this direction because they get a fee upfront.  This is a good option if you are able to makethe new payments and are financially stable. This is not a good option if you will be still struggling.  It is also important to know that not everylender will accept a loan modification agreement and will proceed with theforeclosure. Forbearance You can suspend your mortgagepayments for a short period of time by asking for a forbearance.  This will allow you time to get back on yourfeet, after which you can make your mortgage current.  This is a good option if you have lost yourjob and are optimistic about getting a new one that will enable you to pay yourmortgage.  This is not a good option ifyou just want to forestall the inevitable, although it can be a tool that comesin handy to stave off foreclosure if you are selling your property.  Loss mitigation specialists at 1st Foreclosure Prevention can help you with aforbearance and let you know if it is right for you. Partial ClaimYou may or may not qualify forthis program that is usually reserved for loans made through Freddie Mac orFannie Mae.  You can pay about 30 percentof the delinquency due and the lender will work out a program with you so thatyou can repay the existing delinquency balance interest free.  This can be a good option if you will beassured of a better financial position and can repay the mortgage.  Thebiggest advantage to using one of the reinstatement programs to stopforeclosure is that you can keep your home. The biggest disadvantage is that many people tend to lose more moneywhen using these programs as they continue to struggle with foreclosure, falldeeper into debt and end up losing their home anyway.  These options will only work if you can besure of being able to pay at least 75 percent of your current mortgage payment.  Ifyou have no equity in your home or very little, you may want to talk to yourloss mitigation specialist at 1st Foreclosure Prevention about a workoutagreement where the lender will take less for the home than what is owed inevent of a sale.  You need to have a professionalloss mitigation specialist working with you when you choose this option so thatyour rights are protected.  This can bean option for you if you do not qualify for a sale to an investor or owe a lotmore on the property than the property is worth.  It takes a great deal of negotiation to getthe workout agreement to the point where it does you benefit.  For many people, this is not an option, butfor some, especially those who have property in a state of disrepair thatprevents them from selling with a real estate agent, this can be the onlyoption.  When you are facing foreclosure, you do nothave to feel helpless. There are many options open to you to help you stopforeclosure from happening to you with regard to trying to keep your home andselling your home.  When you are facingforeclosure, you should talk to a loss mitigation specialist at 1st Foreclosure Prevention who can give you a freeevaluation based upon your set of circumstances and further explain how theforeclosure process works, how it can be prevented and what impact it can haveon your credit.  Youdo not have to feel helpless in the face of foreclosure.  There is help available to you.  Whether you wish to keep your home or if youjust want to sell it and get a fresh start, loss mitigation specialists canhelp you find the right option that will work for you.    You have made the first move towards helping yourself avoid theforeclosure process in getting this report. Make the next move and contact 1st Foreclosure Prevention so that you can get afree foreclosure evaluation of your situation and find out the right next stepthat you can take to prevent foreclosure from happening to you.