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Sometimes when you write things, it gets interpreted differently than intended. So, as you read these posts, MOST OF THE TIME... We won't be saying things insulting, bad, or deliberately trying to hurt feelings.

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Friday, July 30, 2010

FORECLOSURES -- maybe not


Foreclosure? Maybe not….

First of all, you just can’t imagine the angst involved with being in financial trouble. If you’ve never been there, you’re lucky, and probably can’t really relate. Also, if you’ve never been there, take a moment and put yourself in the shoes of those are in that situation. It’s a horrible feeling.

If you know someone who’s going through financial problems, help them! They probably see no hope. They see their world crashing down around them and they feel helpless to prevent it.

You don’t need to give them money. Give them hope. They feel so alone.

For those of you who are having problems with finances and your home loan, don’t let it get out of hand.

Don’t ignore the problem, that doesn’t help at all. It’s better to meet problems head on. The further you get behind, the harder it will be to overcome the situation. You CAN overcome it. It doesn’t seem like it now, but you CAN DO IT!

Contact your lender as soon as you realize there may be a problem. If you’ve already passed that point, contact the lender anyhow. The longer you wait, the worse it will become. They may have a solution for you; maybe a solution no one’s thought of yet.

When the lender sends you mail, OPEN IT! I know it may make your heart drop, but there may be a solution in there. Also, these letters may include some important notices and information about pending legal actions. Not knowing of an action is no excuse in court.

The lender does not want to foreclose on your property. (Sarcasm: )That’s all they need is another property to be responsible for, to pay the utilities on, to keep from being vandalized, etc. Many times they will work with you. Sometimes they’ll work out an equitable payment schedule to let you get back on track.

The lender will send you possible alternatives with their first notices. Consider them.

Find your loan and mortgage documents. READ THEM! Many times they’ll tell you of your rights, and give you information about what the lender can do if you don’t make your payments. Also, remember, especially in these times when there are so many foreclosures happening, the lender will most likely WANT to work with you and come up with a solution.

A while back, I was working with less than one possible foreclosure a month. Today I’m working with about five or more a week. So I know the lenders are being overwhelmed. Many of the lenders aren't even putting all of the foreclosures on the market, because there's so many it will drive prices realistically undown and hurt the normal home sales.

Get on the Internet and go to the Housing and Urban Development (HUD) web site. Learn about what foreclosure means, and what rights you have. Each state has different laws governing defaults on mortgages, so check out your state’s rules and regulations.

There are a lot of NEW ideas for preventing foreclosures available now that weren’t available just a year ago. Learn about them. Contact a HUD-approved counselor. They do have suggestions and ideas I’m sure you and your friends haven’t thought of. In fact, they have a whole “recovery” program set up now just to help you!

Above all… STAY AWAY FROM FORECLOSURE PREVENTION COMPANIES and those who have “schemes” that will help you. These will ¬not work. They can make your situation far worse for you and not only cause you to lose your home, but still have to pay for it after your home is gone. These are SCAMS! I don’t know of ANY that will work.

Find assets you don’t think you’ve got. Jewelry, cars; things you can sell. You may even cash in your life insurance policy. Take an extra job if you have to. Find all your resources and pool them to try to pay your loan. EVEN IF IT DOESN’T WORK, this will show the lender, you tried your best and will make sacrifices to stay in your home. This will go a long way to encourage the lender to help you even more. Remember, they WANT to help you.

In the past a lot of lenders wouldn’t work with you much. Many lenders were cold and heartless about what they considered as “deadbeats.” But in today’s times, most lenders will help you all they can. They understand the hard times we’re going through.

Remember, if you see a problem arising, contact your lender immediately. Get hold of a “HUD approved housing counseling agency” NOW!!! Call 800-569-4287

Just remember, you’re not alone. It may feel like it, but there are people out there who can help. Find someone you can talk to: your lender, a HUD approved counselor, your Realtor, are your best options.

Again, if you know someone who’s going through this situation, they need your encouragement. Talk to them in a frank, but in a friendly manner. Bounce ideas around. Make them feel good about themselves again.

Soon, I’ll talk about “short sales” – “deeds in lieu of foreclosure” – and other options.

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