Archive for May, 2009

Stop Foreclosure in Texas – Take an Active Approach to Foreclosure

Wednesday, May 20th, 2009

One of 10 homeowners in Texas faces the risk of a mortgage risk default or an imminent foreclosure, according to Mortgage Bankers Association of America. A foreclosure can be a dreadful, devastating and stressful thing to happen. With the law being on the homeowners’ side recently, it is really up to the homeowners if they want to do something about stopping foreclosure in Texas.

Reach out to Texas Counseling Agencies:
Texas homeowners who are currently facing foreclosure lawsuits can take assistance from various U.S. Department of Housing and Urban Development approved foreclosure intervention counseling organizations. These organizations provide free counseling to homeowners.

Be open to communication from your lender:
Understand that lenders — even though notoriously short on patience and time apart from facing the ever increasing instances of foreclosure — are still your best friends and they would do all they can to help you resolve your financial situation. So contact them and talk to them. Open all correspondence and read up. Be armed with documented information that will be required before you even contact your lender.
Bring Your Mortgage Current: Try to pay up the pending mortgage amounts by whatever legal means possible. Raise money by taking up an extra vocation, apart-time job or some other way to try to salvage your debilitating financial situation and use that money to bring your mortgage payments current. Stay away from taking further loans to pay off your pending mortgages, except for some special low-interest credit extensions which your lender might give you. See if you can budget and save, jettison unwanted expenses and stop the foreclosure from happening.

Find a Buyer for your house:
If you realize that it is completely out of hand and you just can’t seem to bring yourself to do what was stated above, you may look to sell your house. Seek a well-qualified, experienced and trust-worthy Texas based realtor who can do this for you. A previously written post titled “, should help you in this regard.

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Stop Foreclosures in Michigan – Will You Let a Foreclosure Destroy You?

Monday, May 18th, 2009

Save The Dream is the proud initiative the Michigan State Housing Department Authority and it is one of those states that takes active interest in trying to sort of the financial problems homeowners might face due to sudden events that set them back financially – the common ones include getting fired from jobs, injury or disability or anything severe that affects a homeowner’s monthly mortgage paying capability. Taking proactive action is necessary is critical times like these since it isn’t just you who is going to be affected. Apart from the fact that your home is at the risk of getting frisked away, your family might be affected too. Follow the steps below if you would like to stop the foreclosure process and save your dream.

Avail Loans to help save your Home:
The MSHDA has plenty of financial plans like secondary mortgages rescue loans to help you stop foreclosure in Michigan and save your home.

  • Pick up the HELP loan: If you have a non-recurring situation or a temporary problem due to which you are unable to make your mortgage payments, you can contact a Homeownership Counseling Agency in Michigan to avail their HELP loan. This is to be used for temporary emergencies only and is limited to maximum of $3000 and is a non-interest bearing loan.
  • MSHDA Assist finance Program: If you currently have an adjustable mortgage loan or a high-interest fixed rate loan MSHDA mortgage, MSHDA allows you to pick up another loan at much lower interest rate, based on certain qualifications and subject to approval, of course.
  • MSHDA Rescue Finance Program: This is the other kind of loan MSHDA provides for homeowners who are qualified but are currently already due to pay their mortgages and are late by 30 days. They may pick this loan and refinance their mortgage by making it into a low-interest, fixed-rate loan.

Other ways to stop foreclosure in Michigan
If you contact an attorney or an MSHDA approved foreclosure prevention counselor, they might be able to asses your personal situation better and might be able to suggest a loan modification, reinstatement or cure, a forbearance agreement or a partial claim.A foreclosure can have devastating effects on your financial holdings, credit reports and credit records. It leaves a permanent scar on your reputation and hence you must try to avoid it all costs. Kick your finances back to life and take some pro-active action to revive your finances and bring your life back into your hands.

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