Expert Foreclosure Help

Take Advantage of the Help From Your Lender to Stop Foreclosure on Your Home

Housing Downturn–How Low Can it Go?

Everyday it seems we hear gloom and doom on the news, in the newspapers and all across the internet. Are you in danger of losing your home to foreclosure? Are you in danger of losing your job? If you lose your home to foreclosure, where will you go? If you lose your home to foreclosure, you may never be able to buy another home. These are certainly the times that are trying all our souls!

Home prices may possibly fall 18 to 29 percent more by the end of the year 2010, this is estimated by the Federal Reserve.

Will your home be one of these that declines in value?

Home Equity

Equity has always been like a “hidden bank account”. Something we could count on to always be there–money we could take out of our homes to use for vacations, emergency repairs, retirement (not anymore!), medical expenses, or maybe home remodeling. As home values turn downward, there goes our home equity.

Our nations overall economic health is directly tied to our housing market. All metropolitan areas are not being affected, but many are. The housing boom that took over Las Vegas and Phoenix is now becoming a housing bust. Neighborhoods are being decimated by foreclosures. Imagine if you are living in a neighborhood, keeping up your property and paying your mortgage, but all around your home, your neighbors are being foreclosed on. How does that affect your property value? It certainly does not raise your property value if the properties around you are all overgrown with tall weeds and grasses, possibly window glass being broken out or houses boarded up. Would you want that around your home? No, of course not.

We Must Stop Foreclosures

We must do all we can to stop foreclosures in America. If not, we will have slums all over this country.

Now, it seems that the U.S. Government is offering assistance by encouraging lenders to help struggling homeowners who are possibly facing foreclosure.

This help is coming in the form of helping you to either refinance your home or doing a loan modification. If your home is in an area that has suffered from price declines, then you may not have the equity needed to do a refinance, but you may be able to do a loan modification.

A loan modification will change your interest rate, which should lower your mortgage payment and make you current again, by adding the delinquent payments to the end of your mortgage loan term.

There is help available for you. Please take advantage of the “new” plans for housing. You must contact your lender. You will be asked to fill out a few pages of paperwork, but the end result is worth it.

You will need to provide a hardship letter stating why you can no longer meet your scheduled mortgage payments. If you have lost your job or your hours have been cut, your salary has changed–maybe you no longer have a full time job and could only get part time work, which, of course, would make meeting your mortgage payment difficult. Honesty is the only policy here as all information that you provide will be checked.

As there are many homeowners trying to do a loan modification, lenders are back logged. So, the sooner you start, the better. It may take 30 days or more to get it done, so you need to get started today.

Just think, you might actually have a little extra money every month if you can lower your mortgage payments. Money that could possibly help you pay other bills, buy food or take a very conservative approach and SAVE it!

And how great will it be to be out from under the worry of foreclosure!

You need to find out if you qualify for either a home refinance or a loan modification. Contact your lender and remove some stress from your life.

Do it today!

For more information on loan modification go to http://www.stopforeclosure.addgs.com
Sparrow Darling has written other articles that may help you avoid foreclosure.
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