Save Your Family Home: Stop Mortgage Foreclosure
Are you swimming in a sea of debt and a dwindling paycheck? Have you gotten to the point where the mortgage company has been sending late notices? Then you will need to do the following to stop mortgage foreclosure, and then become debt free finally. The depression and anxiety that waylays a person when they are threatened with the loss of their home is overwhelming at best. A first reaction is to run from your problems, and ignore the notices, in hopes that things will turn around for the better. Mortgage lenders are there to help you, and not take your home away.
If you can already realize the prognosis, and a foreclosure is immanent, then consider talking to your lender about doing a short sale of your home. Some institutions will agree, but most will not. It is a last ditch effort to get some money out of the home in hopes to pay of the mortgage. Usually you and the mortgage holder will both lose some money, so it is a lose, lose situation that rarely works as it was intended
How To Avoid Foreclosure with Action
If you know the time is coming when you are going to be late for the first time on your house note, then contact your mortgage representative now. Start working with your lender, and arranging different payment dates, and if see there is a possibility for mortgage refinancing. Depending on the type of mortgage, you are caring, there may be government assistance that you get on a one time basis that will help you get up to date. Usually a one time short loan that is issued by the Department of Housing. Your mortgage person should have all of the information concerning this and will know if you qualify.
Catch Up With Bi-Monthly Payments
Once you are back on your financial feet, and are making payments, break them up into two equal payments each month. If your mortgage is two thousand dollars then pay $1000.00 on the first, and then again on the fifteenth of the month. The mortgage companies do not like this too much as it will cause them to make less money on the interest of your home loan. This can knock anywhere from five to ten years off of a mortgage, and help you to become debt free sooner than you expected.
Another small way to catch up is if you received a cash gift of say one hundred dollars from a family member or loved one, then send the money to the your lender, and put in the memo section of the check or money-order that is to be only applied to the principle of the loan. Each time you execute a transaction like this, it will knock down the principle and lower the interest amount paid on the home loan.