Today's real estate market is a volatile one; prices are at record levels and Interest rates are favorable, but foreclosures are increasing. Wages haven't kept up with home prices and some buyers who had to stretch to find a way to obtain a mortgage in the first place are having trouble making their payments. Usually, if a buyer cannot meet his or her mortgage obligation, the lender forecloses, taking the home and leaving the buyer without a place to live and a tarnished credit record. If you are having problems paying your mortgage, can you avoid this scenario?
Depending on your type of mortgage and your lender, you may have other options. Most lenders, wary of rising foreclosure rates, would rather work out some sort of solution than take your home. Lenders are in the business of lending money, not selling houses, and the process of foreclosure is a tedious one that most institutions would rather avoid. The first thing you should do if you find yourself with a problem making your payments is to call your lender and discuss the matter with them. The sooner you contact them, the more likely you are to work out a solution that's agreeable to both of you.
Here are a few possible options for buyers who are having temporary cash flow problems:
These are just a few choices that may be available to you. Your lender may offer other solutions, as well, so don't' hesitate to call them if you find yourself in financial trouble. It is far better to contact the lender and tell them of your problems than to have them call you and ask, "Where is our money?" Be forthright and tell them that you want to work something out, and you may find a solution that allows you to keep your home. It never hurts to ask.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .
What's the most efficient way to secure a US Commercial... Read More
It can happen to anyone, the roof is leaking, the... Read More
Presently council tenants are able to purchase their rented property... Read More
Home is the place you inhabit. It is the place... Read More
Today's real estate market is a volatile one; prices are... Read More
Since the demise of the stock market in 2000, the... Read More
Real estate prices are rising across the country, and Americans... Read More
Okay, you've decided to buy a home and are trying... Read More
Buying a home with bad credit doesn't have to stop... Read More
If you are looking to refinance in New York, it... Read More
Buying your first house is always a difficult time. There... Read More
Chances are you may need a little extra money to... Read More
Getting on top of your mortgage so you can pay... Read More
As common as mortgages are, there are a surprisingly large... Read More
I fully realize if it sounds too good to be... Read More
A home equity loan can help repair your poor credit... Read More
Finding the best mortgage lender online is simply a matter... Read More
There are some definite benefits to doing a cash out... Read More
Home equity loans or lines of credit have increased dramatically... Read More
Mortgage elimination programs are all the rage these days. In... Read More
Types of UK MortgagesYou may be wasting your money with... Read More
An Interest Only Mortgage is one where the repayments are... Read More
It is a curious fact of human nature that people... Read More
Interest rates on home mortgages are often quoted with and... Read More
'Flexible mortgage' is a term that's used a lot, but... Read More
Many Homeowners are not aware of all the options that... Read More
Everybody wants to own a house because it is something... Read More
Mortgage cycling is a system that relies on solid budgeting,... Read More
The popularity of stores like Home Depot and Lowe's show... Read More
The first time you purchase a home is an exciting... Read More
Households across the country are finding themselves in a similar... Read More
A few years ago, if you had a bankruptcy or... Read More
The bills are out of control and you need a... Read More
Recently I was driving in my Car and I heard... Read More
We live in a society where people are losing their... Read More
So you have a mortgage, and you need to refinance... Read More
Whether you are just moving out on your own for... Read More
Few of us invest the time and effort into researching... Read More
Why You Need a Bridge LoanYou have to move fast... Read More
You have been paying on your mortgage for quite sometime... Read More
Home equity loans and home equity lines of credit continue... Read More
There are currently more than 50 million home mortgages in... Read More
Getting a quick cash loan, cash advance or payday loan... Read More
If you're actively looking for cheap homeowner loans, there are... Read More
USA ECONOMIC CONDITIONSToday's sluggish economy has left millions of people... Read More
A home equity loan is a loan based on the... Read More
The real estate market in California is booming. Home values... Read More
Frequent Asking Questions:What are Points? A. There are several types... Read More
A remortgage is changing your mortgage without moving your home.... Read More
The power of home equity and interest-only payments, provided from... Read More
While most multi family properties are designed to allow the... Read More
Private lenders, banks, and mortgage companies are all setting up... Read More
When it comes to a reverse mortgage, wise consumers weigh... Read More
There are several reasons why you might be in the... Read More
I have a lot of friends and family who are... Read More
When the bills are piling up and there doesn't seem... Read More
Most people approach the act of getting a home mortgage... Read More
People with bad credit that are looking to get a... Read More
So you're thinking about building your own house, are you?... Read More
You might be wanting to look into bad credit home... Read More
Here is a useful guide to the different types of... Read More
Every year over 8 million homeowners are seeking help preventing... Read More
So you have been through a bankruptcy and surely have... Read More
Choosing the right home equity loan can be tricky; you... Read More
When choosing the right mortgage company for your home purchase... Read More
The investment need of an individual varies with time. Thus... Read More
Mortgage Refinance |