Avoid Foreclosure: Save Your Home Even If You Have No Job Or No Income at All at This Time
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If you are facing a hardship with making your mortgage payments, you're not alone. The national foreclosure rate is now at one in every 555 households. If you live in the Ft. Myers/Cape Coral area, that statistic jumps to 1 in every 18 households now in foreclosure. A mortgage hardship is very common with unemployment numbers rising daily and US homeowners losing the values in their homes on a monthly basis as well.
You should always be aware of what your debts are and make your mortgage payments your priority. If you are unable to meet all of your monthly payments, pay your mortgage first at the expense of other debts. This is the best way to never need to avoid foreclosure. If you do fall into arrears with your mortgage payments, always keep in touch with the lender and don't ignore letters and phone calls about arrears on your account. Most lenders will work with you in your efforts to avoid foreclosure, but it is important that you maintain communication at all times. Try to get the lender to modify the terms of your loan to avoid foreclosure, so that you are able to pay the arrears off over a period of time, spread out over the period of the loan or better still added to the end of the loan. It is really important that you motivate yourself to avoid foreclosure! First of all check your state's laws pertaining to foreclosures. You need to know your legal position and your financial position before you can make your plans to avoid foreclosure.
We have helped families stay in their home for an extra 6 months, 8 months and over a year. A very likely issue is that the financial institution attempting to collect and/or foreclose doesn't even own your loan or have the legal right to collect. Over 80% of all foreclosures filed in Florida right now contain a "Lost Note" count alleging that they (the plaintiff) have lost the most important document as evidence of the debt they claim you owe - the Note. There are several affirmative defenses that a qualified and competent foreclosure attorney will know how to bring in your case. A TILA mortgage rescission may be something that you can assert if there are material disclosure violations found in a forensic loan audit of your loan documents. Obtaining a true forensic loan audit is probably the best first step you as a homeowner in mortgage hardship can take. A forensic loan auditor will truly break down the entire package of loan documents and examine them for state and federal loan violations along with a forensic examination for fraud and failure to disclose, appraisal fraud and loan application and underwriting fraud.
You can also avoid foreclosure by filing for bankruptcy, but the fees involved in doing this can often be more than the outstanding mortgage payments. Bankruptcy should only be considered if the homeowner is desperate to avoid foreclosure, and has a significant amount of disposable income they can set aside for the bankruptcy payments. Finally, one way to avoid foreclosure that is often overlooked by homeowners facing foreclosure is to simply pay the arrears in full and have the mortgage re-instated. This may involve selling other assets to raise the finance but you need to realise that your home is your most treasured asset and should be protected before your car, furniture, private collections or any other assets you might own. Most state laws will grant the home owner the absolute right to re-instate before the foreclosure and demand that the lender accepts full re-instatement and stop the foreclosure.
Foreclosure is a process and there are ways for you to delay that process and stay in your home mortgage-free for a few years even if you do not qualify for The Obama's Loan Modification Plan or any other Mortgage Modification Program, even if you have not income at all. Unfortunately, many people know nothing about the many tactics and strategies available for fighting foreclosure. Stop foreclosure and staying in your home is of up-most importance not only because it can potentially save you thousands of dollars, but because it will ensure that you maintain the ability to qualify for future programs, assuming that your financial situation improves later on. Learning about these strategies is the first step towards saving your home.
Article Source: Articlelogy.com
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