Foreclosure Info
Foreclosure is a stressful situation to be faced with. You get answers from everyone claiming to be an expert on the topic. I can not stress enough to be careful about whom you trust! It’s as simple as the old saying if it sounds too good to be true than it is. You have options when your in foreclosure, first and most important is to talk to your lender. You need to talk to someone in the loss mitigation department. Be honest with them about your situation. Most lenders want to work with you instead of getting the home back. A couple terms you should know about when talking to the loss mitigation department are:
1) Forbearance
2) Reinstatement
3) Repayment Plan
4) Loan Modification
5) Cash for Keys
The sooner you talk to your lender about a missed payment the better. Don’t want until you get the notice of sheriff’s sale delivered to you via the sheriff. It can take your mortgage company up to 4 weeks to find the right program for you. You will more than likely have to fill out paperwork from your lender as well as a letter explaining why you are behind in your payments. Again time is of the essences. Sometimes the only option is selling. If this is what you chose be sure you hire a professional real estate agent that fully understands your situation and knows how to deal with the banks inside and out. Be vary careful of people who say they will pay cash for your home. This usually does not pan out the way it is explained. What tends to happen is the “rescue” tends to end up with the borrower signing over the home they worked so hard for and then the family gets evicted from the home. IF IT SOUNDS TOO GOOD TO BE TRUE IT IS. Anoka County has a program designed to help home owners out of foreclosure. The home ownership program’s phone #763-783-4753. Or there website is www.accap.org. 2 other good websites to visit is www.hocmn.org or www.hopenow.com. They have plans in place to either get you refinanced or freeze your current mortgage interest rate for up to 5 years. As always if you have any questions please feel free to call me or e-mail me anytime. Once you have all the facts making the right decisions for your family makes it a little easier than not knowing which road to go down.
