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Pre Foreclosure Partner Article
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The Ideal Pre Foreclosure Solution
from:No homeowner plans to go into pre foreclosure through default on their home loan repayments. Unfortunately many homeowners find themselves in this very situation each and every day. With worsening conditions in the economy more and more homeowners, especially those with the so called "jumbo loans" or those with variable rate ARM (adjustable rate mortgage) loans are particularly at risk for going into pre foreclosure. The good news is that there is a pre foreclosure solution that can work for many homeowners, but it does require being proactive and acknowledging the problem as soon as possible.
The first step for a homeowner to come to a pre foreclosure solution that will work for both themselves and the lender is to eliminate all other debt as quickly as possible. This may mean taking out a long-term fixed rate consolidation loan on all credit cards or car notes and other debts before falling behind on the house payment. Most homeowners simply ignore the warning signs of mounting debt, seeming to hope they can somehow borrow their way out. This never works, and even a consolidation loan will only work if you are also eliminating all expenses and luxuries out of your life and living as much as possible without using credit. This means getting rid of those extras such as cell phone plans that are above the basic, eliminating luxuries such a broadband internet, satellite television or expensive plans on your home phone. Most families can save hundreds of dollars per month just by cutting out those four expenses in the house. Using this pre foreclosure solution of living well within your means helps your lender understand that you are serious and proactively working to get back on your financial path.
The second step in a mutually agreeable pre foreclosure solution is to prove to the lender that you have the income you need to make the payments if they either modify your mortgage or refinance. This means someone in the household may need to take on an additional part time job to add to the total monthly income. Most lenders are not going to be able to work with a homeowner that has no increase in income and decrease in spending since there is no mathematical way to justify a loan or a mortgage modification.
The third step is to prepare a hardship letter for your lender, which will outline the problems in your financial history and how you have resolved these issues. A big consideration that many lenders look for is a pre foreclosure solution that includes using a reputable credit counseling service to assist families in getting back on track financially.
Pre Foreclosure Partner News
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AG Martha Coakley unveils initiative to help military service members avoid ... Boston.com “Having someone dedicated at the attorney general's office will help us save us from some of these foreclosures,'' he said. “The attorney general has really stepped up to be a true partner.” Troubled borrowers can call the HomeCorps hotline at ... |
Guy Harvey partners with Green Turtle Club - Nassau Guardian
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CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) Both the pre-purchase counseling and foreclosure counseling studies enrolled clients in the fall of 2009 and early 2010. HUD found that 35 percent of participants became homeowners within 18 months of pre-purchase counseling and only one of those ... GreenPath Debt Solutions Takes Part In Government Housing Counseling Study |
GHC Housing Partners Is Reshaping Affordable Housing - MarketWatch (press release)
GHC Housing Partners Is Reshaping Affordable Housing MarketWatch (press release) GHC Housing Partners, based in Sherman Oaks, Calif., together with its property management company affiliate, PK Management LLC, is reshaping the face of affordable housing in America by focusing on the social side of low income housing, ... |
GHC Housing Partners Is Reshaping Affordable Housing - Sacramento Bee
GHC Housing Partners Is Reshaping Affordable Housing Sacramento Bee By GHC Housing Partners SHERMAN OAKS, Calif., May 22, 2012 -- /PRNewswire/ -- Affordable housing with wellness clinics, a college scholarship program, job counseling, fitness centers, nutrition clinics, computer labs and even an on-site movie theater? |
Buzzards Bay Area Habitat for Humanity seeks property for next project - Wicked Local
Buzzards Bay Area Habitat for Humanity seeks property for next project Wicked Local “With the foreclosure crisis on our doorsteps, we are hoping to revitalize neighborhoods by rehabbing homes rather than searching for open land, which is scarce,” Lacourse said. “BBAHFH will have the opportunity to move a family into their new home ... |
Invesco and Zeller Partner to Acquire Fifth Street Towers at Foreclosure Auction - MarketWatch (press release)
Invesco and Zeller Partner to Acquire Fifth Street Towers at Foreclosure Auction MarketWatch (press release) LLC, in partnership with Zeller Realty Corporation, have teamed up to acquire Fifth Street Towers, a two-tower class A office complex comprising 1.1 million square feet in downtown Minneapolis. The purchase was completed at the foreclosure auction held ... |