Living under the threat of losing a home to foreclosure is nerve-wracking. Not knowing from one day to the next where one will be sleeping is scary. Though foreclosure rates have declined over the past year or so, many families are still facing the possibility of it. The following will delve into ways to stop foreclosure in New York and throughout the country so no one will have to live with the fear of having no home at the end of the day.
Phoenix, AZ -- (SBWIRE) -- 03/22/2013 -- The thought of becoming homeless is repugnant to most people. Losing a home to foreclosure could cause it to happen, though. Many families in Queens, Albany, and Saratoga are concerned about how to stop a foreclosure in New York so they can remain in their homes. The first thing to do is to contact one’s mortgage holder. Ask for an appointment to discuss ways of catching up on the past due amount and to figure out a more affordable payment for the duration of the loan. Most credit unions and banking institutions have in-house plans for mortgage loan modification and/or/ refinance and they are willing to work with financially troubled homeowners. However, they cannot help if they are unaware there’s a problem, so communicate with the lender.
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Another possible method to stop foreclosure in New York is to borrow the equity that’s accumulated in the house over the years. Depending on how long a family has owned its house, it may be worth using the money from the equity to pay off all back-due mortgage payments and to get a leg up on current payments. A debt consolidation loan can also be helpful if there’s not enough equity in one’s home to be of much help. These loans put all of one’s debt under a single canvas rather than leaving it spread among many. The object of this type of loan is to get the homeowner to have one set monthly payment that will cover all of his debts. This way, he knows exactly how much is due each month and exactly when it must be paid. A debt consolidation loan allows no room for error; there is no excuse for missing a payment or being late on one as it is the only money one must be concerned about from month to month. Stop foreclosure in New York, Request to get more info at http://credit-yogi.com .
In 2009, the Obama administration developed HAMP (home affordable modification program) to provide aid to struggling property owners. This program is very effective for those who qualify to stop foreclosure in New York.
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