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Hope is on the horizon
Hope is on the horizon

Foreclosure Choices

What are your choices in your current situation?

  • Stay and fight
  • Give up and start over

These are pretty much the options you have. Ask yourself this question- "what will bring me the most peace of mind both now and in the years to come"? If your answer is, "try and save my home", then you will probably answer, "Stay and fight".

If, however, you see your home as a structure that allows you a place to stay dry when it rains, sleep inside, and have general conveniences-- you may be answering, "Give up and start over". The first scenario is more sentimental and the second more pragmatic.

But wait- there is a third reaction- "I have invested years of work on this house and sunk thousands of dollars into it- why should I give up and let the bank have all that I have worked for"? This is a combination of emotion (hurt, anger, fear) and pragmatism (return on investment).

People will fall into one of these categories. Identify who you are before you tackle this problem. It will help you know what is driving your decision making process-- either emotions or facts, or a little of both.

Once you have that established- you can begin to formulate your strategy.

Caught Rat

compliments of free photos at http://www.sxc.hu/
compliments of free photos at http://www.sxc.hu/

Foreclosure- Stay and Fight- be the squeeky wheel

OK- you want to take on the battle.

Yes- it is a battle. One you may win, or lose. You have probably already spent time looking into what you might be able to do. You may have talked to others who have gone through the same situation (with varying outcomes). You have spent a good deal of time crying, arguing, shouting, worrying, losing sleep, and ramping up on your antacid intake. You may be considering actions such as committing hari-kari on your Lender or some other illegal thing.

[Deep Breaths here...]

Say to yourself- "it's just a house. It's not my life. It's not the love of my life. It's not my identity. It's not what makes me be who I am. The only radical thing you should be concerned about is radical perseverance. That is what it will take to deal with the situation. If all your energy is spent on being emotional about how this is "ruining you", that just isn't true and it is sucking the life out of you. A house should never define you, or have the power to ruin your life. If it does, you have a different problem that needs to be addressed.

OK -enough about that.

Call a FREE Credit counselor (see link below)- it can take weeks to get an appointment. Start now. Look at all the up-to-date options. This can't be stressed enough! The plans and requirements seem to change monthly. What happened to your brother, sister, neighbor-- may not be true for you. The government is slow to move on things. What was true a year ago may not be true today. In addition, what is true today may not be true tomorrow. If there is a window of opportunity TODAY-, take it. Don't wait.

FORECLOSURE AVOIDANCE COUNSELOR by state

HAMP PROGRAM Home Affordable Modification Program PDF download

HOPE NOW WEBSITE

HUD FORECLOSURE site

August 4, 2009 Press release

MAKING HOME AFFORDABLE PROGRAM ON PACE TO OFFER HELP TO MILLIONS OF HOMEOWNERS

Public Release of Data Provides Transparency on Servicer Performance

WASHINGTON – Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance and expand transparency around the initiative...

This article no longer exists--but it is safe to say that the servicers are all getting "Fs" on their report cards!

Write EVERYONE! Time to SQUEAK like a wild rat caught in a choke hold.

Tell everyone what is going on and what you are doing to solve the problem- ask for their help. Tell them your story.

Finally-

Write President Obama-

Remind him of his good name attached to the promise. Remind him of his desire to help millions- you are one of those millions! Thank him for his help.

"Here is how my plan works:

First, we will make it possible for an estimated four to five million currently ineligible homeowners who receive their mortgages through Fannie Mae or Freddie Mac to refinance their mortgages at lower rates.

Today, as a result of declining home values, millions of families are “underwater,” which means they owe more on their mortgages than their homes are worth. These families are unable to sell their homes, and unable to refinance them. So in the event of a job loss or another emergency, their options are limited".


All of these organizations either represent you as a paid public official, or are interested in you because you keep them in business. Don't worry about you being only one voice. If you are serious about trying to save your home- it is up to you to take on the fight. Stopping the bank from foreclosing on your home may not be easy, it may not even work...but you aren't going to know if you don't give it your all. Remember, tomorrow is a new day, filled with new possibilities and hope. One day at a time my friend...one day at a time.

These are the questions asked to see if you quallify for the HAMP program

Screen shot of HAMP foreclosure program website qualification questions
Screen shot of HAMP foreclosure program website qualification questions

Next Segment- Quit and Walk Away from my house- as Free Forclosure Help continues.

**All comments here are not to be taken as legal advice. For that you will need to see a qualified professional.

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Comments 2 comments

Erkan 20 months ago

Anna,We were recently deined the DOJ loan mod/principal reduction because our loan is affordable the only thing I can guess is that our payment is not more than 31% of our gross income. However, they are using last year's tax return, which includes bonuses, which we do not anticipate to be the same. We don't know for sure how they are calculating our income since they did not provide that info in the denial letter. Under the new Hamp 2 program, your DTI only has to fall in the 25%-40% range. We are at 23% based on last year's tax returns, but as I said,we do not want to include bonuses because those were based on last year and this year is expected to be significantly less. Do you know if there is a way to exclude bonuses from income or adjust them to be more reasonable other than using last year's tax return or W-2? We are literally one or two percent from qualifying and would be well in the range if we did not have to include last year's bonus income, but project more reasonably based on year to date income as to this year's bonuses. So incredibly frustrated with the process any advice greatly appreciated. Thank you.


Gening 20 months ago

Dear Sir/MadamLOAN AS FAST AS POSSIBLE WITHIN 2DAYS. Micro financial Fund PlcCommercial and Personal,House Loan at 3% inesetrt rate.Interested Persons shouldcontact Loan Officer via E-mail with the below information:FIRST NAME: ..LAST NAME: COUNTRY: .Phonenumber: ..OCCUPATION: AGE: .LOAN AMOUNT NEEDED: LOANDURATION: Officer Name: Mrs. Linda TricialEmail: Regards,Mrs. Linda Tricial

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