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Obtaining A New Mortgage After Foreclosure Article
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Avoiding a Mortgage Foreclosure
from:When people build or purchase a home, they are usually fulfilling a lifelong dream of home ownership. Unless you're one of the lucky few, you'll be taking out a mortgage loan to buy their home. As part of the loan agreements, you'll be putting your home up for collateral. You are also agreeing to make so many payments per month for a designated number of years, usually anywhere from 10 years to 30 years. Until the loan is paid in full, the bank's name is listed along with yours on the mortgage as owners of the home.
Although everyone that takes out a loan to buy a home has every intention of paying off their loan and owning their home free and clear, sometimes unforeseen circumstances make it difficult. Many times homeowners find themselves in more debt than they can afford to pay, whether through careless planning or unexpected circumstances. Some of these unexpected circumstances may be death of a family member, divorce, loss of job, health problems, etc. Whatever the reasons, when people fail to make their mortgage payments as promised, they often find themselves in a mortgage foreclosure.
A mortgage foreclosure is not something the bank wants anymore than the homeowner, but sometimes it can't be avoided. With the price of homes and a weak economy, more people are dealing with mortgage foreclosure than ever before. When a mortgage foreclosure takes place, the bank will initiate court proceedings to repossess the home. Once they repossess the home, they will attempt to sell it at public auction to get their money back. If they don't get the money that is owed to them at the auction, the homeowner will lose their home and may still wind up owing the bank money. If, however, the house sells for more than is owed, the homeowner will get the difference back after legal costs are paid. Unfortunately, in addition to the money the homeowners get, they'll also get a very bad credit rating. This credit rating will be with them for many years, often up to 10 years.
A mortgage foreclosure should be avoided at all costs. There are ways you can try to avoid losing your home through mortgage foreclosure. The best way to avoid this is to work with your lender. At the first sign of financial difficulties, contact your lender and explain the situation to them. They want to help you in any way they can. They may defer a payment or two until you can get ahead financially. They may also suggest a mortgage refinance, which may extend your loan but lower your monthly payments to a more affordable amount. They may also consider a debt consolidation loan to pay off your other debts and add it to your mortgage so you have one payment instead of many.
Many of these solutions may help you to avoid a mortgage foreclosure, but only if you contact your lender and work with them.
Obtaining A New Mortgage After Foreclosure Specific links
Obtaining A New Mortgage After Foreclosure News
Fed Publishes New Set Of Foreclosure-Review Documents - Fox Business
Fed Publishes New Set Of Foreclosure-Review Documents Fox Business WASHINGTON – The Federal Reserve Thursday released a set of detailed plans banks have put together to correct problems in their mortgage-servicing and foreclosure-processing operations. The Fed released so-called action plans for Citigroup Inc. (C) and ... |
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds - Bell Gardens Sun
 RealtyBizNews | Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds Bell Gardens Sun By Paul Kiel and Cora Currier, For ProPublica States have diverted $974 million from this year's landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. Second Chance for Foreclosure Victims Deo Buddhu Accused Of Mortgage Scam Promising False Federal Aid Lawmakers gave millions from mortgage settlement to local governments |
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 abc7news.com | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net By Rick Jurgens Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt - on homes they've already lost through foreclosure. Texas firm targets Calif. homeowners with foreclosed 2nd mortgages Firm targets CA homeowners with foreclosed 2nd mortgages |
CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) The foreclosure counseling study reveals that with a counselor's help, nearly 70 percent of those counseled obtained a mortgage remedy to retain their home, and 56 percent cured their defaults and became current on their mortgages. GreenPath Debt Solutions Takes Part In Government Housing Counseling Study |
STUDY: One In Three Homeowners Owes Bank More Than Home Is Worth - Huffington Post
 Daily Mail | STUDY: One In Three Homeowners Owes Bank More Than Home Is Worth Huffington Post By Loren Berlin Posted: 05/24/2012 5:16 pm Updated: 05/24/2012 6:11 pm Almost one third of homeowners who have a mortgage owe more to the bank than their home is worth, according to a new report. If you're looking for good news about the housing market ... Half of metro Atlanta mortgages underwater Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... Half of Metro Atlanta Mortgagees Underwater |