The question on the minds of many consumers today is, “How can I stop a foreclosure?” This is unfortunately the state of the economy—while in some ways it is getting better, there are still a substantial number of foreclosures.
Pittsfield, MA -- (SBWIRE) -- 06/28/2013 -- Fortunately for consumers there are options open that helps them avoid foreclosure. Many people today are facing foreclosure, revelation that places a great deal of stress on those homeowners. They need answers to their question, “How can I stop a foreclosure?” but it isn’t always readily available.
There are several options available to those who are facing foreclosure, and while Chapter 13 bankruptcy is an option open to many, it may not be the best option financially. Since 2009 there has been another option open to many homeowners in the form of loan modification. This is the answer to the question many homeowners who ask, “How do I stop a foreclosure?” Unfortunately the federal program called Home Affordable Modification Program is only open to homeowners who purchased their homes prior to January 1, 2009, and although there are private modifications programs available, what happens to those homeowners who do not qualify for either program?
W ant To Stop Foreclosure? Government Programs To Stop Foreclosure, Get Started!!
Refinance is another option, but like other programs, homeowners may not all qualify. For instance, what about homeowners who have been forced to take a cut in pay in order to have a job? Do these homeowners have to face foreclosure because they are making less income than they were when they purchased their homes? What other options are open to those who have the means to make payments that are reduced until they get back on their feet but do not qualify for modification and cannot refinance?
The question, “How do I stop foreclosure?” is often a last ditch effort by many people who feel they have reached the end of their ropes. They need answers, and they need them quickly. For many of these folks bankruptcy is the only answer. They have income to make payments, but with their other bills they find it difficult to meet their current mortgage payments. A Chapter 13 wage earner plan can help reduce or eliminate their other bills and spread any past due mortgage payments over the course of the loan; in essence they will be placed at the end of the mortgage term.
Having a plan is always the best way for a homeowner to avoid foreclosure, but sometimes the plan isn’t the best one. Taking some time to research these options and many more like them will help you achieve your goal of retaining ownership of your home.
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