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Foreclosure is a very serious matter. You're now receiving all sorts of letters in the mail from different companies, all telling you that they can help you. They can be very confusing. If you've noticed, they want you to do one of the following. So let's go over each of them, one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will, for a price of course.
In order for them to do that you must "Quick Deed" (sign over your home to them in their name). In turn they will lease your home back to you with 15-20% higher payments for 1, 2 or 3 years until they have made their investment back. Then they will agree to sign your home back to you. Sounds good so far, right? But here's the trick.
In the contract that you sign, somewhere in the fine print, it will say if the lessee (you) are 24 hours late with your monthly payment within the duration of your contract, then the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing their homes. These investors all know that you've had payment problems in the past. That's why they prey on homeowners in your situation. Next thing you know your family is out on the street with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000. So PLEASE BEWARE. Don't do it.
New Loan:
You try to take out another loan. This is less of an option now because you've proven that you can't make payments on time and your credit is not good. Some predatory lenders will use the "new loan" scam on you just to waste your precious time. They will drag out their "loan approval" process for as long as they can. Usually a few days before your foreclosure sale date they will inform you that they couldn't get you approved for a new loan (surprise..surprise!) and they feel so bad that they will help you out personally by loaning you the money you need and for this you will need to sign your home (quick deed) over to them. The rest of this scenario is the same as the paragraph above. You gain nothing. Don't fall for it.
Real Estate Agents:
They approach you wanting to sell your home for you. They say they want to help you out, but many actually are just helping you out of you're home and onto the street, and helping themselves to a huge profit, thanks to you
If you truly would like to save your home and have your foreclosure case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionnaire by clicking here or call now, 1-888-209-1424. | |
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We specialize in helping home owners that are having any of the following problems:
Had a medical or financial hardship.
Sale date is less than 30 days away.
Lender won't accept payments.
Need time to sell your home.
Home was transferred to a attorney.
Behind on 1st and or 2nd mortgage.
Just came out of bankruptcy protection.
You are considering bankruptcy.
More than 2 months payments behind.
Pre-foreclosure.
As a homeowner, you are entitled to certain rights that your lender may not have informed you of, which could help you save your home. Bankruptcy is a last alternative and should be avoided if possible. There are many
other options available that could quickly resolve your situation and assist you to stop foreclosure.
We are not a loan company, nor are we attorneys. We are Foreclosure Protection Mediators offering solutions to stop the foreclosure process. We can assist you regardless of your credit history and any amount of late payments and fees in which you are behind.
Don't delay- allow us to evaluate your situation and recommend an appropriate course of action. Time is your enemy, so CONTACT US NOW !!! For your free 20 minute phone consultation, please fill out our evaluation sheet by clicking here. After reviewing your information, one of our foreclosure counselors will contact you, usually that same day. They will be happy to confidentially discuss your situation and explain the many options and services that we have available for you. After the phone interview, should you decide to use our services, we will begin working on your case immediately.
You will find our staff friendly, courteous, and understanding to your situation. With a single call we can begin to solve your problem.
Home foreclosures at 30-year high
By Thomas A. Fogarty, USA TODAY
A record percentage of U.S. homeowners are facing foreclosure, and many more are falling behind on monthly house payments.
During April, May and June, 1.23% of mortgages — about 640,000 — were in the foreclosure process. That's the highest rate in its 30 years of tracking, the Mortgage Bankers Association said Monday. A year earlier, not even 1% of mortgages were in foreclosure.
Though the inclination might be to blame the economy, it's more than that, industry observers say. Other factors might be at work.
Changes in the way lending is done, for example, could help explain the trend. The past decade has brought a proliferation in mortgage products — including interest-only and low-down-payment loans. "Many of these products are being stress-tested for the first time in a recession," MBA chief economist Doug Duncan says.
The high level of foreclosures is surprising for two reasons, Duncan says: Economic conditions aren't all that dire, and previous surveys hadn't been showing a level of delinquencies that would predict record foreclosures.
John Karevoll, a DataQuick analyst who independently has tracked an uptick in foreclosures, says it might reflect greater willingness by lenders to use foreclosure to compel payment.
"I'm told they're starting to use the foreclosure process to crack the whip a little more than they once did," Karevoll says.
Housing remains strong in most markets, he says, giving the borrower or lender opportunity for a quick resale at a good price.
Other likely culprits:
The job market. Unemployment averaged 5.9% in the April-June quarter, a recent high. Homeowners out of work find it harder to make payments. Because the job market likely will remain soft, Duncan says, the proportion of borrowers under stress might stay high for six months or so.
Social policy. Government efforts to broaden home ownership have resulted in nearly 68% of Americans owning homes, a record. But the efforts also have meant lending to higher-risk borrowers.
Consumer debt. As millions have refinanced, many have rolled high-interest consumer debt into their mortgages. Doing so puts the house at risk when times get tight.
In addition to high overall numbers of borrowers in foreclosure, the quarter also saw the highest percentage against whom foreclosure was initiated — 0.4%.
The MBA survey also recorded an increase in homeowners more than 30 days behind in scheduled house payments, but not yet far enough behind to face foreclosure. On a seasonally adjusted basis, 4.77% of mortgage borrowers were delinquent in the April-June quarter, vs. 4.65% the previous quarter. The delinquency rate remains below records of the mid-1980s, when it ran 6%-plus.
Copyright 2006-2008 Lewis Foreclosure Prevention Services; Assisting homeowners to stop foreclosure.
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Regardless of your present mortgage or loan situation, we can assist you by arranging a plan to bring your loan current and helping you to stop foreclosure. Lewis Foreclosure is a leading nationwide home foreclosure prevention consulting firm. We would like to help you avoid foreclosure and the possible loss of your home.