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Ten Powerful Ways To A Stop Foreclosure

The thought of foreclosure on a home that you have spent most of your life in can be devastating to the average home owner, but there is hope if you have knowledge and the right guidance. To be in a better position to stop foreclosure, you must act quickly. Once you are 30 days late, fees and interest start to accumulate. Waiting too long to respond to a foreclosure notice could cause you to lose your home that you raised your kids in. The techniques listed below will assist you with stopping your home from being foreclosed.

What are some steps I can take to prevent a foreclosure?

1.Talk with the HUD counseling agency for more options.

2.Ask the bank to suspend your payments for a couple of months until you get back on your feet.

3.Argue that you did not understand loan agreement when you first bought the house.

4.Try a loan modification. With this option, the lender modifies several terms of your loan, like the payment, interest and sometimes the principal.

5.See if the bank will go for a Short Sale. This is when you are selling the property at the current market value, and the price is lower than your original loan.

6.Ask the bank if they will take a deed in lieu of foreclosure. Here, you voluntarily turn over the title to the lender to avoid foreclosure and damage to your credit report.

7.Try refinancing before letting your home foreclose. With this option, the lender will construct a new loan for you with a better interest rate and payment plan. This method is impossible if you are underwater.

8.Research the procedures on how foreclosure notices should be sent out, and if any of the steps were violated contact an attorney for a possible lawsuit. By doing this, it will slow down the foreclosure proceedings.

9.File Chapter 7 bankruptcy as a last resort because it stops all foreclosure activity. You should be aware that the lender might ask the judge for a lift of stay, which would allow the foreclosure to proceed.

10.File a Chapter 13 to stop the foreclosure. By doing this you are telling the bank that you need time to work out your financial situation. From there, you will be put on a payment plan to start paying back all of your creditors including the lender.

Keep looking into other options.

Ask for a repayment plan. Payments are increased to make up for the past due payments. You can make up these payments over a short or a long period of time. For example, if you are three months behind with a monthly payment of 400 a month, you can stretch out the $1200 over 12 months where you would pay a extra 100 a month on top of your regular payment.

Look into the Obama Plan-Harp-Home Affordable Modification Program. This plan is geared toward homeowners who are underwater in their loan. Harp allows you to rewrite your mortgage for a better interest rate and to convert from an adjustable rate to a fixed rate. For more information, go to www.hmpadmin.com

Look into the Obama Plan and Loan modification. In this plan, you are on a three-month trial period. During this time, you must make all your payments on time. Concluding the trial period, if there were no changes in your financial situation. The loan will continue to be modified at a reduced payment. Moreover, during the trial period, any foreclosure will be suspended. Be advised that if you have good credit when entering the trial period, it could hurt your credit. The reason it could damage your credit is the lender is reporting a modification of the loan and not the original loan.

What is mediation?
It is a process where the homeowner and the lender meet in person to exchange information and discuss ways to avoid foreclosure. A mediator facilitates this meeting.

Can mediation stop foreclosure?
Mediation can slow the foreclosure down, but it won’t stop it, unless you and the bank come to an agreement during mediation.

Do all states offer the mediation program?
No, some states offer the mediation program while others do not. Check with your lender or consult with a real estate attorney on this matter.

How does the process work?
After you default on your loan, 90 days to 120 later the bank will send you a Default and Election to Sell Notice along with a mediation form. You must note that every state is different with this procedure. If you choose mediation, you have 30 days to return the mediation form. After you return the document, a mediation will be scheduled for you and the bank. During the mediation, you try to work out various options with the bank on how to avoid foreclosure such as the options listed above and in the bullet point section. If no agreement is made, the bank will continue with foreclosing on your home.

Article Source: http://www.articlesnatch.com

About the Author:
Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumer with credit issues. If you liked this article, then I invite you to sign up to read the first chapter of my book Hidden Credit Repair Secrets and get a Free Restore your credit E-class by clicking here

Read more: http://www.articlesnatch.com/Article/Ten-Powerful-Ways-To-A-Stop-Foreclosure/1769980#ixzz1NNT0UEp2
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HOW TO START CALIFORNIA DREAMIN

Let s say you re thinking about buying your first house or condominium. The process of buying real estate can be an extremely rewarding experience, both from a personal and financial standpoint.

Why Buy
There are many reasons you may wish to buy a home, whether you need or want:

  • A place to live
  • Feeling of permanence
  • Stable housing costs
  • Good use of your money
  • Tax benefits.

On the other hand, you may not be ready to buy a home. Buying a home:

  • Is a complex, time-consuming and costly process
  • May bring unwelcome responsibilities such as maintenance and repairs
  • Makes it harder for you to move
  • Can create financial hardship.

The purchase of a home is, in part, a financial transaction. Much like a trip to the grocery store to buy coffee, you have many choices and a significant price range. But unlike a bag of Costa Rican coffee, a house has certain bonuses: Equity, Tax Savings and Ownership.

What s all that mean
A house is an investment in land and the existing structure. History tells us that there is a good chance that a house will increase in value over time. Also, by making timely mortgage payments, you are paying down the debt you owe and building equity.

Equity is the difference between the value of your home and how much you still owe. You may not own your home outright, but your investment has a cash value.

In addition to increasing in value over time, owning a home can have a significant impact on your monthly paycheck  in a very positive way! When you borrow money to purchase a home, the interest that you pay on that money is usually tax deductible.

For example, if you have an annual income of $45,000 and owe $200,000 on a 30-year mortgage at a fixed 7% interest rate, you ll likely save about $200 per month in taxes the first year you own the home!

Downpayment Assistance Program (CHDAP)

We had some new changes to the mortgage loan that Prospect offers

California Homebuyer’s Downpayment Assistance Program (CHDAP)

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan.

Review the sections below to find out more about the CHDAP program.

Program Eligibility | Borrower Contribution | Interest Rate | How to Apply

(CHDAP program)

PROGRAM ELIGIBILITY

Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CHDAP program. (Our Eligibility Calculator is also availalbe to easily determine program eligibility.)

Borrower Requirements

  • Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all borrower eligibility requirements of CalHFA.
    • Conventional loans must follow CalHFA’s Cal30 borrower requirements.
    • Government-insured (FHA loans) must follow CalHFA’s FHA borrower requirements.
  • Your income must be less than the allowable CHDAP income limits.

For FHA, the Los Angeles Income Limits for the Homebuyer’s Downpayment Assistance Program CHDAP
based on persons in the household
1 person $51,550
2 people $58,900
3 people $66,250
4 people $73,600
5 people $79,500
6 people $85,400
7 call me

*In the case of conflicting guidelines, the lender must follow the more restrictive.

Property Requirements

  • Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all property eligibility requirements of CalHFA.
    • Conventional loans must follow CalHFA’s Cal30 property requirements.
    • Government-insured (FHA loans) must follow CalHFA’s FHA property requirements.
  • The sales price of the home can not be above the allowable CHDAP sales price limits.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

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(CHDAP program)

MINIMUM BORROWER CONTRIBUTION

Is there a minimum contribution that I need in addition to this down payment assistance?
When using a CHDAP loan, a minimum contribution is required from your own funds.  The contribution must be 1% of the sales price or $1,000, whichever is greater.

Please contact a CalHFA loan officer for complete details.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

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(CHDAP program)

INTEREST RATE

What is the interest rate?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA’s requirements. The fees consumers pay could be different depending on the lender and the program. View the sample Truth in Lending disclosure here.

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(CHDAP program)

HOW TO APPLY

How do I apply for this loan program?
Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.

Visit the Find a Loan Officer tab, to contact a loan officer in your area.

What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

  • Pay stubs
  • Bank statements
  • Employment history
  • Previous tax returns
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