House Foreclosure

The question you may be asking about house foreclosure is: How do

I stop foreclosure and still keep my home?



Since you are reading this, I know you are searching for

information on how to stop a foreclosure. Maybe you are feeling

a little frustrated or confused. I know when I was going

through my financial crisis a few years ago, my biggest block

was that I just didn't know what to do! Perhaps I can now

assist you.



Let's look at 3 options you have now to stop a foreclosure and

keep your home:



1. Refinance. You may have already gotten offers for this.

Refinancing can be a very good way to stop foreclosure and save

your home. You will need to have decent credit to qualify and

they do not take your hardship into consideration. If you

defaulted on your house payments the chance is that your credit

may already be damaged. But hey, find out. If refinancing is

right for you follow these tips: - Stay away from Adjustable

Rate Mortgages (ARM) or any exotic reverse or interest only

loans. These fancy loans are often used in a predatory manner to

lure the homeowner in. - Make sure you understand the terms and

payments and you honestly can afford them long term. It is your

responsibility to stay within your means.



2. Real Estate Investor. You may have already been approached

by an investor or two. Most investors want to buy your home,

stop foreclosure, and remove you from the property to rent or

sell it to someone else. Ask an investor if he or she would be

willing to allow you to enter a "lease to buy" agreement. While

you may lose the title to the property for a set time (and your

equity), you will be able to continue living in your home and

eventually regain ownership. If you choose to work with an

investor, follow these tips: - Do your research on the

investor. You want to be sure they are legit. - Get

everything in writing!



3. Loss Mitigation. "What is loss mitigation?" you ask. I

hear this a lot. Loss mitigation is a professional counseling

service that works on behalf of you, the homeowner, to negotiate

with your lender to reinstate and/or modify your existing loan.

They take your hardship (reason you fell behind on your

payments) and your financial situation into consideration. Loss

mitigation doesn't rely on credit nor does it take your home or

equity. I hear from many frustrated homeowners that they feel

the lender is not giving them a chance. With a reputable loss

mitigation company negotiating for you, the odds of keeping your

home rise considerably. Just follow this tip: - Make sure the

loss mitigation company you choose is reputable and has

experience.



Considering your options and taking action is half the battle.

Your house foreclosure won't just fade away, so remember; you do

have the power to make a difference.



To Saving the American Dream One Home at a Time.


Copyright Stacey Krech - http://www.helpmekeepmyhome.com