Foreclosure Prevention- Making Home Affordable & Hope Now

This home is listed by HUD for only $112,0000!  A great opportunity to move into a newer home at an affordable price!

If you know someone who is experiencing a difficult time, there is help.  President Obama has an initiative to assist homeowners in these difficult times.  I have outlined some information in this article and provided a website & contact numbers so that you may follow up.

Beware of Foreclosure Rescue Scams - Help Is Free!


•Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.

•Assistance from a HUD-approved housing counselor is FREE.

•Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.

•Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.

•Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

•Never make a mortgage payment to anyone other than your mortgage company without their approval.

http://www.makinghomeaffordable.gov/

The making home affordable program can assist home owners facing foreclosure in several ways. They can reduce your monthly payments by half for up to six(6) months and place your arreage on the back of your loan. they can also help assist you with a loan modifiation.  It is best to be prepared prior to speaking with a counselor about your situation.

Home Owner Checklist:  It is a good idea to have your documents ready prior to speaking with a Counselor 

•Information about your first mortgage, such as your monthly mortgage statement.

•Information about any second mortgage or home equity line of credit on the house.

•Account balances and minimum monthly payments due on all of your credit cards.

•Account balances and monthly payments on all your other debts such as student loans and car loans.

•Your most recent income tax return.

•Information about your savings and other assets

•Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.

•It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
 
Call Hope Now @ 1-888-995-4673
 
.Once you have tried this avenue, if it does not work out then the next step to avoid a foreclosure would be to consider a short sale.   This is when you ask the bank for approval to sell your home for less than your original loan amount to avoid a foreclosure.  This is becoming a option that benefits both parties in the long run.  You will avoid having a foreclosure on your credit report and te bank does not have to put the home through its costly and time consuming REO process.  I will be providing more information on the Short Sale process in the future!
 
As always, thanks for reading!!