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Are You Facing Foreclosure?

Money photoYour lender makes use of your home as retreat for your mortgage payments. The procedure that they make use of to take your home is known as foreclosure.

If you are late on your payments, it is significant that you act rapidly to avert foreclosure.

What I ought to do if I am late in my house payment,

Contact your lender. Majority of the lenders do not wish you to lose your home. Let them know why you are late in your payments.

Never disregard letters from your lender. Let them know you have got their letters and that you wish to work with them.

How your lender can assist

Your lender may agree for a payment plan for the back payments or provide you additional time to pay the loan.

What if my lender wont assist,

You still have choices –

Call some other lender. Request if they will provide you a new loan to pay off your present mortgage.

Sell your home. You may get adequate money from the sale to pay the loan.

Talk to a solicitor. Enquire if filing for bankruptcy can assist you save your home.

The foreclosure procedure

Foreclosure starts when you get a Notice of Default in the mail. The Notice of Default lets you know that you have not made your payments. It also lets you know the amount you are indebted in missed payments and foreclosure fees.

You have three months from the date the Notice of Default is logged to pay the back payments and fees.
When can they sell my home,

If you dont pay the amount payable in three months, your lender can sell your home. Prior to they sell your home, your lender must mail you a Notice of Sale.
How do I stop the sale of my home,

You can pay the amount, comprising fees, up to fifteen days prior to the sale date.

If you delay till the last five days prior to the sale, you will have to pay the whole loan amount.

Once you pay, the lender is required to record a Notice of Rescission. This shows that that the sale has been annulled.

Watch out for cons

Evade folks who promise to stop the foreclosure by having you transfer title of the property. Transferring possession does not halt the foreclosure. You will then also be accountable for the money you are indebted even if you no more possess the home. Likewise, it will not keep the foreclosure from coming up on your credit report.

Do You Have Bad Credit? But Still Need a Mortgage

Credit photoIf you are looking to buy a house or trying to refinance the one you are currently living in, but believe this may not be a possibility for you because you have bad credit, think again.

Just because you have bad credit does not mean you will not be able to get a mortgage. In fact there are several lenders out there across the United States that are known as wholesale lenders that specializes in lending money to people with bad credit.

The names of these wholesale lenders may not ring familiar to you because they are not the usual lending institutions you see on the street corners of your town, otherwise know as banks.

The first thing you will need to do is locate a few of these wholesale lenders and shop around for a deal you believe to be fair. If you do not have success finding these lenders on your own, you may want to consider using a broker and have them shop around for you.

A broker is not a lender. What they do is assess your situation, and then look for a lender or Bank that deals with bad credit.

Brokers have connection to hundreds of banks and lenders across the country and they can usually find one that has a program that may fit your needs.

Using a broker may not be such a bad idea, they are usually very experienced in their field and will not only find a bad credit mortgage lender for you, they will also council and educate you along the way.

Keep in mind, just because your credit may be less than perfect, does not mean that you are at the mercy of the mortgage companies, you are not.

Mortgage companies are very competitive, especially among the wholesale lenders, so be sure to shop around. Don’t limit yourself to contacting only one broker, say no more than four. Allow for each to assess your situation, and base your decision from on the rate and program that they offer you. Good luck and Happy Hunting!