You worked hard to own your own home, and you should not give it up without a fight
Mortgage Foreclosure Know Your Options
You worked hard to own your own home, and you should not give it up without a fight! Being behind on payments automatically puts you on a slippery slope to the foreclosure – unless you know your rights and know what you need to do to qualify for help.
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What You Can Do Modify Your Loan
If you’ve fallen behind on payments, a loan modification can lower your payments to a more affordable amount, either by lowering your principal balance and/or interest rate, changing the terms, or all of the above. You can do this yourself, or through mortgage moratorium program, the Biden Harris Loan Modification program – but beware, your lender will do everything they legally can do to avoid any modification. Lenders decline over 90% off all mortgage modification requests. They can decline applications and not tell you why, because unbeknownst to many, it is often times more profitable for your lender to foreclosure than to work with you.
Refinance with or without a hardship program
HARP is considered a hardship program and can only be used if you are not behind on payments. You can refinance to get a lower rate or better terms if you know that you will face foreclosure eventually provided nothing is done. If you’re upside down on your mortgage equity, HARP is a government program that will help you refinance. HARP is only for mortgages owned or guaranteed by Fannie Mae or Freddie Mac. Refinancing is the best option if you qualify, as it has no effect on your credit score. This is a perfect program for those who want to head off future financial problems concerning their mortgage.
Get a Short-Term Payment Reduction through Forbearance
Do a Short Sale
File for Bankruptcy
This may seem drastic, but filing for bankruptcy will immediately stop foreclosures, penalties, fees, and harassing letters and phone calls. It can resolve all your debt issues, not just your mortgage foreclosure. What most people don’t know is that it may be difficult to afford your payments through the bankruptcy and if this happens then you may lose your home anyway. Bankruptcies can be an expensive repayment plan, so it’s best to be considered carefully.
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