Even the most responsible are sometimes caught up in situations beyond their control, and faced with consequences which can, almost overnight, lay waste to years of careful planning.. Millions of American homeowners who took on the responsibilities of a mortgage in the past few years now find themselves teetering on the brink of foreclosure, trapped in a collapsing housing market which will not let them get out of homes they can no longer afford.
But there are mortgage foreclosure solutions available, and you too may be able to stop foreclosure if you research the kinds of foreclosure help now available. If you can't save your home, you can, at the very least, save your credit rating by keeping it free of a foreclosure record.
When it comes to mortgage foreclosure solutions, speed is of the essence, and as soon as you find yourself wondering where the next monthly house payment will come from, it's time to act. Don't feel intimidated when the foreclosure notice arrives; ignoring your plight will accomplish nothing. Contact a mortgage foreclosure prevention specialist as soon a possible, because it is the best way to stop the foreclosure machine from mowing you and your loved ones down where you stand.
You can find many specialists in mortgage foreclosure prevention with an online search, so look for local attorneys familiar with foreclosure laws. Take the time, however, to get some background on any consultants you are considering, because the current foreclosure crisis has given rise to an entire culture of foreclosure scam artists who have nothing good in mind for those in your position. They will happily relieve you not only of your home, but also of the money you put up for their services, and you will still be faced with foreclosure.
You can also begin your quest for mortgage foreclosure solutions with an area debt counseling agency, which may be able to solve your problems by negotiating a modified payment schedule with your lender. A debt counselor can also offer advice on refinancing your mortgage at a lower interest rate, or even selling your home while it is still in preforeclosure.
You may be surprised to learn that your bank is not eager to foreclose on your home, and your best chance to avoid foreclosure may actually lie in sitting down with your banker to determine your options to avoid foreclosure. No bank in the world is thrilled with the idea of having to insure and maintain an empty home, so keeping you in it even if you are only making interest payments for the time being may, from the bank's point of view, be an attractive alternative to foreclosure.
And above all, learn about your rights concerning foreclosure. Become familiar with terms like recasting, home equity loan term modification, and special forbearance, and if none of the professionals with whom you are dealing mention them, don't hesitate to bring them up yourself. Your home and your financial future are in no one's hands but your own!
