Fighting a Foreclosure
Jan 20th, 2009 by Vinny
Great article on fighting through a foreclosure. There are avenues to help, many lenders will try to work with you, but only after 60 to 90 days of late payments.
If your situation isn’t going to change very soon, short sales are a great way to get out of the debt, finding someone willing to purchase the house and working with the bank to lower the amount of the mortgage. This will leave your credit in good standing without a foreclosure on it.
If your situation is just temporary and income will return, then you can work on a forbearance, which is a special program from your lender that lets you put off payments, or negotiate a longer term for the mortgage. Be careful with these as the fees and payments could be higher than you can afford.
From the article:
“Homeowners who can avoid foreclosure only by throwing everything they have at their mortgage payment may be better off letting the home go, says Mesa, Ariz., financial planner Brendan McNamar. That way they avoid working their way through rainy-day savings, running up credit-card balances and failing to save for retirement.”
Fighting a Foreclosure – washingtonpost.com.
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