Tips for Stopping Foreclosures
Posted on March 1, 2010
Filed Under Bank Foreclosures |
Your behind in your home mortgage payments and the bank has been calling you to remind you. Don’t get angry because they want you to stay in your home and after all, you came to them for the original loan and assured them that you would repay it, so you would do the same if you were in their shoes.
Don’t Ask for Charity or Sympathy
Your only hope may be to approach them for some kind of creative relief package that will leave you in your home and the payments coming in to them. Remember that the banks are not in the business of issuing out charity, so don’t even consider asking for it.
A Business Proposal
What you want to approach them with is a business proposal that will benefit both of you. You get to keep your home and continue making payments on it and they won’t get stuck with another empty home that the will have to look after and try to figure out how to sell in a bad market.
Gather All of Your financial Documents Together
Besides, if they do have to sell your home it will have to be at todays market price, so they are going to have to take big loss by doing so. Step one, would be to gather all of your financial documents together so you can lay out on their desk your complete story as it stands at the present time.
Be Honest and Frank
Prepare to be open and honest because the last thing that the bank wants to sense coming from you at this point in the game is any element of deceit. Also remember that bank fraud is still a crime so be careful what you say and sign your name to.
Two Common Deals
The most common and easiest to get package is a deal the breaks up delinquent payments and spreads them out over a period of time. The next best deal that is more difficult to get is a refinance package that spreads your existing balance back over a new thirty year time period. Remember that they are not going to throw good money after bad, so make sure that you can show your bank that you can adhere to a new deal what ever it is.
Written by Benedict Reckard. Find the latest information on <a href=”http://www.hopeforhomeowners-program.org/forums/bank-america-hope-homeowners/”>Bank of America Hope for Homeowners</a> as well as <a href=”http://www.877youkeep.com/”>Stop Foreclosure</a>
Benedict Reckard
http://www.articlesbase.com/loans-articles/tips-for-stopping-foreclosures-669994.html
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6 Responses to “Tips for Stopping Foreclosures”
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Do you think Foreclosure Bill will help the average person?
Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do.
First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes.
it actually does nothing to help them at all, there are no provisions for those in duress.
For Builders
The plan gives them large tax breaks. Over a three year period no less.
The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years.
For investors
$7000 tax credits for buying foreclosed properties. This can include big businesses like lenders.
Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there.
$4 billion in grants for communities to buy and fix up abandoned homes.
Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion
For the oil companies and their ‘renewable energy divisions.’
$6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases.
Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $6 billion tip. What the heck is this doing in a foreclosure bill?
Other notes
The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’
So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all.
Rumors of what the House will do when it receives it.
Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders.
I think, if I were to be cynical, that only ‘money-making’ home builders will get this.
The House seems to want to drop the tax credit for buying foreclosed properties.
Maybe they are afraid too many regular people may be able to buy a foreclosed home?
For the people
$150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.
The only ‘foreclosure counselors’ will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories.
Tax breaks for ‘first-time’ home buyers and investors in low income rental housing.
You could sum this up as ‘Nobody and slum lords.’
A separate house bill would be paired with it that gives $300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure.
Keyword ‘might’, this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke.
The White House
George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House.
Thanks for ‘almost’ George!
The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans
And this will preclude everyone in trouble or who already faced huge rate hikes
The people who really need the help are not going to receive it. They need to do something with the whole mysterious credit system in America in general its out of control. I think the average American consumer is getting screwed over by FICO in general. The house needs to do some reevaluating on credit and how it effects Americans and the current system they have in place. Banks can use whatever tactics to lure consumers in and nothing happens to them using their unethical lending practices.
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People who are losing their homes bought more house than they could afford and had poor credit due to their own lack of financial responsibility. They were led down the primrose path by less than ethical lenders who "made things work" thru creative financing.
In my opinion THESE folks do not deserve any assistance. Why should I pay taxes to bail them out?
On the other hand, home builders have been keeping the economy going when every thing else was in recession. With the glut of foreclosed homes on the market, this is killing the home bulding industry — which creates lots of jobs.
Encouraging people to buy up foreclosed homes is necessary. Otherwise, the property values of the surrounding area go down and you end up with whole neighborhoods of empty houses with boarded up windows.
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Im starting to get issues.
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If it sounds too good to be true, it probably has a dark side.
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Hi,
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