Friday May 19, 2017

Foreclosure Help

Foreclosure Alternatives Q and A

Here are some common questions and answers which homeowners who are facing foreclosure may be interested in.  Hopefully this information will help you to form a better understanding of your situation and maybe shed some light on some possible solutions.

Q:  The bank is trying to foreclose on me.  How soon will I have to leave?

Chapter 7 or 13 Bankruptcy?

Declaring bankruptcy is a drastic action, but it is sometimes a viable one when your bank puts you into foreclosure.  While there is a strong social stigma associated with bankruptcy, the reality is that not a lot of people are going to know you declare it unless you tell them.

The type of bankruptcy which you declare will have an impact on what will happen with your mortgage though, and the implications also diverge based on where you live.  So you’ve got some research to do before you make a decision.

Learn how to avoid the three most common mistakes when writing a financial hardship letter

3 Mistakes When Writing Hardship Letters

When you request a short sale, deed-in-lieu, or pretty much any other modification to your home mortgage, you’ll have to submit a financial hardship letter.

A hardship letter can make or break your chances of getting the bank to agree to a loan modiifcation or short sale, so you’ll want to make sure you avoid some of the common mistakes homeowners make when writing this letter.

Mistake #1:  Tone and Presentation
Learn how to write a mortgage hardship letter correctly

How To Write A Mortgage Hardship Letter

Can’t afford to make ends meet anymore?  The first step in saving your home should be to write a mortgage hardship letter.  If your lender doesn’t understand your situation, there's no way they can help you.

While lenders are tough to negotiate with, they will occasionally realize it is in their best interests to let you stay in the house at a lower interest rate or they may end up facing a foreclosure or short sale soon.