Stop Foreclosure with Facts and Foreclosure Help Part II12 June 2005
In Part I of this article, we covered a few ways to avoid foreclosure and unscrupulous, unethical mortgage lenders that might take advantage of consumers. The first step was not to ignore the notices since that does not stop foreclosure. After contacting the mortgage company to arrange ways to repay the arrearage, attempting to borrow from friends or family, and attempting to work out an ethical and affordable loan from a lender, and not able to do so, there are other foreclosure options to try. With facts to stop foreclosure, an educated decision can be made to keep or sell your home.
Homeowners with FHA loans have additional foreclosure options. There are important factors to consider before DIL (Deed-In-Lieu, voluntary conveyance of title to the lender). If your bank accepts DIL, it is better on your credit than foreclosure. Partial claim could be good if keeping your home. It is without interest, but adds a lien to property and needs to be repaid when sold or first mortgage is paid off. Be sure to ask questions such as: 1. Are VA benefits accessible during that time? 2. How long will it take to resolve the issue at hand? 3. Is another VA loan possible? 4. Ask about programs that offer financial help for your specific situation and their hidden side effects. 5. Get it in writing before signing any agreements. Homeowners with FHA insured loans can get details at http://www.hud.gov/foreclosure/index.cfm.
www.govbenefits.gov helps citizens access government benefit eligibility information through a free, confidential, and easy-to-use online screening tool. After answering some basic questions, the user receives a customized report listing the benefit programs for which the user, or person for whom he or she is entering information, may be eligible." This is a very useful tool for finding foreclosure help.
There are countless ways to deal with difficult situations. A factor to consider when presented with default or foreclosure includes whether you want to keep your home or not.
In Part III of this article that follows on Friday June 17, 2005, we’ll cover important things to beware of when selling a home in foreclosure. Realty Bites investment company offers access to a network of solutions with no referral fees. Immediate information and foreclosure help for distressed homeowners can be found at http://www.RealtyBites.net or toll free by phone: 866.780.8380.
About Realty Bites, The Homeowner’s Foreclosure Alternative:
Realty Bites is based in Los Angeles, CA and offers relief to homeowners nationwide. By adding online and toll free assistance, homeowners have been able to find a fresh start from all over the world.
Contact Information:
bella e. samel
Realty Bites, The Homeowner’s Foreclosure Alternative
866.780.8380
http://www.RealtyBites.net
Source: PR Web
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