Foreclosure is a dirty word and a scary process. The possible loss of one’s home is frightening to contemplate.
Pittsfield, MA -- (SBWIRE) -- 03/29/2013 -- Real-estate-yogi.com is aware of how awful facing foreclosure can be and is offering some suggestions about how to stop the foreclosure process, such as:
- Mortgage Modification
- Refinancing a Mortgage
- Repayment Plan or Forbearance
Modify the Mortgage Loan
One answer to how to stop foreclosure on your home is to talk to the original lender and request mortgage modification. When a mortgage loan is modified, it means that changes are made to the terms of the loan. These changes may be a reduction in principal, lower interest rates, or a longer repayment time. Once any of them are made, it becomes easier for a homeowner to afford his payments, meaning he can retain ownership of his house.
Late on Your Mortgage Payments? Get Professional Help Now. Apply Here!!
Mortgage Loan Refinance
Here is another thought about how to stop home foreclosure: Apply for a refinance. Refinancing a mortgage is similar to modifying it. However, when refinancing, the original loan is totally paid off and a new one is crafted. The point of refinancing is to lower a person’s payments, and many of the same tactics outlined above are used toward that end. To accomplish a traditional mortgage refinance, someone must have good credit, a variable rate loan, and he cannot have defaulted on other debts.
Forbearance or a Repayment Program
How to stop foreclosure? Look into forbearance first. Forbearance usually comes along with loan modification or a repayment plan. What it means is that the lender allows a certain amount of time for a person to get his financial feet under him again. This time period can be from 6 to 12 months and can be just what a homeowner needs. If he makes a repayment plan with the lender, he agrees to pay a certain portion of what’s owed along with his monthly mortgage payment until the past-due amount is eradicated.
File for Personal Bankruptcy
One last thought on how to stop the foreclosure process: file Chapter 7 or Chapter 13 bankruptcy. Now, most people feel that bankruptcy is as bad as foreclosure, but it really can save someone’s home. Chapter 7 cannot guarantee that s person will keep his home, but it can give him time to make other living arrangements. Chapter 13 is more of a long-term payment plan which can save one’s home.
Real-estate-yogi.com is a user-friendly website located in Pitts field Massachusetts that provides its service for free. It connects those who need financial or real estate questions answered with the experts in those fields that can supply them. For a complimentary consultation, dial 1-800-987-1397, any time, day or night.