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Methods to Postpone Mortgage Foreclosure
Mortgage foreclosure is undoubtedly one of the biggest problems facing the population of the United States following the recent economic recession that hit the globe. If you are caught up in this predicament, you are most likely searching for a solution to this complication, either by postponing it or even stopping foreclosure completely.
Thankfully, there are plenty of ways for you to achieve this and save your home as well as your family from ending up on the street! Here are a few methods and steps that you can consider to successfully end this dilemma:
(1)- Stop home foreclosure by trying hard to catch up on those missed payments that created the problem in the first place. Move home mortgage payments to the top of your must payments list each month, and try hard to pay off those missed payments, even if it means not paying for your car or insurance premiums. You will be better off with a place to live than with a car and an insurance policy without a home.
(2)- Never move out of your home no matter what. If you do, you will lose homeowner benefits such as one-time FHA mortgage insurance that you are entitled to. Therefore, stay in your home while you work hard on a solution.
(3)- Use government help-related plans such as President Obama’s Loan Modification Plan or Mortgage Modification Plan to help you refinance your home in order to obtain more affordable terms and rates. Many homeowners have benefitted from these programs.
(4)- Have a hardship letter in hand for your creditors, and explain your current financial difficulties before negotiating with them about delinquent payments or future actions. They might just be open to the idea of re-financing your home and you might end up with a better deal that would help your postpone or even prevent foreclosure. You might also ask for an extension to assist you in catching up with your past-due mortgage payments. A carefully-written hardship letter could possibly be effective here, so make some effort to prepare a good letter.
(5)- Another method to help you postpone foreclosure is to seek assistance from professional debt management organizations. Consultants from these firms can help you analyze your current financial situation and figure out just what kind of a deal will work for you before you actually negotiate with your creditors. In some cases, they will even handle the negotiations for you. With luck, you might be able to save your home and slowly restore your financial stability. However, be sure that company that you deal with is legitimate; there are many scams out there today that you’d be wise to avoid.
Try these tips ideas and possibly postpone or even prevent foreclosure. You have nothing to lose and everything to gain!
Original: Methods to Postpone Mortgage Foreclosure
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