Executive Summary about Homes Foreclosures by Thomas Bladecki and Ernani Uchoa
Homes Foreclosures are of three types:
- Strict home foreclosure
- Judicial home foreclosure
- Non-judicial home foreclosure (foreclosure by power of sale)
The original method of foreclosure was strict foreclosure. The widely used methods of homes foreclosures are foreclosure by judicial and non-judicial home foreclosure. A home foreclosure occurs when the borrower fails to pay the mortgage expenses and the lender or the banker decides to execute the terms of the mortgage to recover his loss by putting the borrower’s house for sale. There are many ways how a borrower or the homeowner can be safe of home foreclosure.
Stop home foreclosure: You do not have to lose your home. If you are in danger of losing your property due to non-payment of mortgage, you need to start right now to stop home foreclosure. Taking the steps necessary to stop home foreclosure is not that hard.
Step #1 to Stop Home Foreclosure: Assess
Many homeowners do not stop home foreclosure simply because they are too embarrassed or upset to look at foreclosure directly. If you avoid this one issue, you can often stop home foreclosure quite simply.
Depending on your situation, the lender may give you more time to pay, may work out a payment schedule so you can stop home foreclosure, or may buy the home from you in exchange for forgiving the loan. If you stop home foreclosure by working out a solution with your lender, you will get peace of mind as well as a still-decent credit rating.
Step # 2 to stop home foreclosure: Alternate financing
Many home owners face foreclosure simply because they cannot afford their home loan. Fortunately, if your home loan bills are simply too high, there are several things you can do to stop home foreclosure:
* Refinance with your lender. Renting part of your home or finding another way to make money in excess of your regular income can help you make your mortgage payments on time and stop home foreclosure.
Selling your property or other assets can help you pay off your debts and arrears, stop home foreclosure, and get back on track financially.
* Find refinancing from other lenders. Some may be willing to offer you refinancing on your home loan. Even though you will pay more long-term by stretching out your home loan, you can stop home foreclosure by making your payments affordable again.
Step #3 to stop home foreclosure: Find alternate ways to stop home foreclosure
By offering your home for sale in pre-foreclosure, you can often make some money, preserve your credit rating, keep your home equity, and stop home foreclosure as well. You can always buy more affordable foreclosure homes later on to live in.
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